$928 000 USD





Bee Token is described as “building a middleman free, peer-to-peer network of hosts and guests on the decentralized web”. "It was essentially positioned to be the decentralized AirBNB of the Crypto space." "We are a seasoned team of former employees from Google, Facebook, Uber, and Civic reimagining the sharing economy. Together, we are building Beenest and the Bee Protocols on the Ethereum blockchain."


"Bee Token is the cryptocurrency of Beenest, a decentralized home-sharing and house rental network much like Airbnb. It is a real-world example of applying blockchain technology to an industry, which, in this case, is short-term housing and hospitality. Beenest held an ICO (presale of its Bee tokens) in January to raise enough crowdfunded capital to launch the project. Presale ICOs are usually done to test the waters to see if the project has garnered enough interest, and investors are incentivized with discounted offers."


"Beenest is a home sharing platform for hosts to list their homes and for guests to find accommodations. Beenest rewards users with network incentives, commission-free transactions, and security unrivaled in the home sharing industry." "The Bee Protocols are a set of Ethereum smart contracts providing developers the tools to rapidly launch new decentralized applications. By utilizing industry proven Bee Protocols, developers can expect faster development cycles, reduced integration costs, and an existing user base." "The Bee Token is the cryptocurrency that fuels the Beenest platform and the Bee Protocols." "Bank-level security through Blockchain technology."


"Cryptocurrency startup Bee Token confirmed that scammers conned its investors out of at least $928,000 worth of ethereum when it ran its initial coin offering (ICO). The fraudsters who phished the investors posed as the Bee Token team, urging them to quickly capitalize on the ICO to gain a significantly higher return on investment. The scheme involved the phishers sending would-be buyers an Ethereum address or a QR code that redirects them to the address. The earliest transaction occurred on January 31, nearly the same time Bee Token ran its ICO."


"[S]cammers managed to get hold of the emails of potential investors and send out a perfectly timed invitation specifying an e-wallet for the transfer of Ether tokens. This wallet pocketed 123.3275 Ether (about $84,162.37). The scammers also created several phishing sites masquerading as the official platform."


"The Bee Token team has been made aware of phishing sites that have copied the Bee Token website in an attempt to deceive users into sending them their money. Please DO NOT trust any website other than https://www.beetoken.com/ . REPEAT: DO NOT trust any website other than https://www.beetoken.com/"


"Users on Reddit have claimed being banned in Telegram when asking simple questions dating back as far as 2018."


"In July 2020, Beetoken.com has joined Coinformant.com. This decision has been made after the website owners wanted to consolidate hosting. Beetoken.com was set up to display information about the ICO that vanished into thin air. We’ve displayed all the information we could find below on this page."

According to their ICO, the Bee Token was set to revolutionize the home sharing market dominated by AirBNB. Their "bank-level" security couldn't save their users from having all data compromised. Many users received fake ICO launch emails, and ended up giving their funds to attackers. After telling their users not to trust any site aside from beetoken.com, the beetoken.com site was taken down and merged with coinformant.com. There is no evidence that any lost funds were recovered.

Sources And Further Reading

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