The Megatron ICO, set to open in a few days, may be one of the up and coming scams, revealed just days after the unraveling of the Centra (CTR) token. The ICO has the typical signs of a shady proposition. It focuses heavily on the image of immediate wealth.
What triggered the community’s doubts is the picture of Amy Erin, listed as the project’s HR person. Either she is a spitting image of Hillary Swank, or the project has used a doctored picture recognizable by Google image search. The founder’s face points to British singer Chris Andrews, and the rest of the team look like a bad Photoshop job.
Even the discrepancies in the team would be enough to blacklist the ICO. Besides the Transformers-inspired name, Megatron is not listed on major ICO calendars and platforms, and seems to be promoted by an overly-positive subset of the crypto community. This is usually a red flag, as even quality projects see open discussion and even criticism.
This is not the first case of using stolen pictures, or in the case of Miroskii, the face of Ryan Gosling, to fill up an ICO site.
Other things about the project don’t seem to fit, such as a fake address in Switzerland, and a strange promotion on Bitcointalk through newbie accounts. The Megatron ICO is not restricted even to US-based customers, and they would be free to send in funds. Withdrawals of the tokens are available immediately, even before the official launch date.
The Megatron ICO is also complete with an error-riddled, generic white paper that says almost nothing new in terms of technology. The Megatron digital asset is simply an ERC-20 token, and the white paper touts the powers of the widely available, generic Etherscan tool to find transparent information about the token.
The spreading of fraudulent ICOs pulling an exit scam with precious Ethereum tokens is worrying the crypto community. The promise of ICOs to fund the next round of startups is big, and every scam worsens the image of token sales, even for quality projects. And while ICOs are risky and accepted as such, fraud is worrying.