Azoundria at 19:44, 10 May 2024

2024-05-10T19:44:42Z

← Older revision		Revision as of 13:44, 10 May 2024
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	[[File:Prodeum.jpg\|thumb\|Prodeum Website]]Prodeum, an Ethereum-based ICO project, claimed to offer a blockchain-based database for fruits and vegetables. The project presented a full white paper, a Twitter following, team members with LinkedIn profiles, and a roadmap, all seemingly indicating a legitimate endeavor. The project aimed to raise around $6.5 million in an ICO. However, it was later revealed that Prodeum's founders, using pseudonyms, only managed to collect a small amount of Ethereum, approximately 3 ETH, before disappearing. Despite creating a well-designed website, paying freelancers to promote the ICO, and featuring profiles linked to LinkedIn, the project turned out to be a scam. The project's website was replaced with a single word after its disappearance, raising concerns about the unchecked enthusiasm in the cryptocurrency market.		[[File:Prodeum.jpg\|thumb\|Prodeum Website]]Prodeum, an Ethereum-based ICO project, claimed to offer a blockchain-based database for fruits and vegetables. The project presented a full white paper, a Twitter following, team members with LinkedIn profiles, and a roadmap, all seemingly indicating a legitimate endeavor. The project aimed to raise around $6.5 million in an ICO. However, it was later revealed that Prodeum's founders, using pseudonyms, only managed to collect a small amount of Ethereum, approximately 3 ETH, before disappearing. Despite creating a well-designed website, paying freelancers to promote the ICO, and featuring profiles linked to LinkedIn, the project turned out to be a scam. The project's website was replaced with a single word after its disappearance, raising concerns about the unchecked enthusiasm in the cryptocurrency market.

	This is a global/international case not involving a specific country.<ref name="redditold-11570" /><ref name="nbc29archive-11571" /><ref name="tokendeskarchive-11572" /><ref name="imgur-11573" /><ref name="redditimage-11574" /><ref name="redditold-11575" /><ref name="etherscan-11576" /><ref name="prodeumarchive-11577" /><ref name="prodeumarchive-11578" /><ref name="icowatchlistarchive-11579" /><ref name="wired-11580" /><ref name="nymag-11581" /><ref name="btcdotcom-11582" /><ref name="vice-11583" /><ref name="rmac18twitter-11584" /><ref name="bellanaija-11585" /><ref name="coinidol-11586" /><ref name="dmitryoganesovmedium-11587" /><ref name="thenextweb-11588" />		This is a global/international case not involving a specific country.<ref name="redditold-11570" /><ref name="nbc29archive-11571" /><ref name="tokendeskarchive-11572" /><ref name="imgur-11573" /><ref name="redditimage-11574" /><ref name="redditold-11575" /><ref name="etherscan-11576" /><ref name="prodeumarchive-11577" /><ref name="prodeumarchive-11578" /><ref name="icowatchlistarchive-11579" /><ref name="wired-11580" /><ref name="nymag-11581" /><ref name="btcdotcom-11582" /><ref name="vice-11583" /><ref name="rmac18twitter-11584" /><ref name="bellanaija-11585" /><ref name="coinidol-11586" /><ref name="dmitryoganesovmedium-11587" /><ref name="thenextweb-11588" /><ref name="comparitech-10032" />

	== About Prodeum ==		== About Prodeum ==
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	<ref name="dmitryoganesovmedium-11587">[https://medium.com/@dmitryoganesov/crypto-coin-company-disappears-with-millions-leaving-one-word-message-penis-4b95792dc4c9 https://medium.com/@dmitryoganesov/crypto-coin-company-disappears-with-millions-leaving-one-word-message-penis-4b95792dc4c9] (Aug 24, 2023)</ref>		<ref name="dmitryoganesovmedium-11587">[https://medium.com/@dmitryoganesov/crypto-coin-company-disappears-with-millions-leaving-one-word-message-penis-4b95792dc4c9 https://medium.com/@dmitryoganesov/crypto-coin-company-disappears-with-millions-leaving-one-word-message-penis-4b95792dc4c9] (Aug 24, 2023)</ref>

	<ref name="thenextweb-11588">[https://thenextweb.com/news/cryptocurrency-prodeum-scam-exit-penis Cryptocurrency startup Prodeum pulls exit scam, leaves a penis behind] (Aug 24, 2023)</ref></references>		<ref name="thenextweb-11588">[https://thenextweb.com/news/cryptocurrency-prodeum-scam-exit-penis Cryptocurrency startup Prodeum pulls exit scam, leaves a penis behind] (Aug 24, 2023)</ref>

			<ref name="comparitech-10032">[https://www.comparitech.com/crypto/cryptocurrency-scams/ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech] (Dec 15, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/prodeuminitialcoinofferingexit.php}} {{Unattributed Sources}} Prodeum WebsiteProdeum, an Ethereum-based ICO project, claimed to offer a blockchain-based database for fruits and vegetables. The project presented a full white paper, a Twitter following, team members with LinkedIn profiles, and a roadmap, all seemingly indicating a legitimate endeavor. The project aimed to..."

2023-09-01T15:56:18Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/prodeuminitialcoinofferingexit.php}} {{Unattributed Sources}} thumb|Prodeum WebsiteProdeum, an Ethereum-based ICO project, claimed to offer a blockchain-based database for fruits and vegetables. The project presented a full white paper, a Twitter following, team members with LinkedIn profiles, and a roadmap, all seemingly indicating a legitimate endeavor. The project aimed to..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/prodeuminitialcoinofferingexit.php}}
{{Unattributed Sources}}

[[File:Prodeum.jpg|thumb|Prodeum Website]]Prodeum, an Ethereum-based ICO project, claimed to offer a blockchain-based database for fruits and vegetables. The project presented a full white paper, a Twitter following, team members with LinkedIn profiles, and a roadmap, all seemingly indicating a legitimate endeavor. The project aimed to raise around $6.5 million in an ICO. However, it was later revealed that Prodeum's founders, using pseudonyms, only managed to collect a small amount of Ethereum, approximately 3 ETH, before disappearing. Despite creating a well-designed website, paying freelancers to promote the ICO, and featuring profiles linked to LinkedIn, the project turned out to be a scam. The project's website was replaced with a single word after its disappearance, raising concerns about the unchecked enthusiasm in the cryptocurrency market.

This is a global/international case not involving a specific country.<ref name="redditold-11570" /><ref name="nbc29archive-11571" /><ref name="tokendeskarchive-11572" /><ref name="imgur-11573" /><ref name="redditimage-11574" /><ref name="redditold-11575" /><ref name="etherscan-11576" /><ref name="prodeumarchive-11577" /><ref name="prodeumarchive-11578" /><ref name="icowatchlistarchive-11579" /><ref name="wired-11580" /><ref name="nymag-11581" /><ref name="btcdotcom-11582" /><ref name="vice-11583" /><ref name="rmac18twitter-11584" /><ref name="bellanaija-11585" /><ref name="coinidol-11586" /><ref name="dmitryoganesovmedium-11587" /><ref name="thenextweb-11588" />

== About Prodeum ==
"The Ethereum based ICO had all the makings of a successful project on paper such as a full white paper, alleged Twitter following, team members with Linkedin profiles, and a roadmap." "Prodeum's 12-page white paper outlined plans to build a database of fruits and vegetables on the Ethereum blockchain. That idea might sound strange, but it’s not the first of its kind. Prodeum asked investors to help raise as much as 5,400 ether—roughly $6.5 million—in an ICO." "According to the white paper, Prodeum was founded by four individuals going by the names of Petar Jandric, Darius Rugevicius, Vytaustas Kaseta, and Rokas Vedluga." "Prodeum had [also] been paying members of freelancer website Fiverr to promote the ICO by writing its name on their bodies."

"The Prodeum website, for what it’s worth, is flashy and overall very well done. To throw off the suspicious, if you click a photo of any of Prodeum’s staff, you’re taken to that person’s associated LinkedIn profile. It also appears, as Buzzfeed journalist Ryan Mac noted on Twitter, that the startup was paying people on Fiverr to promote the ICO by writing “Prodeum” on their bodies. Still, it doesn’t seem like all the promotion was enough to make Prodeum’s crowdsale profitable."

"Multiple media reports claim that the Lithuanian based project architects made off with $11 from the crowdfunding. However adding up the Etherscan transactions for the Prodeum address puts the figure closer to 3 ETH. This tallies with a forum user claiming to be behind the scam stating it only made $3,000."

"But after collecting what looks like less than the price of two Chipotle burritos, Prodeum disappeared. The company’s sparkly, professional-looking website was replaced with a single, trolling word."

"A press release on both an NBC affiliate and a New Jersey local news site vanished, along with Prodeum’s website, Twitter account, and Telegram channel. Emails to the startup’s customer support address bounce back. It seems like Prodeum—which sounds suspiciously like the urinary-tract infection medication Prodium—was yet another cryptocurrency scam."

"Nobody bothered to check that not even 5 ETH were sent to this address? Millions of dollars where?"

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Prodeum Initial Coin Offering Exit
!Date
!Event
!Description
|-
|January 28th, 2018 10:52:41 AM MST
|Website Updated
|The Prodeum ICO notifies investors that they are done.
|-
|January 28th, 2018 8:32:01 PM MST
|Reddit Post
|Post on Reddit reports that the website is offline with content replaced.
|-
|January 28th, 2018 10:28:00 PM MST
|Tweet About Fiverr
|Reports of writing on body.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost has been estimated at $3,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="redditold-11570">[https://old.reddit.com/r/CryptoCurrency/comments/7tpifa/prodeum_ico_exitscams_with_millions_of_dollars/ Prodeum ICO exitscams with millions of dollars, and now their website just has one word: "penis" : CryptoCurrency] (Oct 17, 2022)</ref>

<ref name="nbc29archive-11571">[https://web.archive.org/web/20180525160052/http://www.nbc29.com/story/37346709/prodeum-brings-the-blockchain-to-fruits-vegetables https://web.archive.org/web/20180525160052/http://www.nbc29.com/story/37346709/prodeum-brings-the-blockchain-to-fruits-vegetables] (Aug 24, 2023)</ref>

<ref name="tokendeskarchive-11572">[https://web.archive.org/web/20180129162150/https://www.tokendesk.io/ico/prodeum/ https://web.archive.org/web/20180129162150/https://www.tokendesk.io/ico/prodeum/] (Aug 24, 2023)</ref>

<ref name="imgur-11573">[https://i.imgur.com/MJHg5AG.png https://i.imgur.com/MJHg5AG.png] (Aug 24, 2023)</ref>

<ref name="redditimage-11574">[https://i.redd.it/bkr8lx4ekvc01.jpg Reddit - Dive into anything] (Aug 24, 2023)</ref>

<ref name="redditold-11575">[https://old.reddit.com/r/CryptoCurrency/comments/7tpifa/prodeum_ico_exitscams_with_millions_of_dollars/dteey4f/ bdd4 comments on Prodeum ICO exitscams with millions of dollars, and now their website just has one word: "penis"] (Aug 24, 2023)</ref>

<ref name="etherscan-11576">[https://etherscan.io/txs?a=0x931D387731bBbC988B312206c74F77D004D6B84b Ethereum Transactions Information | Etherscan] (Aug 24, 2023)</ref>

<ref name="prodeumarchive-11577">[https://web.archive.org/web/20180125152102/https://www.prodeum.io/ Prodeum ICO] (Aug 24, 2023)</ref>

<ref name="prodeumarchive-11578">[https://web.archive.org/web/20180128175241/http://prodeum.io/ Wayback Machine] (Aug 24, 2023)</ref>

<ref name="icowatchlistarchive-11579">[https://web.archive.org/web/20180129163828/https://icowatchlist.com/ico/prodeum Prodeum ICO - Is Live Now (18%) | ICO Watch List] (Aug 24, 2023)</ref>

<ref name="wired-11580">[https://www.wired.com/story/cryptocurrency-scams-ico-trolling/ Cryptocurrency Scams Like Prodeum Are Just Straight-Up Trolling at This Point | WIRED] (Aug 24, 2023)</ref>

<ref name="nymag-11581">[https://nymag.com/intelligencer/2018/01/prodeum-scam-cryptocurrency-for-produce-disappears.html Prodeum Scam: Cryptocurrency for Produce Disappears] (Aug 24, 2023)</ref>

<ref name="btcdotcom-11582">[https://www.newsbtc.com/news/ico/prodeum-ico-scammers-leave-penis-in-their-wake/ Prodeum ICO Scammers Leave Penis in Their Wake] (Aug 24, 2023)</ref>

<ref name="vice-11583">[https://www.vice.com/en/article/yw5ygw/ethereum-startup-prodeum-vanishes-after-seemingly-making-11-leaves-message-penis Ethereum Startup Vanishes After Seemingly Making $11, Leaves Message: ‘Penis’] (Aug 24, 2023)</ref>

<ref name="rmac18twitter-11584">[https://twitter.com/RMac18/status/957847912595177472 @RMac18 Twitter] (Aug 24, 2023)</ref>

<ref name="bellanaija-11585">[https://www.bellanaija.com/2018/03/cryptocurrency-company-vanishes-millions-leaving-just-one-word-website-penis/ Cryptocurrency Company vanishes with millions, leaving just one word on their Website | BellaNaija] (Aug 24, 2023)</ref>

<ref name="coinidol-11586">[https://coinidol.com/founders-of-fresh-vegetable-delivery-ico-left-penis-to-investors/ Founders of the Fresh Vegetable Delivery ICO Left ‘Penis’ to Investors] (Aug 24, 2023)</ref>

<ref name="dmitryoganesovmedium-11587">[https://medium.com/@dmitryoganesov/crypto-coin-company-disappears-with-millions-leaving-one-word-message-penis-4b95792dc4c9 https://medium.com/@dmitryoganesov/crypto-coin-company-disappears-with-millions-leaving-one-word-message-penis-4b95792dc4c9] (Aug 24, 2023)</ref>

<ref name="thenextweb-11588">[https://thenextweb.com/news/cryptocurrency-prodeum-scam-exit-penis Cryptocurrency startup Prodeum pulls exit scam, leaves a penis behind] (Aug 24, 2023)</ref></references>

Prodeum Initial Coin Offering Exit - Revision history

Azoundria at 19:44, 10 May 2024