Cryptonews Exclusives

Prodeum ICO Pulls an Exit Scam

Cryptocurrency ICO Scam

Journalist

Sead Fadilpašić

Journalist

Sead Fadilpašić

About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

Author Profile

Last updated:

June 25, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

The website for the Prodeum ICO project has gone offline unannounced on Sunday, leaving only a nasty message to investors behind.

Prodeum, with reportedly stolen identities of its “team” was supposedly a startup from Lithuania “about to revolutionize the fruit and vegetable industry with the use of Ethereum blockchain technology.” According to their press release, “Prodeum has already had discussions with the International Federation for Produce Standards (IFPS), and officially launched a crowdsale on January 20th. Plans are underway to begin trial runs in Lithuania and the U.S. later this year. Then, following further meetings with the IFPS, a beta app is in the works for late 2018 or early 2019.”

After leaving a very compelling and creative message citing a phallic object we’re all more or less familiar with, the website simply went offline, and all social media accounts were deleted. There was no attempt to claim a hack or a scheduled maintenance – other than the aforementioned phallus, no explanation was offered by the team.

Prodeum’s Twitter feed was often filled with pictures of their “fans” who had written their name on various body parts, where the ICO team thanked them for their dedication and loyalty. A quick check, however, shows that all these people were hired from the freelance site Fiverr for the exact reason of promoting Prodeum. At the very least, however, the team didn’t discriminate on the basis of gender – men had their chance to be part of their promoting campaign as well.