I just had an interesting discussion regarding the German startup myICOright. Hence, I took a closer look at the project. And, yes, I am excited. It seems to be a very promising initiative to protect investors in the ICO space. From what I learned the myICOright guys wrote a great piece of code that automatically collects officially available ICO papers and publicly available communications around ICOs. The software periodically scans telegram communication, for example, and archives it in its database. It doese the same with ICO websites and white papers. You think that’s trivial idea? Maybe, but it’s an important one for investors protection.
What we learned over the last couple of months many ICO promotors lure investors with false promises in their respective white papers and communication channels. Once the ICO is done and investors’ funds received those papers and communications are frequently taken offline and altered. That makes it difficult for investors to claim their rights in case the company and or project does not deliver as promised. Unfortunately, we have to expect that this is more often the case than not.
We all are aware of the many scams, Ponzi schemes, and carelessly conducted ICOs. In many cases, investors are being cheated with false promises and misleading information in white papers and publicly available communication which has been without consequences in today’s mostly unregulated crypto-space. Good news is that regulators, as well as enforcement agencies in many jurisdictions, started to go for those bad actors and need hard evidence. This is where myICOright’s documentary work can be of utmost importance – to provide the required information for the necessary forensic services. Moreover, the startup works closely with leading law firms to support investors to maintain their rights.