Former Paymium Owners Imitating Blockchain.com to Launch Illegal ICO

Blockchain.com, an extremely reputable Bitcoin wallet, exchange, and block explorer, has filed a complaint in U.S. Federal Court to combat blockchain.io, which is essentially using their name to launch an illegal initial coin offering (ICO). Blockchain.io is operated by Pierre Noizat, the same person who owned Paymium and Instawallet, which went out of business during a possible exit scam in 2013.

Paymium operated Instawallet, Bitcoin-Central, and Paytunia, and during 2013 they claimed that Instawallet was hacked and they would be re-building their security infrastructure and then re-opening. However, they never refunded any users, certainly never re-opened, and disappeared. This was combined with a failure to respond to user’s requests, especially the simple request to see a police report, which Noizat originally said had been filed. Many Instawallet users and other community members think Instawallet is an obvious exit scam.

Now the former owner of Paymium and Instawallet, Noizat, is happy to put his name on blockchain.io as the owner, which raises suspicions from early Bitcoiners who have not forgotten. The blockchain.io site uses a similar domain name, similar logo, similar color scheme, and a similar motto, making it look like its actually owned by blockchain.com. Blockchain.com has received numerous inquiries about whether they are running the blockchain.io ICO, especially since in social media channels blockchain.io is pretending to be blockchain.com. In order to protect their reputation, blockchain.com is going to court before this ICO starts. As of 23 September 2018, there are 3 days until the blockchain.io ICO.

More indications that this blockchain.io ICO is a scam are blockchain.io says they registered with the Securities and Exchange Commission (SEC), which is required under law, but blockchain.com found that they didn’t register. This means anyone who invests in the blockchain.io ICO won’t be allowed to legally trade the tokens. Also, blockchain.com has reviewed the technologies offered by blockchain.io, and says some of them don’t exist. All signs point to a scam that is trying to use blockchain.com’s likeness and reputation to trick investors.

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