OK, maybe Israbit is not a scam in the acceptable meaning of that word.

Anyone interested in what's happening behind the scenes here should google translate this article: http://www.themarker.com/wallstreet/1.2341445

I'll give a jist:

Dan is a great experienced Israeli engineer living in NY (according from Dan's facebook account and just the amount of work her put into Isracoin). Dan starts working on the infrastucture for Isracoin (Israeli first cryptocoin). Amnon joins Dan from Israel to help him. Amnon represents a very powerful semi-anarchistic and socialist political movement called Zedek Chevrati.

Amnon asks Dan to give him and his friend full access to premined millions of coins. Dan refuses I'm guessing because of lack of trust. Amnon gets angry, starts spreading rumours about Dan (if not Amnon, then who?) and without actually waiting to see if Dan is indeed a scammer, or not, decides to create his own Israeli cryptocoin called Israbit which can be done HIS way.

To anyone non-Israeli amused by this turn of events, let me tell you that this is actually standard behavior I've been seeing for many years between supposed intellectual adults.

Personally I'm behind the person who didn't start badmouthing and spreading rumours about the other person when he didn't get what he wanted...

Personally I'm much more the sit-respectfully-and-do-your-job kind of guy.