Giza ICO steals $2M from investors by promising disruptive hardware

Scammers outsmart ICO customers once again in an unfair play on token hype. They claimed to have invented a new way to keep cryptocurrency funds. This special storage, as it turns out, never really existed outside the criminals’ imagination.

This was first detected by a Russian company called Third Pin LLC. The company planned to manufacture those devices. Russian businessmen who told CNBC about the relations with that firm describe it as shady, willing to work offshore and suddenly raising production costs without even paying anything. They were also very eager to see those devices. And, as if that wasn’t enough, at first they did not even know the exact specifications of the device. This all raised suspicion from Third Pin. Eventually, the law-abiding firm decided enough is enough and cut ties just in case.

Other firms which engaged with Giza preferred to stay anonymous, but told the same channel that they, too, thought it was better not to cooperate with that enterprise.

This might be the key tip for ICO investors who desire not to repeat the mistakes of those who lost money after Giza disappeared: more contact with project founders means more awareness about what people behind the project are really all about.