LOS ANGELES, Nov. 14, 2018 /CNW/ -- Tyler Gallagher, CEO of Regal Assets, a global alternative assets company headquartered in Los Angeles, with several offices across the US, Canada and the UAE, has issued a warning statement after noticing both his name and his company's name being illegally used in the roster of several ICOs and Token Sales worldwide.
Regal Assets' Dubai office has attracted a lot of media attention in 2017 for being the first to receive a government-issued license to legally trade cryptos in the Middle East, as covered by Bloomberg. This successful milestone has made Regal Assets, along with many other popular crypto and financial companies, a target for sketchy ICOs eager to show legitimacy for their projects and gain investors' trust.
In fact, fake endorsements from renowned tech moguls and celebrities seem to be growing in popularity among scammy ICO projects. As an example, an ICO claiming Ryan Gosling as its "designer" raised $830k recently. So many investors got duped into investing in a scammy ICO that the SEC had to create a Fake ICO to warn investors of all the potential red flags to look out for.
Regal Assets CEO Tyler Gallagher had these words to say in regard to the findings:
"I was floored when I noticed my name and our company brand name being used without consent by some foreign based ICOs and token sales. I thought I was the only one, but after doing some research and speaking with some other high-profile entrepreneurs I know in the crypto space, I realized that this dangerous practice is more widespread than I thought. In fact, I have recently heard from two other entrepreneurs in my network that their names were also used recently without their consent on some token sale advisory lists."
It is clear that some ICOs and Token Sale events are trying to capitalize on other entrepreneurs' successes by illegally including their names in their team lists, hoping to attract more attention and gain more backers for their blockchain projects.
Mr. Gallagher added;
"It is paramount that investors review each ICO or token offering carefully to ensure it is legitimate. Investors need to go through each token sale with a fine-tooth comb. Do not be afraid to contact the advisors directly and inquire on whether or not they are backing the ICO or token offering. Contact them through LinkedIn, make sure it's their actual legitimate profile and not a fake one created. Look for endorsements and recommendations from their friends. Look up their friends lists too to make sure those are real people and not all fake bot accounts."
In the world of ICOs and token sales contributing, one can never be too cautious. This is a high-risk asset class and investors are encouraged to do their due diligence. Investors must remember that they are on their own when it comes to ICOs and token offerings, as governments do not have any form of control over this asset class.
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Name: Harriet Thumm
SOURCE Regal Assets