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288.25 Karma

Review on Veritaseum by gregori cordova

Revainrating 1 out of 5

one of the most infamous and fraudulent ICOs in recent years

It was a Project that aimed to bring high quality capital markets based on blockchain through P2P software that allows the participation of these capital markets without intermediaries such as banks, financial advisors, brokers, etc. and that had its own token called VERI, which it was used to pay for products and services on the Veritasseum platform. It was created by the entrepreneur, investor, blogger and financial analyst Reggie Middleton, who carried out one of the most fraudulent ICOs in recent times through this project.
During the cryptocurrency bull run in late 2017 Middleton ran an ICO that raised $ 14 million by making fraudulent misrepresentations and omissions with his company Veritasseum. They knowingly misled their investors with a massive promotional campaign, claiming to have a product that was set to generate millions of dollars for their users. I even provide a series of rigged transactions to attract more investors. middletton tried to reshape Vei in many ways passing it off as Software or gift cards when they were actually securities
Shortly after the ICO phase, they placed manipulated securities on a digital asset platform, in which they increased the price by 315% in a single day, and then offered these artificial data to more and more investors, generating profits in record time .
Middleton was accused of also appropriating for his personal use some $ 520,000 raised in the offering
But everything would change in mid-2019 when many investors who began to feel skeptical about the project, issued complaints against the company, which caused Middleton to move more than 2 million lots from the ICO offer to an account on the blockchain under its control.
The lawyers of the scammed investors seek to freeze these funds so that they cannot be used by Middleton and the return of this money
The United States Stock Exchange and Securities Commission SEC, came into play in August 2019 and filed a lawsuit against Veritasseum to safeguard the more than 14 million in investments that had been made in the infamous project.
Fortunately, a short time later, the commission managed to raise almost 9.5 million dollars of the funds, which will be returned mostly to investors and scammed in this project

img 1 attached to Veritaseum review by gregori cordova
img 2 attached to Veritaseum review by gregori cordova



Pros
  • nothing good about this
Cons
  • They scammed many investors who trusted the Project
  • They used several fake pages to exaggerately increase the value of the cryptocurrency and attract more users.
  • They used funds from the initial offering for their private use and tried to disappear more than 2 million dollars after they began to report them for scammers.
  • the project did not have a white paper
  • They disguised in many ways a fraudulent project that were nothing more than securities .