Filecoin ICO Under Scrutiny; Investigation Reveals Potential Fraud!

An on-chain investigator, known as @BoringSleuth, has cast doubts on the blockchain project Filecoin (FIL) and its initial coin offering (ICO). In a comprehensive report, BoringSleuth delves into Filecoin’s wallets and funding transactions, raising questions about potential shady associations with entities like the Ethereum Foundation, Wanxiang, Prometheum, and others.

What did he uncover? Let’s read on.

Questioning the ICO

The investigation began by checking the wallets that sent the most cryptocurrency (Ether or ETH) to Filecoin during its ICO. They noticed unusual patterns, like wallets sending ETH with long decimal numbers. This might have made it look like many people were investing in Filecoin, even if it was just a small group.

BoringSleuth believes that by digging deeper, they can discover who owns these wallets and how they might be involved in potentially unethical actions related to Filecoin’s ICO.

“Unfortunately for them, for every brilliant mind with little ethics that exists in the world, there are several others who also have brilliant minds, but also ethics, and use it towards good, and not fraud.”

Red Flags Are Waving!

One particularly concerning trend that emerged was the high number of wallets sending ETH with unusually long decimal numbers. This raised suspicions that these transactions might have been part of an effort to create an appearance of widespread interest in Filecoin’s ICO. It’s worth noting that such tactics are often used to manipulate markets and deceive potential investors.

Getting to the bottom of things

BoringSleuth is not just spotting these patterns; they’re also using a special database called the Truth Labs Database of Networks and Wallets to figure out who owns these wallets. This is a tricky task because cryptocurrency transactions are often hard to trace. But if they succeed, they could expose the people behind these transactions and whether they did anything shady during Filecoin’s ICO.

“What we are looking at now is a clear picture of who owns what. Who was involved in the Ponzi, and on what level? We can even cross-check News Articles and begin to assign VCs to these groups and build out a network.”

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