Karma International ICO Scam? CEO Dylan Marer Reportedly Dodging Early Investors
Karma International ICO may be joining the large list of token sale scams as its CEO dodges investors and fails to answer concerned participants.
ICOs or initial coin offerings were all the craze in 2017, but the bubble soon burst with the bear market of 2018 and most token sale projects vanished into air just as thin as their promises. According to recent reports from investors of one such project, Karma International, the CEO Dylan Marer is dodging them on account of what the project owes them, all the while seemingly enjoying lavish pool parties.
Karma International launched its ICO late in 2017, proclaiming to be a smart community network and issuing the Karma International Token (KIT). However, the project is yet to launch despite being over a year and a half old.
Initially, the CEO promised to launch as soon as market conditions improved, but has since failed to give any convincing updates to early investors and ICO participants, who are now beginning to believe they have been scammed.
A quick look at the project’s Telegram chat shows investors’ concern over the project’s continued delays and the CEO’s lack of updates. At this point, Dylan Marer has stopped responding completely and did not reply to this scribe’s request for comments either.
Meanwhile, we have received further proof from investors who put in hundreds of thousands of dollars during the pre-ICO to support the project, on the condition that the company would buy-back tokens at a later date. However, despite repeated assurances by the CEO, the funds have failed to materialize and investors are now considering reaching out to the SEC and filing complaints with other relevant authorities.
Unfortunately, many ICO projects have taken undue advantage of the lack of regulations and laws surrounding investor protection in token sales, and believe they are not answerable to stakeholders after raising funds.
Sadly, as investors await a response, the folks at Karma seem to be partying it up in luxury.
If you also participated in Karma International or invested in the pre-ICO, please contact us to share your story.