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Private ICO in China: Whitepaper Priced At 3,600 CNY

Private ICO has emerged as the new fund-raising after the ICO ban in September 2017. Private marketing and roadshow has been replaced by marketing in wechat group or qq group. Funds are collected through chatgroup owner and distributed to group members.
In September 2017 ICO was banned by regulators in China. The domestic demand for quick fortune were forced to go underground. Offline meetup and roadshow of ICO projects started to spread in the ICO WeChat group and the QQ group. Group owner was awarded 5-10% of the funds raised among his group. Usually each chat group is required to have at least 300 members.
Some of the early participants in ICO became the first batch group owners who helps in private ICO. They are good at English and first translate some ICO projects. Then they provide direct investment advice to the group members. After the group owner learned a new ICO project, they would claim funding ratio from ICO issuer and then spread info within his reach. In the end, they would be awarded 5-10% of the amount raised.
The trick is that these group owners could earn risk-free profits after token distribution. If tokens price is up, they could return ETH to members, lying to them that the funding was rejected by issuer. If token price is down, they could release tokens as agreed.
The worst case is that some group owners would choose exit scam. They vanished with all the money they collected.
TFBOYS token was launched on 10 February, which claims to be the token for all TFBOYS fans. On the same day, the brokerage firm affiliated with TFBOYS Group issued a clarification statement. The company said that they never issued any organization and individual so-called “TFBOYS” tokens and they reserve the right for legal prosecution.
However, website record shows that there were thousands of buyers who participated in the ICO. As of February 11, the reporter saw the project website shows that 18,272 people participated in the ICO with more than 4 million TFBC being bought, which means that the project has raised more than 7 million yuan.
According to the report of Xin Jing Bao, whitepaper for ICO is available at the price of 3,600 CNY on taobao. The coding service for token issuance is priced below 30,000 CNY.

As per the screenshot above, the taobao shop has closed 420 trading on ICO whitepaper.

the typical process for writing a whitepaper is:

Customer requirements -> mutual consultation -> start writing -> Send screenshots of files -> customer satisfy and confirm receipt -> send the source file (PDF + source file word document + material) -> continue to modify until customer satisfied -> customers good rating

It seems that the private ICO market has taken shape with each link being occupied by professionals. However, most of the private ICO projects are scams as their project info are fake. Investors should do due diligence investigation before get lost in dreams of overnight millionaire.


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