ICO GoNetwork of dishonesty

Investors suspected the organizers of the ICO GoNetwork of dishonesty

The recent history of Confido, a cryptocurrency startup whose organizers suddenly reported some “legal problems” and disappeared, made cryptocurrency investors pay more attention to such proposals..

Some of their attempts to see scammers where they should not be may seem strange, however, as practice shows, vigilance in this market is rarely excessive..

Investors have questions to the organizers of the ICO GoNetwork. The GoNetwork team is developing a highly scalable, low-cost network that will connect mobile devices using the Ethereum blockchain.

Definitely, the technical solution deserves attention, but the interest of users in this project is primarily related to the achievements of the developers. The GoNetwork team took part in the largest Ethereum hackathon ETHWaterloo and was the best in the list of 300 developers.

In addition, on its website, GoNetwork mentions many other achievements that an ordinary investor will not easily pass by. Not surprisingly, this team’s ICO is already being called one of the most anticipated crowdfunding campaigns. This is evidenced by the data of the website icowhitelists.com, which, among other things, publishes information about the activity in the Telegram channels of the leading ICOs. As you can see in the screenshot below, the GoNetwork Telegram channel turned out to be the fastest growing in the last 24 hours.

However, investors, wise by the experience of Confido and several dozen other similar stories with a sad end, begin to ask the organizers uncomfortable questions, which they stubbornly refuse to answer. This was noticed by the Github user icochecker.

It all started with the fact that the user Peter Sjöström, unable to find information about where the project was registered, tried to get this information from the developers in person. In response, a company representative first advised to look for this information in the white paper, after which he recommended waiting for the official announcement. All subsequent attempts to get an answer were ignored..

Then users decided to find the answer on their own. According to the information on the profile of one of the co-founders of the project on Linkedin Xun Chai, GoNetwork Pvt. Ltd registered in Waterloo in Canada.

A search for GoNetwork in the Canadian database of legal entities did not give any results, however, 2 results were immediately found in the Nuans database, which includes data on legal entities, company names and trademarks.

In response to this, the same Ksun Chai explained that initially the ICO was planned under a different name, but later the preference was given to GoNetwork Canada Inc.

It is noteworthy that his profile indicates that he has been working for GoNetwork since January 2016, but the first record about the company in the Nuans database appeared only on November 21, 2017..

This raises questions about why Ksun Chai refused to comment before he was presented with a fact, and where, and how, GoNetwork was registered..

The communication problems do not end there, as awkward questions continue, this time about where the developers are going to spend the funds raised. Users rightly point out that the 25% that the team is going to take for themselves, of the $ 30 million they are going to raise at the ICO, is a fairly large amount. These and other similar questions also remain unanswered..

But screenshots of Ksun Chai’s personal correspondence appear on the network, in which he, in a very dismissive manner, talks about the need to “raise money” and attract “big fish” that will help attract “small fish” to the ICO, after which it will be possible to start organizing a larger ICO and again “grow money”.

Not surprisingly, after this screenshot was posted on Telegram, it was immediately deleted by the channel administrators. In turn, user Mark, who previously recommended contacting Xun with questions about registering GoNetwork, doubted the authenticity of the screenshot. However, Ksun himself did not confirm this version, saying that perhaps his computer or Telegram was hacked..

In confirmation, the developers suggested that users check Xun’s email [email protected] through the service https://haveibeenpwned.com/ to make sure that his mailbox was indeed hacked.

In today’s blog post, GoNetwork promises to release ICO details in the next 2-3 weeks. Considering how events have developed in recent days, we can expect that during this time in the history of GoNetwork, new sensitive details will be revealed..

Photo: Alexeysun

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