Why is this scam
GIZA DEVICE is a scam. It is about how scammers reportedly created a fake initial coin offering (ICO) to crowdfund for a startup called Giza. They claimed it would help to develop a device to store cryptocurrencies.
The ICO kicked off in January and by February had raised 2,100 Ethereum coins. At that time the equivalent of $2.4million.
Alarm bells rang when Russian firm Third Pin alleging that no payment has been received.
Their task was to manufacture the cryptocurrency device. So, they had to stop manufacture for Giza.
Official website: www.gizadevice.com
The signs of confirmation
The funds were supposed to be used to fund the development of a “super-secure storage device” for cryptocurrencies.
The individual or group of individuals used a fake LinkedIn profile and copied pictures from another user’s Instagram profile to create a false persona.
Scammers from GIZA DEVICE managed to dupe more than 1,000 investors.
The ICO kicked off in January and by February had raised 2,100 ether, which, at the time, was worth about US$2.4 million.
The project seemed legitimate at first until warning signs began to appear.
This included a falling out with the company’s sole supplier. Further, a lack of communication from its supposed founders. And, of course, failed attempts to recoup the lost funds.
Since then, the Giza official website has vanished. And its Twitter account @GizaDevice has been inactive since late-January.
Let’s see the other signs and why GIZA DEVICE is a scam.
Giza Device signed a contract with Russian firm Third Pin LLC in December 2017 to manufacture the cryptocurrency hardware wallets.
Third Pin CEO Ivan Ioan Larionov wrote in a post on BitcoinTalk that his company cut ties with Giza in late-January 2018 after the startup failed to pay its invoices.
Money from Giza’s wallet was allegedly drained over the course of two weeks and sent onto other wallets.
Former employees suspect Giza started off legitimate before turning into a scam.
Aleksandar Rajic (developer from Novi Sad, Serbia), who was the software developer in Giza, said his mysterious boss stopped contact in January.
“When they stopped responding to my Skype and LinkedIn messages, I suspected it is a scam,” Rajic said.
Recommendation for GIZA DEVICE
A startup that promises “the most advanced trading-algorithm in the cryptocurrency market” is a scam, completely dump.
Follow these signals because such scammers are always coming back.
With the same or slightly altered face.