At Regal Assets, we have recently received a great honor. Our company obtained the very first (government issued) crypto-commodities license by the Dubai DMCC government, as covered by Bloomberg. This marked a historic event and synthesis between the Western world’s love of investing and the Middle East’s safe haven neighborhood of the United Arab Emirates.
The old adage “with great power comes great responsibility” rings true for us and our founder Tyler Gallagher. As we have achieved global recognition in the crypto world, Mr. Gallagher has since learned the hard way that there are both upsides and downsides to this distinction.
The Downside of Success in the Crypto World
The downside to being internationally recognized in the digital assets’ sphere is this. Mr. Gallagher has uncovered token offerings alongside ICO’s that illegally invoke our name and brand as part of their team list. In fact, one upcoming ICO and token offering in particular has tapped in to the connection between our bridging the two worlds of metals and cryptos and involved our name in this upcoming event. The problem is that Mr. Tyler Gallagher is in fact not an adviser on the project, nor are we a joint venture partner in the ICO and accompanying token.
Mr. Gallagher grew suspicious that something was amiss one day as he received an invitation via his LinkedIn profile that did not seem right. The individual behind Central Gold Coin ICO requested that Mr. Gallagher become an adviser on his upcoming ICO and token project. Mr. Gallagher studied the offer then rejected it. Once he had declined the invitation several times, Mr. Gallagher learned something disturbing.
The man and company behind Central Gold Coin ICO went ahead and issued press releases and ran internet promotions displaying the Regal Assets brand image and calling Mr. Gallagher one of the projects advisers. Mr. Gallagher only learned that he had been co-opted into the project against his express wishes when he received a call from an esteemed colleague. The gentleman brought up the project and article he had seen online, asking Mr. Gallagher if he had become involved in this project. The answer was and is a resounding NO!
Now Mr. Gallagher is a man on a mission, a relentless new quest to warn the crypto community about these foreign-based ICO’s and token projects. He counsels you to consider carefully the names of supposed advisers and partners listed on such foreign ICO projects. As in the case with this Central Gold Coin ICO, you could learn that neither the partners nor the advisers have any knowledge of their supposed involvement in the projects. It is a dangerous problem, a clear and present threat, and one that needs the crypto community to unite together to combat.
Central Gold ICO Looks Unscrupulous at Best
The best that can be said about Central Gold ICO is that it looks unscrupulous at best. The firm behind it is based in the Mediterranean island nation of Cyprus. The website boasts a foreign language promotional kit. Their base in Cyprus means that they are beyond the reach of either US or British regulators and jurisdictions that might put a stop to any shady activities they are pursuing with the ICO and token offering.
Central GOLD Coin claims to be completely unique. The premise behind it is that a portion of its value is supported by and based on real gold that they will supposedly hold in a vault somewhere. The website is sketchy on particulars, but the argument is that by buying their tokens, you will gain the rights to tangible ownership of some real physical gold held somewhere. The website also insists that you will be able to trade out your digital asset tokens for actual gold on demand. Their information from their website spells out some of the details:
Yet they are claiming the name and brand of the only legend in the fields of both metals and cryptos Mr. Tyler Gallagher and Regal Assets. Not only do they not have our permission to do so, they were told “no” on more than one occasion. It tells you that the Central Gold Coin could just as easily be a Central Gold Con.
Other Celebrity Personalities Have Also Been Co-opted
Unfortunately, this instance of the Central Gold ICO is not unique. Mr. Gallagher recently investigated another ICO and read through the white paper and deck that the sponsoring firm sent to him in a private email and attachment. When Mr. Gallagher came to the listing and pictures of the board of directors, he encountered a familiar face and friend. Our CEO then reached out to the individual personally to inquire about this particular ICO project.
Mr. Gallagher was stunned to learn that this gentleman was entirely unaware of the listing on the project. In fact the individual in question could not believe that he had been mentioned as a party to the ICO. As it turns out, this famous celebrity personality was merely a tool in the decks and white papers made available offline. The firm is most unscrupulously representing the man as a party to their project without his knowledge at all. The gentleman has since pursued legal action against the sponsoring firm. So far, the project has not fully removed his name from it, despite legal intervention.
Celebrities are also victims of this phenomenon. An ICO listed Ryan Gosling as their “designer” and was able to raise over 830k because of it. Tyler Gallagher states: “When you see a celebrity name in an ICO’s team list these days, be suspicious. Sure, many celebrities have endorsed (and are still endorsing) several ICO projects, but don’t trust any celebrity endorsement you see on an ICO unless you see an actual statement from said celebrity on their involvement with said ICO, either on their official social media accounts or through an official press release or major media coverage.”
The shocking conclusion is this: ICO’s are super hot nowadays. Sponsors are looking to make a quick buck with a lightning fast cash grab. To do that, they will deploy any individual’s name and brand with or without their consent or even knowledge in order to increase the prestige and legitimacy of the token and ICO in question.
Beware the Fraudulent Cryptocurrency Seminars Too
There is yet another sinister danger in the Cryptocurrency universe these days. Some group organizers are putting together cryptocurrency events which require you to reserve your spot by preparing for the seminar or mixer and paying in advance. They will go so far as to detail a list of guest speakers and celebrity personalities for the event that will not have confirmed. Worse still, they may not have even heard of the event at which they are supposedly speaking or appearing. Once individuals have prepaid, it unfortunately turns out to be a “no-refund policy” event.
ICO’s and Tokens Are the Wild West To This Day
Everyone is excited about ICO’s and token offerings these days. This means that it is easy to fall victim to the numerous scams and schemes, even when participants have the very best of intentions. It is critical that you do your research and due diligence before investing in an ICO or a ticketed event, even if the cost is only $20. This way you can be certain that the event or ICO truly is what it claims to be.
For those of you who are gaining in reputation within the crypto sphere, you must take steps to safeguard your brand and personal name even. This starts by setting up Google Alerts. Another solid step is to sign up for a reputation management service. These carefully monitor the wild west of the Token ICO, crypto-sphere, and internet in general to make you aware of any personal mentions of your name online. The truth remains that this is a fast-moving world epitomized by the Romans and their time-tested warning: Caveat Emptor — let the buyer beware.
Enjoyed this article? Make sure you read our top ICO scams to watch out for in 2019 article to learn more about other ways shady ICOs are trying to lure investors to invest in their crypto projects.