Scams. The most common fear when investing in ICOs. Sometimes crowdsales get hacked, suffer from other problems that interfere with token buying, or sadly the business behind the ICO was never real to begin with. Many investors fall victim to these scams and unfortunately it’s hard to spot one. Worse, some investors may discover the scam, but have no clear way to warn other would-be token buyers.
To tackle this problem, Sangus includes a “Report ICO” button on every listing page. This button allows users to identify and tag ICOs that require investigation.
Logged in users can use this button to immediately notify the Sangus team that an ICO should be investigated. We require users to be logged in to prevent false positives, errant clicks, and unsportsman-like conduct. Users found to frequently report ICOs incorrectly can be prevented from continuing their bad behavior. Tsk tsk!
Once an ICO is reported, the Sangus team will immediately start investigating. This investigation will start with the reported issue (e.g. incorrect/hacked crowdsale address), but may look at other possible issues if warranted. Some examples of steps taken to investigate include (but not limited to):
- Verify crowdsale addresses
- Interview ICO founding team
- Determine if there are other reports of scam-like activity
- Evaluate available documentation for plagarism or other suspicious activity
If we verify the existence of a problem, we’ll issue a site-wide notification to protect users from sending funds.
In the future, we hope to improve this feature even more, including email newsletter and social notifications, “Investigation in Progress” labeling, and investigation reports. In the meantime, let us know if you have any feedback in the comments below.
Sangus is a one-stop, neutral site to help find ratings, details, and links for every Initial Coin Offering (ICO). Our mission is to help the ICO evolve into a trustworthy and respected fundraising mechanism, starting with providing would-be token buyers with all the information they need.
ICOs don’t pay a fee to list on our site and we don’t charge for reviews or ratings. Our client is the public, not ICOers. If you’d like to learn more, read about us here or jump straight into the site.