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RE: Losing Money In EOS Token Swap or Indian Demonetization of Fiat? Any Difference?

in #eos6 years ago

Let me start this off by saying that I admit what I did here was dumb, though in this case I didn't lose a ton of money (less than $100 in ETH... but still, it sucks). Either way, this has deterred me from ever participating in another ICO. I'm a US citizen and I bought some tokens on ICO from a project that looked great from my own due diligence, and had gotten some great write-ups from consistently reliable reviewers. The founders told us that they were on the verge of getting an exemption for US citizens for KYC and that if we weren't able to complete KYC that our ETH would be refunded. Well, we're months after the tokens were supposed to be released, and I'm getting emails every day telling me I won't be able to get my tokens until I complete KYC, and there's still no US exemption. I emailed them politely saying I wouldn't be able to complete KYC and that I would like the ETH refunded, and I get a response telling me that they won't refund anything, and that my tokens will be sitting there waiting for me when I can complete KYC (because the exemption is still coming), which is as good as worthless for us in the US. I'm going to wait this out for a bit, and if nothing else, I'll give my account to someone I trust who isn't a US citizen and can get it out for me. Not going to explicitly put them on blast here because I don't want to screw up my chances of being able to do that. The lesson I've learned here is to not participate in ICOs as a US citizen unless they've already gotten their exemption, because you can't rely on crypto companies, even ones with great reputations, to refund you because they haven't been able to deliver on what they promised.

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It's sad that they are not refunding you in spite of promising to refund in the eventuality of your inability to complete the KYC. However, I ain't aware of such a commitment or stand by EOS, but if it was made then it's not short of a fraud. Whether it's $100 or $100000, the value of the money depends more on the individual than just on its denomination. Every single penny of the investor needs to be refunded if they can't give you the committed tokens for what so ever reasons.

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