Disruptblock Scamwatch: Aibittech

Apr 18, 2018 at 22:42

Name: Aibittech
Website: https://www.aibittech.com/
Bitcointalk: https://bitcointalk.org/index.php?topic=3234141
Facebook: https://www.facebook.com/aibittech/
Twitter: https://twitter.com/AibitTech

Aibitech has launched an ICO for its ABI token to fund its “ecosystem of financial institution based on blockchain technology.”

It said it needs the money to pay for the administrative expenses, system development expenses, marketing expenses, consulting and legal fees.

On its website, it said that its private sale involving 35 million tokens amounting to $0.015 is sold out. Meanwhile, its pre-ICO will involve 25 million tokens at $0.025 coupled with a 20 percent bonus until the end of April.

The public crowdsale, which takes place in May, will offer 100 million tokens at $0.5 with a 5 to 15 percent bonus.

Aibittech has began advertising online and has been aggressively targeting people searching for ICOs.

image shows website targeting crypto enthusiasts who are using Google to look for new ICO’s to invest in.

Sifting through the ICO’s white paper, this is what we found:

  • The company Aibittech offers a full suite of financial institution ecosytem based on blockchain technology that promises to solve problems associated with the traditional banking. One of its features is AIBITbank, a peer to peer (P2P) online banking facility which also gives users returns between 5 to 50 percent per annum through the “AIBIT POS feature.”

Why we think it’s a scam:

1. It has a referral program that let’s you earn 5 percent depending on how much ABI tokens your friends purchased. More like a Ponzi scheme, where they generate returns for older investors by acquiring new investors.

2. We went through the company’s team on its website, which is complete with with short details and photos of their officials.

We would’ve believed that these were just placeholders, except that the photos of the team are also used on other sites.

  • Buno Careia is Aibittech’s CEO. The website is complete with a photo, short description and a LinkedIn page. But a general search on Google showed his image is a stock photo of “a man in a business suit.”

  • The company’s CIO is Felik Caspato. Again with complete details with an accompanying photo which turned out to be another stock photo

  • Aibittech’s head of design is Juan Tererira. However, the man in the photo actually turns out to be Oliver Heilmer, president of Designworks, a BMW company.