The blockchain revolution has brought a lot of exciting opportunities to the financial world, however it has come with its share of scams as well. Blocksims is proving to be one of those fraudulent projects that investors should steer clear of.
Shehar Yar is the face behind the Blocksims fraud. He also goes by several aliases such as Alepo.
He was originally hired by Mobilink-Coin to help them develop their website and tune up their database.
He was soon sacked when the CEO discovered that rather than creating a unique project, he simply copied the website design from UTrust, another cryptocurrency project Yar had worked on.
Yar should have learned his lesson about dodgy business practices, however he persisted in his fraudulent ways. Towards the end of January a website named blocksims.io was launched and it looked almost identical to the website he was developing for Mobilink-Coin.
Shehar Yar is clearly using the data that he illegally obtained from his previous client to start a fraudulent project.
Mobilink first started to suspect that Shehar Yar may not be legitimate back in December when he failed to meet a deadline.
When he eventually delivered the website, the client was very displeased because it was full of errors and barely functioned. He insisted on getting more money, which he got, then delivered a copied version of another company’s ICO website. The client had enough of him by this point, and sacked him.
Mobilink had made the decision to hire him in October of 2017, and even listed him on their website. The screenshot below clearly shows that Yar was under contract with Mobilink's team before Blocksims emerged.
This is important to note because he had the audacity to claim that Mobilink was the one that stole the idea from Blocksims.
A quick analysis of the timeline of Yar's involvement with shows that this is untrue, but the unsuspecting public may be fooled by this scam.
Do yourselves a favor and run fast from any project that involves Shehar Yar, or his associates.
If you're looking for staff, it’s best not to engage him for ANY services. This fraudster was involved in several ICO scams, none of them successful. His sole interest is in a cash-grab, and does not have the expertise or finances to be the CEO of a genuine blockchain startup.
Scammers rarely work alone, and investigations into several of his known associates, including Gopinath Krishnamoorthy, Tarmaraja Padrasono and Kugan Ausuvalingam are currently ongoing.
Blocksims ICO is another failed attempt by dishonest individuals trying to take advantage of honest investors. Cryptocurrencies could literally change the monetary system of the entire planet someday. When unscrupulous individuals try to scam people out of their hard earned money, it hurts everyone as we have seen in many other industries such as the insurance industry.
Every investor knows to do their due diligence before investing, however in this fast passed world we sometimes rush things a bit, and In this case rushing to invest before doing your due diligence, may cause you to lose your entire investment.
Do a Google search for the following keywords before you invest your dollars in Blocksims ICO:
See what you find…
There are many great investment opportunities out there right now for ICO’s, just be sure to do your research.
Possibly the principal danger to cryptocurrency and ICOs, is from websites called phishing sites. Just as in this case with Blocksims, there are individuals out there cloning legitimate ICO websites, and offering new cryptocurrencies to the public, only to find out it was a scam and they lost all their investment.
This practice can have a huge consequence on both ICO, and pre-ICO endeavors. These scams make it extremely difficult for novices to establish which sites are legitimate and which ones are fraudulent.
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