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Before I get started with my review with all the evidence that proves Eroiy is a scam, let me start by explaining what Eroiy is and what got me to invest a few thousand dollars into the ICO.
So what is EROIY
The Eroiy is a blockchain-based cryptocurrency that runs on the NEM (https://nem.io) platform that is particularly designed as an incognito payment means in the adult entertainment industry.
So what got me to Invest in EROIY?
The idea that Anonymous payments can be made to the adult industry without being traced. Another reason for my investment is the fact that Eroiy had numerous partners already on-board made which made it an exciting project with great potential that offers a solution to many clients who purchase adult items online. The list of Eroiy partners are as follows:
agechecked.com
fundorado.com
Porno.de
newbienudes.com
and many more...
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Cost of EROIY?
The initial price in the PreICO was $0.08 and started on the 31st of January 2018. The PreICO ended on the 28th of February at a price of $0.12. The ICO started on the 1st of March with a cost of $0.13 and ended on the 31st of March at a cost of $0.15. This means that you have made an increase of 187.5% on your investment between PreICO and ICO. There was also various bonus programmes that EROIY initiated for referrals. The Referrals gave up to 5% bonus coins to those who referred an investor who purchased a certain amount of coins. What a great ICO that nearly doubled my money before it even hit an exchange.
EROIY on various Exchanges?
Eroiy stated on their website and on their webpage the various Exchanges which they have been contacting. These exchanges were:
OKEX
HUOBI
POLONIEX
BINANCE
KRAKEN
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So to summarise why I invested?
Eroiy found a solution to a need in the adult industry
The fact that I nearly doubled my investment before Eroiy being listed on an exchange
The numerous partners on-board
The exchanges they were contacting
So why is Eroiy a Scam?
Before the ICO ended EROIY was very active with their marketing campaign and social media updates. They had 123640 likes on their facebook page. They had an active Twitter and Telegram group with lots of updates for their followers about the progress of EROIY and their achievements that were in-line with the EROIY road-map.
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On the 31st of March (End of ICO) the trust that I had in the company disappeared and I knew that investing in EROIY was a big mistake. The telegram members of EROIY received a message stating that we should send an email to ([email protected]) along with our email address which we used upon registration and our NEM address.
The day after the ICO we received this message from the admin :
Raffaela Winkler:
Dear Customer,
As you might have already seen our ICO phase is finishing today!!
We are happy to announce that we will be launching the official Eroiy Token Coin now!
You will no longer be able to purchase Eroiy Tokens from our page and soon find a list of exchanges on our website where Eroiy is listed.
Please read the following instructions very carefully because it is important for you to claim your Eroiy Tokens.
We need 2 information about you:
Your E-Mail adress with which you registered as a Eroiy User
Your Wallet Address
You need to create a NEM Wallet for us to be able to send you the coins to your wallet.
Please send an email to Eroiy Admin [email protected] with your Username as Subject containing your wallet adress and the email you registered in Eroiy.
Thank you very much for your cooperation.
Best Regards,
The Eroiy Admin Team
After a week of waiting I sent a message on the telegram group asking when we will receive our tokens. The admins replied " Sorry for the Inconvenience, Due to the volume of transactions that we process, there will be an expected delay on the reception of Eroiy coins. We do apologize for this. Your utmost patience is required"
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I waited for another 3 weeks to contact the Admin on the Telegram group and asked for any news regarding the token transfer. As many investors were complaining about the lack of token transfers. I was then kicked from the telegram along with many others from group for asking for our tokens and when I asked the admin why they kicked me from the group they pretended not to know why and who kicked me from the group.
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The " I don't know why I kicked you from the group".....
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I then decided to contact Eroiy's contact centre to raise my concerns. I wrote to them about my concers and how we are treated so poorly by the admins on the group. I received an automated response that had nothing to do with my concerns regarding the behavior of the admins. I wrote Eroiy the same message and received the same automated response. I was absolutely angry.
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I then searched the internet to see if someone has complained about EROIY. To my surprise when i googled "Eroiy" I found that they had 2.5/5 rating from ICO Bench instead of 4.4/5 as they stated on their homepage. I also found that their facebook page (https://www.facebook.com/eroiy.io) is non existent and that they no longer posted any updates on their telegram group that is useful to investors. I also saw that their twitter (https://twitter.com/eroiy_coin?lang=en) was inactive since the 2nd week of ICO. I also found that on www.icoholder.com that an individual was stating that Eroiy's admins were using fake profiles.
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I then decided to investigate the fake profile allegations and determined some facts. Every telegram admin used a fake profile picture which they got from the internet. The admins which I uncovered that were using fake profiles were:
Andres Dezayana
He used a profile picture of a young man called "Daniel Wallock" who is a college student in the US. I found this out by doing a reverse image search on google. http://college.usatoday.com/2017/06/28/daniel-wallock-marketing-consultant/
I also confronted him via PM and then I received an automated response from the admin.
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*Raffaela Winkler
This admin also used a fake profile but instead of pretending to be someone they not, they used a picture of a model.
Another user notified me of this when he sent me a PM.
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I also found out that the CEO of EROIY Markus Steffen was no longer part of the team. Markus Steffen was listed as the CEO on the Eroiy Whitepaper ( https://www.eroiy.io/files/whitepaper.pdf ). After the ICO ended Markus Steffen was no longer listed as CEO and there was no notification to the Investor about this.
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I was utterly disappointed and angry nearly one and a half months after the ICO has ended because there were so many "RED SIGNALS". At this point I still have not had any updates why the CEO was fired, how much money was raised in the ICO, when EROIY will hit an exchange or when we will receive our tokens. To my surprise there was a message from a new admin called "hi". He stated that everyone will receive their tokens at the end of the week. We then received our tokens but I only received half of my tokens. i found out that I wasn't the only person who didn't receive their full amount. After asking the admins again for the tokens. They got irritated and starting behaving unprofessionally towards the telegram users on Eroiy.
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P.s- 2 months later I am still waiting for half of my tokens. There is no response from anyone from Eroiy.
EROIY made a huge announcement that they will be listed on 3 exchanges. This caused a lot of excitement amongs the investors as we believed that Eroiy has maybe reorganised and heard our cries for improvement. The exchanges they were listed on were very disappointing. The exchanges were:
BTC-Alpha ( https://btc-alpha.com )
Nemchange.com ( https://nemchange.com/Login/index ) Coinbe.net ( https://coinbe.net/ )
BTC Alpha is a british exchange that is driven by a quote driven crypto exchange where buyers bid and offer various prices. Nemchange is a brand new exchange that was created by an individual that deals with nem mosaics. Since eroiy is a nem mosaic, they listed on there. Coinbe is a polish exchange that is very poorly managed and unheard of.
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After EROIY was listed on the exchanges, the price decreased from $0.15 to $0.0016 a coin. That is a 93.75x decrease in value. I am stuck with over 100,000 coins which I cannot get rid off. No one is buying EROIY as it has no purpose because there is no payment system in place for the partners There is also very low volume.The App Development which the promised hasn't come to fruitation as yet. EROIY has no purpose. There is also no updates on the progress of EROIY and the company as well as the fact that not all coins have been paid out. I am contemplating of selling all my coins for a loss. EROIY sells on Coinbe for 0.00000017BTC and 0.00000031BTC
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The Eroiy Telegram group grew from 4k members to 18k in 3 weeks. This is an extraordinary group. Yet all the new members are fake members with fake profiles. When I raised this as an issue, I received a rude response from the admin of Eroiy on Telegram group. I feel almost that all the responses from the Admin are bots and are not very real ( this has been proven through a major shareholder of Eroiy.
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In the past few days I found out that every admin on Eroiy group is a Pakistani bot (See proof) that adds members to the EROIY group to make up numbers. I have also plenty of inside information that EROIY is dead and that there are internal issues that are not open to the public. I am afraid that everyone who has invested in EROIY has lost their money. What was once a brilliantly run ICO has became a disgraced and unprofessional ICO that won't recover any time soon. The damage has been done.
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I will keep everyone informed on the outcome of EROIY.