There have been numerous projects in the cryptocurrency space that raise multiple questions. One of those projects is Emjac, a company successfully completing an IEO several months ago.
Conducting an IEO should, in theory, prevent fraudulent projects from raising funds.
What is Really Going on With Emjac?
In the case of Emjac, there are still ample questions waiting to be answered.
The company conducted its IEO through the ChainX trading platform, which has not received much positive attention in this Bitcointalk thread.
Making matters worse is how the Emjac team consists of people who have nothing to do with this company.
On the project’s page, it is mentioned how Kwan Meng Kian is the founder of the company.
Following communication with us, it is evident that this is not the case by any means.
Additionally, Emjac has nothing to do with Evergreen Corporate Sdn Bhd either.
All of this raises multiple red flags regarding the legitimacy of this IEO project.
Based on this information, it is not hard to see why they went with a relatively unknown exchange.
If they tried to conduct an IEO through reputable platforms, these issues would have been flagged immediately.
For investors in Emjac, it may be best to try and get funds out before this entire scheme collapses.
Just because it is an IEO, does not mean the project cannot be fraudulent.