If AriseBank ICO was a scam as claimed by the SEC, then they were a dam good Scam.
Last updated on May 16th, 2018 at 11:13 am
Over the past couple of days the fragile cryptocurrency world was devastated to learn that a budding ICO from AriseBank was flagged as a big scam by the SEC. Frankly speaking, I am still scratching my head as to how these guys could possibly be a scam and everything about them from my view checked out be clean? Lets dive in to an in-depth investigation I did on them.
Everything happened so fast. Couple years ago, it was called DubaiCoin, now its renamed to Arise Bank. According to their website: “Founded in 2016 by Jared Rice, Sr. and Stanley Ford, AriseBank™ is the first completely decentralized banking product that features one of the largest cryptocurrency platforms built to date. With services like AriseID™, aEx™, aiExchanger™, aTransfer™, VISA® AriseCard™, aTMs™, aPocket™, AriseCoin™ and aPay™, AriseBank offers a streamlined banking experience available on a variety of consumer-friendly devices including desktops, tablets, smartphones, or smartwatches. Unlike traditional banking platforms, each user’s data is hosted directly on their own desktops and/or mobile devices instead of a remote data center.”
- 1 First and foremost they were endorsed by Evander Holyfield
- 2 What about their Well designed and structured Corporate website
- 3 1400 ATM purchase was fake too?
- 4 They purchased a 100 year old bank for Christ sakes!
- 5 What of the “Fake” 4 year old scam reports about its Owner on RipoffReport.com
- 6 Scammers spend time to create a full Operating System? Even if its a fork
First and foremost they were endorsed by Evander Holyfield
— Evander Holyfield (@holyfield) January 5, 2018
What about their Well designed and structured Corporate website
Lets agree, they are using a $40 WordPress Theme but aside from that, The Arisebank website is littered with very nicely done marketing material, graphics and tons of documentation.
With over a dozen sub domains including a repo, labs, APIs, user dashboards, debit cards, ATMs, careers, developer tools, block explorers, a 100 page whitepaper, Strong EV SSL that needs physical verification- No faker would spend so much time and passion building out a complete website without making a mistake or abandoning it at some point. Right?
1400 ATM purchase was fake too?
They purchased a 100 year old bank for Christ sakes!
Claim that AriseBank now holds 100 percent of the equity in both KFMC Bank Holding Company, a 100 year-old commercial bank, and TPBG, a 25 year-old investment banking and management firm
We ARE acquiring two banks. One is an 100-year old FDIC-insured bank and the other is an investment bank. For more details, join our telegram: https://t.co/bQlsLw9uhv – The #ICO is on FIRE. https://t.co/P6owowOhvm pic.twitter.com/kvADzNUxq9
— AriseBank (@AriseBank) January 16, 2018
What of the “Fake” 4 year old scam reports about its Owner on RipoffReport.com
“We hired Jared Rice of Dynastack Inc. to perform software development for our company based in Dallas. Upon sending payment, we quickly realized that we were in fact dealing with a scam artist. Jared Rice runs a handful of companies that receive payments without delivering products purchased. These companies include Dynastack, Dynalayer, Cheetah Local, Mexico PCS, and Bit of Glory. With his team, including Stanley Ford, Tony Caldevilla, and Michelle Nosek, they present themselves as professionals while quickly conning people out of their money.
Jared Rice and Tony Caldevilla gave our company a tour of their “Dynastack Data Center” which turns out to be a seperate cage that Tony Caldevilla does contract work for (aka Airband Inc and Suddenlink Communications). After they took our money and failed to return any of our calls, we did some research and started finding other individuals that Jared Rice and Tony Caldevilla had ripped off.”
Scammers spend time to create a full Operating System? Even if its a fork
A mobile phone for around 100$ based with an operating system based on blockchain, somehow I did not understand that. Blockchain-systems have many advantages and many downfalls, e.g. one of them is being pretty slow. How could possibly a mobile phone work on the blockchain-system is far beyond my comprehension. And so on and so forth.