Things you should know before putting your money in Alohadefi ICO
After some quick research online, we found out that Alohadefi is the new name of an old cryptocurrency project called “Opp Open Wifi”
Some of the project members of Opp Open Wifi have been listed in the below page. This is to confirm that we are talking about same people behind Alohadefi.
https://steemit.com/ico/@darsey/obzor-ico-opp-open-wifi-komanda-konkurenty-i-perspektivy?sort=votes
It is mentioned here that ICO took place and 4.4 million was raised
But the team in telegram said that ICO for Opp Open Wifi started but ended due to lack of interest. We tried to find the contract used, but found nothing. When we searched for OPP token, we found the following contract https://etherscan.io/token/0x8EF7c0Cf8Fe68076446803Bb9035bd2A3A5E1581
it seems it had nothing to do with OPP Open Wifi, but with a scam company called opporty. The founder of opporty was arrested
But it would be interesting if Alohadefi provided some information about previous ICO, so that we can look up contract and transactions that took place. The previous website is no longer available
but we found the old whitepaper somewhere else
https://www.readkong.com/page/white-paper-open-wifi-a-world-without-borders-7358720
We found some complaints from people who volunteered to promote Opp Open Wifi. They were not rewarded for their work!
And now some interesting old announcements that we found
A whopping 2.5 million investment. That’s alot of money. When we asked in telegram about this partnership, the response was that Open Wifi had withdrawn from that partnership, but we can’t find any announcement of that. When we asked about the specifics of that partnership, we were blocked from Alohadefi telegram group. This is quite interesting because Sidera.io ran away with money other people invested. Google that!
Another partnership found here
Open wifi giving away 100,000 routers free of charge. that should cover the entire globe with open wifi routers. anybody has those routers? our guess is, open wifi had withdrawn from this deal too! or maybe that should explain where all the millions went? to charity?
and here Open Wifi managed to raise 75 pounds.
maybe they needed some money to create the first website? :)
Many cryptocurrency teams have a better way to get away with making money off investors. They will pretend that they are working hard on a project, they will do interviews, announce partenrships, deliver some uncomplicated products and services just so that the project seems legit, but the strategy from the beginning is to get the most out of initial hype and let the project die slowly until the token is worth nothing, by then, they would have already gotten their millions, and legally speaking there is no clear evidence of the project being scam.
The purpose of this article is to make you aware of all of this information. make your own decision.
Part 2 Update: February 24th, 2021
We monitored the progress of the ICO, and what happened on the ICO day and the following days only confirmed our suspicion that we had since the beginning.
First of all, tokens sold out within about 25 minutes. What is interesting about that is that the admin in telegram group was very confident in selling out in minutes before it happened. To the unsuspected people, it should give the impression that the team is confident in the high demand. But to those of us who were suspicious, we saw something else. We think that it was pre-determined that the ICO would sell out within minutes, mainly to trigger FOMO, to create the impression that AlohaDefi is in high demand, and that once listed on UniSwap, the price would start rallying, but that didn’t happen did it? There definitely was excitement in the first few hours which is normal, but when that wore off, the price started to go below the initial Public sale price. Who benefited from this? our bet is the mysterious “friends and family and early investors” who bought the tokens during private sale for about 7 cents, and maybe those who wanted to help AlohaDefi end the public sale in minutes.
Otherwise, where was the incredible high demand when the token was listed on Dex. Nowhere to be found. You might say, well maybe some people wanted to flip quick profits. That’s plausible but does not add up when DefiAloha was very confident in high demand. an honest person would at least have some doubts in the ICO success.
But check this out
We found multiple 0.19 ETH transactions in sequence from multiple wallets. Could that be to increase the number of holders to inflate the real demand for Aloha token? it is possible. It is not really worth our time to look deeper into these transactions.
But we also found it interesting that several users in Telegram reported evidence of insider trading. We did not investigate that, but it brought the attention of the CEO. In his ICO congratulatory video, he dismissed it as FUD just as he dismissed the findings regarding Opp Open Wifi that we shared above as FUD, stating that an explanation was already provided in telegram. But the one paragraph explanation that was provided and followed by multiple bans was beyond unsatisfactory and completely disappointing. Here is the answer that should make everything OK and AlohaDefi trustworthy.
Which kind of contradicts with the information provided later
So money was refunded, or not refunded, or canceled, ico tokens sold were returned, but there was no token! and ico did not happen. We are confused!
Dear AlohaDefi team, get your story straight. Maybe if you were honest, completely transparrent and answered all questions asked and provided some evidence, this “FUD” story would never have seen light.
