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Prodeum ICO is a $6 million fraud

28 January 2018 21:00, UTC

Reddittors are actively discussing yet another ICO scam right now. It’s called Prodeum, its website went down (for a time being, it was only a blank page with an obscene word on it), and its supposed leadership used the photos of other people.

The project posed as a new Ethereum blockchain-based food quality record platform. The founders of this initial coin offering which turned out to be a scam were likely inspired by the news on cooperation of IBM and Walmart in the same industry. These two corporations aim to improve the food supply chain, as Bitnewstoday’s older reports described.

The ICO had two types of tokens - PRDM and PIIT. The former was designed as a means of financing the development of the system, while the latter was more like a reward for user activity. Of course, there is little sense to remember this now that the company has disappeared and these tokens are worth nothing.

And while one could suggest that the site deface was made by hackers, the investigation made by the users of Reddit quite likely shows this was indeed a scam all along. The page now redirects to Bitflur, a platform which describes itself as a good way to conduct Bitcoin trades. However, there were some other messages on Reddit that this platform was a scam as well.