Business

Erik Gibbs

Crypto Brahma admits to ICO scam, denies exit scam claims

“Crypto Brahma” was a prominent investor and social media influencer. He was also behind the Moon Club, a paid membership group that provided investment tips for cryptocurrencies. He disappeared a few days ago, but not before announcing that he “got greedy” and took money from the group’s initial coin offering (ICO). However, he insists that the intention was never to run an exit scam and he promises to return all the investments.

The amount of money involved isn’t known. However, on April 26, Crypto Brahma sent an email that reads, “I confess a mistake and guilty [sic] on my part. During our recent ICO pool, at a certain point, [I] got greedy & felt like using the funds for margin trading at a low leverage… In that moment, [it] felt like an opportunity that needs to be taken… The subsequent actions coupled with fear and the pressure to refill the lost amount lead [sic] to a series of mistakes, and eventual chopping out.

“I know many of you think of this as some sort of exit scam. I know your trust & faith in me has been shaken… Never did [I] imagine [I] would have to break your trust. Today, [I] promise, over the next couple of months, you will have your [Ether] reimbursed probably with interest. I just need to be able to trade in a stress free environment. That’s the reason I’m confessing my guilt.”

He adds that he expects to make restitution to everyone within the next five months and that he is available through email. However, all of the social media accounts—Telegram, Twitter, Discord—is now non-existent. On a positive note, his TradingView account appears to still be active.

There have been plenty of ICO and exit scams in the Bitcoin ecosystem, especially after Bitcoin Core (BTC) skyrocketed in price at the end of 2017. However, for the most part, the “Wild West” environment is calming down. There will always be some, though, that game the system, just like there are in any industry, everywhere in the world. Even banks, with all their experience and financial stability, still try to get away with scams.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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