Prodeum: A Cryptocurrency Startup Scams Investors

prodeum-cryptocurrency-scam

Initial coin offering called Prodeum has scammed it's investors and leaved one-word 'penis' on Prodeum.io which is now down.

Prodeum.io
Image via CNN

Ethereum deposit address shows that less than two ether's worth of funds was actually collected across 44 total transactions. Considering some of those transactions are withdrawals, it appears very few people are impacted by the scam.

Read More: American Hospital Paid 4 Bitcoin ($55,000) Ransom to Regain Access to 1,400 Files

Recently, crackdowns levied on bitcoin exchanges in South Korea and the ever-increasing investigation being placed on ICO’s by various governing bodies like the Securities Exchange Commission.

Prodeum does have a professional looking white paper which was available via Google docs but it has been removed now. Their mission statement explains that one day, distributors, retailers, and consumers of produce will be able to scan a food item and see the history of where that food comes from.

This isn't the first time investors get scammed, Prodeum is yet another example of an exit scam. Prodeum is yet another example of an exit scam.