Commission United States securities and exchange Commission decided to create a special website that is most similar to fraudulent ICO projects to potential investors in his example, learned to distinguish Scam from real projects.
The fed announced Wednesday that it has launched a website pseudo ICO called HoweyCoin, presumably named in honor of the Howey Test.
Test Howie* (legal criterion used in American jurisprudence to determine whether a particular tool or a commercial operation investment contract and, therefore, a valuable paper; the test includes four elements: a) investment of money b) joint venture, C) the expectation of profit, g) solely from the efforts of third parties; this test was developed in the course of judicial precedent “H” vs “UM Howie Co.”).
However, the site specifically States that “the proposal is not present.” Users who are trying to invest in tokens, they will instead be redirected to a special page which describes in detail the signs of fraudulent ICO.
According to the web site HoweyCoin is a project-oriented tourist industry, which “is tied to processing payments in Fiat currencies, and most importantly, most of these businesses require crazy fees”.
HoweyCoin offers travelers to use cryptocurrency , with which they will be able to pay with any business travel, with no extra costs Commission. HoweyCoin can also be a profitable investment!
On the website it is reported that investors will get an income of 1-2% and recommended investors to “HODL”.
The site also contains reviews and a list of team members, while it is not clear this is real people or not, links to social networks such as LinkedIn, the site is no.
In a press release, the SEC also noted that the site has a “white book, with a complex, but murky explanation of the investment opportunity promises guaranteed pribli and the countdown.”
In a statement, Owen Donley (Donley Owen), the General counsel of the Department of education at the SEC, said that the site includes many distinctive features of fraudulent ICO:
Scammers can quickly create an attractive website and fill it with content half-written in hard to understand jargon to attract investors. But such sites often are the moments that should at least cause suspicion among investors. Just need to know what to pay attention to.