WATCHDOGS: EXPOSE FRAUD HERE! Ask to Join Group
I've personally had Cloud Token reps reach out to me to try to get me to validate/engage with their wallet and project so they could use the Blockchain Chamber of Commerce as another credibility hook. I took several discovery calls and asked a lot of tough questions. The outcome is that I feel very comfortable providing the following link to the community. The WBF is also named there and this should be a caution to anyone engaging with their events. They do not have a track record of protecting the community from scammers.
Note: Read through the comments as well to see other projects that you should be wary of as well...
This is worth reading if you are considering owning the token or listing on this exchange...
If you are considering investing in S Block, please continue reading.
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S Block is a multi-cryptocurrency digital wallet and has its own token SBO. It claims to provide absolute anonymity on both receiver and sender identity using the Wormhole encryption algorithm. S Block users can apply for S Card which is provided in collaboration with MasterCard and Visa. However, when we reached our sources in MasterCard and Visa, no confirmation was provided about any tie ups with SBlock. This card can be used for purchases with Merchants registered with S Block. Since it deals with local merchants, S Block should have an entity to convert crypto into fiat currency which were not found.
Their business model of InterStellar Transfer Protocol and alliance with banks providing POS and ATM solutions doesn’t hold true in countries like India,China,etc where there are government restrictions. Regional Legal implications were not considered in the business model.
Change of Name: Previously known as XBlock Foundation Pte. Ltd. Company.
We traced another company named Blockchain Centre Pte. Ltd. with relation to SBlock, through JobStreet.com but we cannot establish the legal connection. It seems to be a different entity but associates may be involved.
The website promotes the project with images of conferences and studio podcasts in Nasdaq Studios which does not confirm any association with mainstream financial markets. There were many grammatical mistakes found in the content of the website.
SBlock recently did a conference in Singapore with WBF which was also involved in promoting projects like Plus Token and Cloud Token which were similar ponzi schemes like SBlock. Looking at the business model of SBlock, we understand the commission and multi level benefits are similar to the Pyramid schemes which we see in traditional ponzi schemes.
The company seems to have appointed many MLM marketers to promote and sell their projects to raise funds globally.
Ivan Bolonikhin - President
Fabien Bouhier - Vice-President Gene Karat - Chief Technical Advisor Alena Yudina – Secretary
website established 2019
Ivan Bolonikhin Co-founder and COO of STObox Platform and Eleven Bots. He seems to have an experience in management and legal.
Gene Karat has founded numerous companies namely, Audi-Odessa, Finova Inc, and served as CEO in them as well as for tradeone.io. He is also currently working as an Advisor for Red Panda Music Inc.
Fabein Bouhier is the Vice President is an ex- Google employee, and a physics enthusiast. He is also a Blockchain Architect (as per his LinkedIn profile).
XBlock Foundation Pte. Ltd. is incorporated by Qiu Shuo (Singaporean) and Wang Sidi (Chinese). We also traced another incorporation in British Virgin Islands (BVI) under the name of SBLOCK Capital Ltd.
The name of the Chief Technical Advisor is questionable as the LinkedIn Profile shows it as “Gene Dayev”. None of the team members (mentioned on official website) has listed the company name and designations on their LinkedIn profile.
The team mentioned on the website is different to that in the White Paper and cannot determine the original team behind the project.
The founding team is operating remotely, while there are offices allotted in a number of different countries stretched throughout the SouthEast Asian Region (JobStreet.com).
The company claims to have operations and branch offices in 30 Countries including
USA, UK, Japan, India, but we could not find any incorporations in these countries.
Also, the company seems to be incorporated in BVI making it the official jurisdiction for the entity. BVI and Singapore (We could not find entity in Malaysia)
BVI : T19UF2758G as SBlock Capital Ltd
Singapore: 201910516E Registered as SBlock Foundation Pte. Ltd (before the change in name from XBlock Foundation Pte Ltd)
Entity Name: Blockchain Centre Pte. Ltd.
BVI: Unit 8, 3/F., Qwomar Trading Complex, Blackburne Road, Port Purcell, Road Town, Tortola, British Virgin Islands, VG1110
Singapore: 1 North Ridge Road, #21-10, High Street Centre, 179094
Singapore (Blockchain Centre Pte Ltd):
9 Temasec Boulevard #07-01 Suntec Tower Two 038989
Malaysia : #06-08 Sunway Velocity Designer Office, V03-11-10, Lingkaran Sunway, Jalan Cochrane, 55100 Kuala Lumpur.
(We could not find any registered entity under the keywords Blockchain Foundation/Centre Pte Ltd. and SBlock Foundation Pte. Ltd.)
We did not get confirmed banking details in Singapore and Malaysia
SBO could not be found on Ether Scan. It could be other blockchain, but not mentioned in the smart contract which is a red flag.
Registered Address & Incorporated Address
Total Capital which is being raised - 680 Million based on the whitepaper (1USD each token)
The social media followers are far too few and need to have active engagement on social networking sites. The founder has attended Malta AI and Blockchain Summit and the company has co-hosted the World Blockchain Forum Singapore & World Blockchain Award held in Singapore on June 22-23, 2019 which garnered attention from all across the globe. But in spite of that, not much social media or web activity was observed.
Instead of Telegram, they have a Facebook account, where their number of followers is 185.
A complete multi-cryptocurrency asset management company and a wallet. But there is no problem as such which the project is focusing on as there are quite a few projects similar to these.
Such a project does not require the capital which they are trying to raise.
Response(s) Received When Approached S Block Team Members (including Council Members, Directors/Founders & Other Team Members) for further information.
S Block plans to collaborate with banks, and make the S Card usable for the ATM facility. This will allow the users to withdraw crypto in fiat currency. We don’t know yet how they are trying to collaborate with Banks in most countries looking at the Crypto-Fiat conversion disputes.
No Milestones Achieved and could not be verified.
Member 1: Designation – Council Member
Denied being involved in the project when contacted him on LinkedIn and specified that he had declined the offer when last spoken to them 5 days ago (mail received on 6th July, 2019).
Member 2: Designation – Council Member
Agrees that he has been roped into a scam project when contacted him on LinkedIn.
Member 3: Designation – Council Member
Was a part of the project for two weeks, after which he realized that it was a scam. He left the project thereafter. The confirmation was provided on LinkedIn.
Member 3 and 1 are no longer and were never associated with S Block respectively. However, their names, photographs and LinkedIn profile links are still being used on the official website and/or White Paper of S Block.
As you can see - this report is boots-on-the-ground by CREBACO on behalf of the Blockchain ECOsystem! Safe investing my friends!
if a form of fraud. I received this and feel the need to call it out. I apologize in advance if Eric Martine is a real person asking me to connect on LinkedIn -- but Mr. Martine sure looks like he has a fake profile. Poorly written bio, he only has 150 connections, Google doesn't recognize his image, and he's been running Crypto Capital Investments for 9+ years (since 2010) even though most crypto currencies didn't start to emerge until 2011 or later. Hmm.... most investors are fighting off random connection requests, not making them.
With all the best tech in the world at their disposal and nearly unlimited financial resources, you'd think MSFT / LinkedIn had better methods in place to reduce ID fraud and to weed out fake profiles. Hundreds of millions of people are at risk daily because they aren't doing a better job at this.
Mr. Martine - feel free to join this group and share more about your identity. Otherwise, please be gone.
Or maybe, it's Satoshi in stealth in which case, welcome!
#satoshinakamoto #fakelinkedinprofile #Brainsy powers identity verified networks.
One of the problems we have had reported to the Blockchain Chamber of Commerce is that there are projects that are not paying their developers the agreed upon rates for their services. How long is TOO LONG before this non-payment should be reported to the community to protect other devs who might be taken advantage of similarly?