What happened to these ICOs

We're going to run some very quick overviews of some really strange ICO projects, some of which raised $millions via initial coin offerings. At Coin Launcher we had a listing site, where the ICO's could list for free and we got some really really strange submissions.

If you invested in any of these projects and have dug further into what happened to them or know where the founders who ran off with your investment are, get in touch with us and we will try to get interviews with these people. We'e also keen to explore what the crypto press promoted about them.

Global Funeral Care

A quick look over Global Funeral Care suggests the project is still active and has progressed as far as having some kind of application. The problem? What is it? The website is really vague as to how this works, how it is used and how it benefits anyone, dead or alive! 

There’s token, of course, which can be traded on the worst exchanges available, but again what is it’s use and why would anyone need to own it. Should I die tomorrow, do my family need to own the GFT token for me to be buried? I’m going to have to go with no at this stage. 

The token can be used with any ERC-20 wallet, such as Eidoo, although an ERC-20 token can be created in a few minutes and be available to use on such wallets, so take this type of integration with a pinch of salt also.

Some credit should go to them for maintaining a website and small online presence, there is some perseverance here to make this work. The founder still posts on twitter some times too and there was a blog post in Feb 2020. They also get a big thumbs up for not using Medium as their blog!

Best of luck to them, they’re trying to do something for funerals.

Plaza Systems

Touting themselves as a ‘systems integration company’ with the visions of enabling a ‘freedom lifestyle product based on cryptocurrencies’... hmmm. Seems like they have various products to integrate into your life as a sort of one stop shop such as PlazaCardTM, PlazaConciergeTM, PlazaDesktop™ - what do these even mean? There's no website so we can't find out.

At first I just wanted to say that this is just a load of crap. Simple as that. No audience, no coin, no website. They did, however, go to the time and expense to trademark these products - luckily for them they raised a sickening $7.6m in an ICO that seems to have led to nothing.

They also KYC'd themselves on some listing websites, so the likes of Kevin Johnson and David Colton should be real people, with a lot of spare change...

Cosmecoin

Cosmecoin is a coin for the beauty sector, used to connect plastic surgery patients with trusted third parties for treatments, where treatment details are stored on the blockchain and their token used to buy treatment and gain rewards - ah that old tried and failed model where the token is worthless. We can also blame these guys for all the duck lips filling your insta feed too...

Their website still features in google SERPS but I can't seem to connect to it. They have no coin market cap,although many will not for both good and bad reasons (more on Coin Market Cap and Binance here) and have not posted anything socially since September 2018.

I’m sure they’ve been too busy spunking their investors cash are now long gone. I think the question we can ask now is “Was this really ever going to work!?” However, hindsight is wonderful and bubbles are irrational.

They KYC'd on listing sites but there is no real insight into whether any money was raised in their 2018 ICO. Chris Barber and Richard Crawford-Small (try saying that after a couple of covid-19 lockcdown beers) are the ones to keep an eye out for.

Gigzi ICO

you can still invest in this one! The ICO is still live it would seem. I don't offer financial advice but DO NOT INVEST in this one. With a softcap of just the small sum of $7m, it would seem absolutely nothing will be achieved with it, except some partying and SEC investigations.

When I first thought this I actually thought it could be coin to do with Ryan Giggs (a Welsh football player and Manchester United hero for those of you who don't live in the UK - less of a hero to his ex-Wife and Brother - and also the name for my first childhood pet and mouse - Giggsy. But I digress). I mean why not? There’s actually much crazier stuff out there in the old ICO space.

It turns out Gigzi not actually a football token, but in fact a token which rewards its user for managing their wealth through the Gigzi platform. Another hair raising mission statement of ridiculous proportions and why anyone would have put even a drop of their hard earned wealth with Gigzi is a mystery to me.

Hang on, nope no mystery here, they haven’t.

The Gigzi coin (GZB) which sounds more like a date rape drug than a legitimate cryptocurrency is no longer listed on Coin Market Cap and most likely not tradeable on any exchanges, although there is a link to LaToken on the site - in other words, an 'avoid this token symbol'. The mention of investing your wealth in Gold, alongside listing many African states as partners and including Bio-metric security for good measure - it was never going to work.

On the plus side, these guys managed to keep social alive till mid 2019, however their website looks more like a scene from Alien vs Predator and takes over 25 minutes to load (it's 2020 guys come on), and there seems to be no business development to speak of. Not quite sure what to make of this one. Maybe founder El Asmar could get in touch with us to provide an update and we can oblige them some additional paragraphs.

Sorry Gigzi, in the words of Alan Sugar, “You’re fired!”

Medico Health ICO

When I first saw the name of this ICO I encountered a small sense of hope. Maybe someone doing something sensible for a good cause? Their mission statement reads “designed to improve the fragmented healthcare system, where we know we can make a significant difference for the better by tackling just one truly important issue” So far so good!

Essentially this token gives people access to health services around the world with all their patient details anonymously stored on chain and the token also used for payments. So what’s the reality? Social posting finished around a year ago, Spring 2019. The website is fine and makes sense but like so many ICOs they have gone big on logos and LinkedIn profiles that mean absolutely nothing and are just there to attempt to fool people into buying in.

With no real info on the token and no listing on CMC, I'm afraid that this lot are less Medico Health and more Mediocre Health...

Caviar ICO

Could this really be token about fish eggs. And not just any old fish eggs. A token linked to eggs specifically from wild sturgeon in the Caspian Sea and Black Seas?

No, it's just a real estate token. Phew! The token gives investors access to real estate and crypto income and with built in protection and diversification. Turns out the only return this gang were making was money back to their investors.

They were charged in the US in 2018 for selling $3.1 m in unregistered securities. Ouch. Should have stuck to fish boys! Also, who paid into this mess?

High Bank ICO

So according to ICObench, HighBank raised $5,000,000!!

So what was it for and did they do with it? To be honest, I’m not really sure what HighBank’s value proposition is. It seems confusing and complicated.

A video on their website purports them to be a “one stop shop for all your cryptocurrency needs” with components of ICO listing Platform, ICO Launch and Crowdfunding Platform, Decentralized Crypto Exchange, and Online & Offline HighBank Community.

So did they do it? Their ICO was between March and June 2019 and we can’t find anything about the project in the news or on social and their coin (HIGH) is not listed on CMC. It was an uninteresting, unnecessary and complicated proposition with no real need or use case from what we can tell.

It wreaks of the ICO money grab that we unfortunately know far too well which left a stain on the crypto industry. I don’t know what these guys were smoking in the first place that made them think this was a good idea, but they’ve probably bought a hell of a lot more of it with the $ 5,000,000, which they obviously haven't spent on the business.

GigTricks ICO

I’ll refrain from making any football jokes here, the Giggs thing has been done.

The first line of their value proposition mentions the words ‘freelance’ and ‘gig economy’. I’m immediately interested. With the advent of global power houses such as Airbnb, Uber and Deliveroo driving forward the relatively new notion of the gig economy, it has obvious flaws such as workers’ rights etc. But could gigtricks be out to solve any of these?

Ok so I read on and they isolate the problem of trust between parties on a jobs platform as an issue they would like to solve. Fine. And then comes the complicated spiel about ‘one demand ecosystem’ and they even make the outlandish claim that their platform could prevent future global recessions. This bulls**t aside, it’s not  a bad problem to solve, but from what I can see, no need for blockchain here. A centralised market place with a trusted host eg Fiver, will work just fine thank you very much. So what happened to the $2,800,000 they raised in their ICO toward the end of 2018?

Checking out the GigTricks Twitter and FB reveals that they have been very proactive on social up to early March 2020, even though the content is unoriginal, just the sharing of news mainly. So far so good and we can maybe put the lack of more recent posts down to COVID-19.

They’ve got a bit of Medium content and a Crunchbase listing but not a huge amount else and it is unclear as to whether their product is active and their coin is not listed on CMC, which means it is not worth having therefore the platform is not worth using.

For now we’ll give them the benefit of the doubt. Watch this space, maybe.

Afin Coin

Do not even got to their website. I opened it and my computer started downloading something!!!

SunX

SunX wanted to offer a quick and convenient solution to exchanging crypto and fiat, nice. Them and the rest of the world! They also want to give a 20% return to their investors with some magic ‘advanced algorithm’. Nothing of note when searching this project and typing their token XNS into CMC we discover it is actually the ticker for another project called Insola.

SunX is probably just another scam. Thank god they only managed to raise 200k!