What’s wrong about the Ethbits project

Some of the active users on bitcointalk probably came across a project called ETHBITS.
This project raised 13,786 ETH, but I would take this figure with a grain of salt, because this figure came direcly from their website (ico.ethbits.com).

So, why did I decide to write about this project in particular? oh, that’s quite simple. they look shady, and they are possibly the same “team” who ran the Opair and Ebitz.org scams.

For those who are not familiar with the Opair.co and Ebitz.org scams, they are simply fake ICOs that raised (apparently) large sums of bitcoin in their crowdfunding campaigns and just ran away when the campaign finished. I tried to tell people that all the information leads to the conclusion that Opair’s a scam, but very few people actually believed. they mostly just ignored me or called me a “professional troll”. When it came to Ebitz, it was the same case, only this time I managed to prove the connection between Opair and Ebitz.org, who? you can see the evidence in my forum post right here, but basically, the person who configured their website used the same hosting server for both scams and had no clue about web hosting and DNS configuation.

Anyways, what led me to think all three projects are connected in the first place is just a feeling. that was exactly what happened with the previous two projects aswell. but looking further into their links I found some similarities about the way both are promoting their projects:

A yahoo article about Ebitz (a confirmed fraud)
A yahoo article about ETHBITS (a suspected fraud)

Both look very similar looking and just a quick look can make someone think there’s a connection here. by the way, who’s promoting a cryptocurrency on Yahoo?

The second suspicious thing about their project is the lack of evidence of any progress or even a whitepaper. they briefly explained their idea in the thread’s graphics and that’s it.
Additionally, I remember a forum user who said that Opair’s real founder’s first name was Pedro, he even found his last name. I should find his forum posts, he said he was from Portgual if I remember correctly. That was LONG before ETHBITS showed up. even before they continued the scamming spree with the their second scam. And guess what? In ETHBITS’s graphics, the founder’s name is Pedro. how suprising! (the user was possibly electronicash).

That makes me think that ETHBITS is not nessicarily a scam, because this time he used his real identity (or a fake one, that we all think is real). In that case all the tokens people invested money for might still be worth something. It’s way below ICO price, even at this moment, with a total market cap of about 1,7M$ with absolutely no volume (2.32$/token). The market cap at ICO price would have been around 5,2M$. I would guess the scammer (or the scammers) who were involved in Opair and Ebitz just collected enough money in those two times, and decided to make a (hopefully) decent project this time around. but it doesn’t change the fact they’re scammers.

The amount invested in all three projects is unconfirmed. in the first project the scammer might have used his own money to make the project look popular and with many investors, used the money from the first project in the second one, and used all the money to fake the volume in the Ethbits ICO. That is why I try to collect information from investors of the first two projects to make up an estimated amount of confirmed investments, but the insanely low amount of people responding and the large amount of money allegedly collected makes me think that the amounts were manipulated. Nobody even talks about the Opair or Ebitz.org projects despite them scamming millons of dollars worth of bitcoin.

I had much more evidence about the connection between Ethbits and Ebitz and Opair but I was busy at the time and didn’t save the links. but here you can find a few links about Ebitz and Opair:

A thread where I try to find investors of both scams to calculate the amount scammed and take legal action against the scammer (with literally zero amount of success, because no one provides details):


Ebitz’s unmoderated thread (by me):


Opair’s unmoderated thread (by me):