DISCLOSURE: DUNSMOOR LAW IS CLOSED AS OF NOVEMBER 2, 2023. SEE DUNSMOOR.IO. THIS INFORMATION IS TO PROTECT THE INVESTING PUBLIC. NOTHING IN THIS ARTICLE CONSTITUTES LEGAL, FINANCIAL, OR INVESTMENT ADVICE.
DISCLAIMER: THE INFORMATION PROVIDED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS LEGAL, FINANCIAL, OR INVESTMENT ADVICE. CONSULT WITH A QUALIFIED PROFESSIONAL FOR PERSONALIZED GUIDANCE TAILORED TO YOUR SPECIFIC SITUATION.
(Source: Viking Fehu, whitepaper available: https://vikingfehu.io/; note Evans has been removed from the website but since this was his legal creation, it should be avoided like the plague because there is no telling his involvement but we will discuss that more in the upcoming Part X: Exposing Cal Evans’ Network of Deceit: The Key Players in the Gresham International Scandal [working title] in December).
Initial Coin Offerings (ICOs) have made a significant contribution to venture funding, but their efficiency and effectiveness have been marred by instances of fraud. This article focuses on one such case: Viking Fehu, a project associated with the notorious “Crypto Con Lawyer,” Cal Evans of Gresham International.
I. Viking Fehu
Red Flag 1: Inflated User Numbers
Viking Fehu claims to have over 100,000 users on their non-existent ticketing platform. That’s right. The platform isn’t live.
Source: “100,000+ HAVE ALREADY JOINED THE CRYPTO SENSATION VIKING FEHU!” https://www.facebook.com/vikingfehu/videos/9142440435783132)
However, a closer examination reveals that this number is grossly inflated. When the follower counts across all platforms are added up, they barely reach 20,000 (21,233 as of this publication). Sources:
Instagram (5,523 followers): https://www.instagram.com/viking.fehu/
Twitter (4,394 Followers) https://twitter.com/viking_fehu
Facebook (3.5K Followers) https://www.facebook.com/vikingfehu
Telegram (2,326 Subscribers): https://t.me/+ICF7tsceHGg2MTc0
YouTube (5,490 subscribers): https://www.youtube.com/@VikingFehu
In the Web3 world, if users believe in a project, especially if they’ve invested in an ICO, they tend to follow the company’s progress on social media. The lack of genuine engagement suggests that Viking Fehu’s user base is off by about 79% percent which is about how much the token price has collapsed since the listing on BitMart. (as discussed below)
Red Flag 2: Use of Bot and/or Click Farms
A significant portion of Viking Fehu’s social media interactions appear to be from users who are writing in English, but it’s clearly not their native language. Many of these users incorporate elements like their username to get more “Fehu” or some sort of internal counting system, which is a telltale sign of a click farm. Engaging with a project that uses such deceptive tactics is ill-advised, as it raises questions about their overall integrity.
(Source: https://x.com/BitMartExchange/status/1844379093753593867)
Note: I’m not touching the unlawful promotional element of this topic as that’s well above the scope of this article.
Red Flag 3: Cal Evans’ Involvement
Perhaps the most glaring red flag is the involvement of Cal Evans. As a general rule, if Evans has ever been associated with a project, it’s best to steer clear. Despite his claims of being an “international award-winning crypto lawyer,” his track record suggests otherwise. As a CILEx Chartered Legal Executive, Evans lacks the qualifications of a United Kingdom solicitor or barrister, yet he somehow manages to handle multi-national cryptocurrency offerings. The proof is in the pudding: Viking Fehu’s token price on BitMart has plummeted by over 77% since its launch.
(Source: https://www.bitmart.com/trade/en-US?symbol=FEHU_USDT; Screenshot taken October 15, 2024)
II. Things to Watch Out For
If you enjoy risk taking enough to invest in ICOs in 2024, I am not recommending that you do but we have seatbelts for reason so here are a couple things to look out for:
1. Inflated or unverifiable claims about user base, partnerships, or progress.
2. The use of bots, click farms, or other manipulative tactics to create a false sense of popularity.
3. Involvement of individuals with a history of misrepresentation or questionable practices, like Cal Evans of Gresham International.
4. Promises of guaranteed returns or unrealistic projections.
5. Lack of clear and detailed information about the project, its team, and its roadmap.
III. Conclusion
Initial Coin Offerings (ICOs) have played a significant role in venture funding, but they have also been plagued by fraudulent activities. The case of Viking Fehu and its association with Cal Evans of Gresham International serves as a stark reminder of the importance of due diligence when investing in ICOs.
The numerous red flags surrounding Viking Fehu, such as inflated user numbers, the use of click farms, and the involvement of Cal Evans, should alert potential investors to the high risk of fraud. Evans’ history of misrepresentation and questionable practices in the legal field further underscores the need for caution.
As an investor, participant, user or whatever the term people like Evans are using, it is crucial to conduct thorough research before investing in any ICO. Look for clear and verifiable information about the project, its team, and its progress. Be wary of grandiose claims and promises that seem too good to be true. If a project is associated with individuals who have a history of misleading practices, like Cal Evans, it is best to avoid it entirely.
Remember, the crypto space, while holding great potential for economic inclusion, is still largely unregulated. This makes it a breeding ground for scams and fraudulent activities. Protecting yourself through due diligence is your best defense against falling victim to these schemes.
In conclusion, the case of Viking Fehu and Cal Evans serves as a cautionary tale for anyone considering investing in ICOs. By staying vigilant, doing your own research, and being aware of the red flags, you can navigate this space more safely and make informed decisions about where to invest your hard-earned money. Don’t let the allure of quick profits blind you to the very real risks of fraud in the ICO market.