Re:Fools and their crypto
by bertil on Wednesday January 31, 2018 @07:21AM
(#16273294)
I’ve noticed two things around fraudulent ICOs:
- the actual identity of the people behind them is not known; they are often pretending to be developers with Eastern Europe;
- they are presumably outside of a jurisdiction that their victims would be familiar with.
This probably means that a simple fix could be to demand to verify and publish the identity of the people behind such projects. Whether a shell corporation based in the US could raise money without clarifying who actually owns them and whether that structure allows enforcing fraud is a more nuanced question that I cannot answer. But I can answer this: new laws are probably not the solution. Extradition treaties might help but are unlikely.
- the actual identity of the people behind them is not known; they are often pretending to be developers with Eastern Europe;
- they are presumably outside of a jurisdiction that their victims would be familiar with.
This probably means that a simple fix could be to demand to verify and publish the identity of the people behind such projects. Whether a shell corporation based in the US could raise money without clarifying who actually owns them and whether that structure allows enforcing fraud is a more nuanced question that I cannot answer. But I can answer this: new laws are probably not the solution. Extradition treaties might help but are unlikely.