Crypto Scam Report

Reported by : cheater888, 12/01/2020

Votes: 5

Sparkster ICO

Scam description
**Sparkster**, one of the most hyped initial coin offerings in 2018, included on several hall of fame lists by cryptocurrency influencers announced that it will be unlocking its tokens on June 9th, after more than a year long lockup of tokens. The decision came after trying to gauge the market for a opportune release time since the initial coin offering and under massive pressure from the community following the positive market movements ending 2Q2019. The project did not secure an exchange listing at the time of the unlock, but the tokens have started trading on several decentralized and centralized exchanges. Compared to the ICO price, the investors suffered terrible losses, with the tokens trading for as low as USD0.01 per $SPRK, while the ICO price was USD0.15 per $SPRK, making for a 94% loss on investment. Analysis Even though the tokens were locked up for more than a year, and the currency that was used to collect funds in the ICO ($ETH) has halved in value, not even the most pessimistic investors expected results this low. Backed by numerous crypto influences, the investor structure was mostly made from their followers. Those influencers have tried to distance themselves from the project, but their followers wont be so easy to forget the massive losses suffered. By not securing even the most basic official listing for the token unlock, Sparkster team took the dubious initial coin offering practices to a whole different level and many former supporters are already calling an exit scam and talks of legal action against the project have been rekindled.
Scammer type
Scammer's link
Scammer's Photo
Sajjad Daya, Sparkster CEO
Amit Kumar, Sparkster team
Dayanie Rajeev, Sparkster team
Shabeer Kirmani, Sparkster team
Juan Albelo, Sparkster advisor
Professor Gary Leavens, Sparkster advisor

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