The token generation event was a huge success, and for plenty of good reasons at the time. Fortune 500 called it "Revolutionary", it was voted “Best ICO” at the North American Bitcoin Conference 2018, “Best ICO and Startup” by CoinAgenda Global, and the #5 “Top ICO” at Davos d10e.
May 2018- SHOP tokens have been distributed and some trades were done on decentralized exchanges. Market price is above ico price.
June 2018- 61 million out of the 80 million SHOP tokens of a Japanese syndicate were said to be stolen from the lead’s wallet by what authorities believe was someone with credentialed access.
July 2018- a one-to-one swap of SHOP to SHOPIN tokens was done, in response to the June theft. The team also processed KYC for contributors who joined the private sale via syndicates. The new SHOPIN tokens are locked until further advise from the team.
August 2018- this is where things got truly interesting. Eran Eyal, Shopin CEO was indicted for dealings with past companies/ projects. Eran Eyal, former CEO of Springleap, Inc., charged with Fraudulently Soliciting Investors by falsely representing Springleap’s management team, advisory board, creative professionals, and clients. He is also charged with Computer Crimes for allegedly hiring computer hacker to webscrape database of creative professionals.. Following this news, Shopin onboarded interim, now co-ceo, Jennifer Haggerty.
Shopin has over 37,000 now disgruntled community members on its telegram channel.
I am a Shopin investor and the turn of events is far from what I had envisioned the journey to be.
Thoughts:
(1.) I am aware that ICO investing is considered the riskier side of crypto-investing, but can be the most rewarding also. I always hope for high rewards and more often than not forget about the other side of the spectrum- potential high loss.
(2.) Basic principle has always been- one must not invest an amount that one cannot afford to lose, this will take the pressure off in wanting the investment pay off the soonest, and will give the investor room to give the project some time and see where it goes.
(3.) Do your own research, always.
I'm not saying that if I invested on a scam project then it is my fault, not victim-blaming. The wrong-doers are always at fault in these cases, but maybe I could have protected myself better had a more indepth research (as what people are doing and uncovering now) been done.
(4.) With what is happening, what are my options?
(4.1) Openly express my distress about the situation with hopes that the team will respond.
I think if communication from the team is what I want, stating all my negative thoughts in the manner I want to say them wouldn't really accomplish that goal. I can vent out for the purpose of having my voice heard and allowing myself to throw back at the team the distress I'm going through.
(4.2) Do my own research and weigh in on the situation, afterall, knowledge is power and it is crucial that the truth (or my truth maybe?) is shared with the public, especially since the team has been keeping mum for a while.
Creating awareness is great, but this wouldn't help me with my investment potential loss.
(4.3) Why did I invest in Shopin?
Was it because of the hype, or do I feel they really have a gem of a project? In the event that the allegations are true about the fabricated partnerships, or if the ceo is convicted, does it mean the project cannot be delivered? With a new set of people working on it, can the vision still be accomplished? If so, then maybe I can wait for then team's official comms. I understand fix may take some time. (4.1) and (4.2) wont be helping this cause though, it only buries the project further down. Doesn't mean I don't share my thoughts, I would just be mindful on what my end-goal is with, in community engagement.
(4.4) I've given up on this project and want to take action to get my money back.
Seek legal counsel, check if there is sufficient grounds to pursue this. If the team is really dishonest and merely wanted to con people, no matter the amount of pleading or negative words thrown at them, they will not voluntarily return the funds. Legal venue may be the only way.
(1.) Keeping the telegram channel may be a sign that the team do not intend to run away anytime soon. But it can also be construed as providing false reassurance to the public while some things not favorable to our investment is happening in the background.
(2.) On-boarding new people in the team is a sign of good faith, at least I take it that way.
(3.) Continued silence would only make the community more restless. I'm sure the legal team can help you come up with something, anything that can be communicated to everyone at this point. This has been long overdue. We can start with setting a specific timeline on when an initial SUBSTANTIAL update on the project direction will be given and deliver on this.
I understand the frustration from a lot of people in the community but what I dont understand is what is being accomplished, I fail to see to what end the negativity is for. Assess yourself, gauge where you stand and then take action targetted to a specific goal.
I joined Tezos ICO last year and it too had massive hurdles after a successful token generation event that thankfully had been resolved over a year after. I can only hope for the best and similar results for Shopin.
Any investors here who are with me, still hoping for Shopin?
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