Initial coin offerings are cropping up for companies that are totally fake. Some of the energy blockchain startups you see may not be what they seem.

Earlier this year, fans of the Belgian micro-hydro power plant developer Turbulent were surprised to see the company was launching an initial coin offering (ICO). Co-founder and chief innovator Geert Slachmuylders, was surprised, too, when they contacted him for details.

Because the ICO, an unregulated form of crowdfunding used by blockchain companies, had nothing to do with Turbulent. The whole thing was a scam.

The fake ICO had its own website, (since taken down), plus a Facebook page and a Twitter account. The branding and product information for all three was lifted directly from Turbulent’s own site.

Even the founders’ profiles had been copied. Despite the fact that Turbulent’s business has no relation to blockchain, people were taken in. Read more from…

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