It has become a common practice to launch an ethereum token and just dump it .
A new token and a new airdrop is being done every day. A new project is launched, then airdropped. A telegram group is created where all sort of big promises are made. Every one is asked to make donations or buy the coins on etherdelta to support the project and raise the price and when dev feels he just dumps all the remaining coins and vanish.
I just can't forget that evening , when I was having discussion with ethergold dev in their discord group, he made so many promises and I went ahead and bought 1 eth worth coins. Next day morning when I wake up , everything was gone. There was no website, no discord .
Now these guys have started a new thing, they ask for 0.01 or 0.001 eth donation for donation. They call it anti scam check.
Even though the B2X was called off that day, a B2X on ether was launched .
Is there a way to stop this. Can we take any legal action?
If someone takes a legal action against one of these I think it would set an example and this might stop. But I know it will not be easy as there are countries which have no or very week cyber laws. But still I want to do something about this. Lot of newbies get burned due to this. Its bringing bad name to crypto too.
Looking at the scenario of these various tokens are just disturbing. More than 50% of the present ICO's are spams . People have found a way to make money where no one can track them which is wrong. But we all know untraceability makes bitcoin unique from any other currency. But to stop these token spams we could join the campaigns which are managed by the trusted managers and also to search about the particular campaign , its website and all before joining it.
Not only just 50% but I would rather believe that it should really be on 98% and 2% of them becomes successful for long term. Even a teenager would able to create his own coin and hype it up and can make easy profits in a short span of time. Taking legal action isn't possible on crypto since its not being considered yet or theres no law which do prohibit this kind of act.For now the best thing to do is not to join or invest anyone of them unless if you do see an unexceptional coin which would really caught your attention to invest on.