ICO frauds and scams have been on the hot plate of the crypto world since the ‘year of the ICO’ that was 2017. More and more fraudulent ICOs pan out each day and the real space is left with its hands tied in doing something about it. More than 80% of the ICOs conducted in 2017 were scams, according to a study made by ICO advisory firm Statis Group. Correspondingly, a whopping $1.34 billion went into these scams in the last year.
So, what does the real crypto space do about it? Many wouldn’t bat an eye against it, but Dr. Craig S Wright is not one to back out, judging by his seeming frustration about the prevalent ICO scams all over cryptocurrencies, not only harnessing its very image on the face of mainstream adoption but also putting billions of dollars into the wrong hands. Talking to BlockPublisher, Dr. Wright suggested that he will be putting together his own set of to do’s to fight against it. He said:
I will be completing a prosecutors and legistlator how to in the new year. Education to start.
When asked if he hoped that regulatory bodies will come together and look into fraudulent practices in ICOs, Wright dismissed the notion suggesting that the existing regulations would deal fairly enough with these scams. He said:
No. Just the existing regs [will be enough to crush this mafia].
It is not only that Dr. Wright is looking to do something about ICO frauds on a practical note, but he has also been a regular opposition to it over social media and has been letting loose his frustration and anger about it. He also said:
There is a lot coming. I am tired of the scams and what these criminals want to use bitcoin and the technology for. It is money, it makes the system more efficient. It is capitalist and it is time people see this.
As adamant as Dr. Wright seems in bringing these chicaneries to justice, he is also putting in place measures to tackle the practice to its roots, once and for all. His groundwork to be announced in the new year is something to look forward to and will serve as a legal basis to denounce such malicious practices. He revealed that it is time to teach people that something can be done about this, saying:
Time to teach people how they can bring ICO scammers to justice! I will release a series of legal papers to handhold lawyers in doing this for their clients and to allow regulators a simple path to crushing these scammers shortly.