Morris Coin Fraudulent ICO

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Morris Coin

Morris Coin was a fraudulent initial coin offering, which made a significant number of misleading claims about their cryptocurrency, in flashy promotions with celebrities. Authorities have started to work together to sieze the gathered assets.

This exchange or platform is based in India, or the incident targeted people primarily in India.

About Morris Coin

"MORRIS COIN The Best Trending platform! A New Decentralized Cryptocurrency exclusively made For THE modern BUSINESS World and individual traders."

"Morris is a fully decentralized platform. Its main function is an opportunity to create and place smart contracts. The MORRIS Coin - A New Decentralized Cryptocurrency exclusively made For THE modern BUSINESS World and individual traders."

"The Morris Coin is a multifunctional, next-generation cryptocurrency form being developed on Blockchain, using cutting edge smart technology. The Morris Coin will be the first stable digital currency exclusively designed and marketed towards an Ecommerce and Trading Industry to pay for product and services and freedom from dealing with traditional business."

"The Morris Coin will work on blockchain smart contracts which allow the parties to make lawful agreements and executed automatically, offering a new convenient payment system up-to-date, cryptographically-secure and user-friendly. It will increase transparency in the digital exchange supply chain. To power an Ecommerce and Trading network and to create a stable method of exchange The Morris Coins will be released to the public via ICO (Initial Coin Offering). Once live, internet users and Ecommerce members within the system will exchange The Morris Coin as token currency. The Coin lives on the Blockchain."

"It has the same transparency, fluidity, and security price volatility. This gives leverage, robustness and long-term sustainability to The Coin as a digital currency. This is the opposite of a conventional fiat currency which decreases in value each time a Government prints more. The Morris Coin was designed by experts using the latest technology and techniques in cryptocurrency and blockchain. The Morris Coin is at the cutting edge in digital currency, designed for use by an Ecommerce and Trading world as well as private individuals."

"Morris coin is a crytocurrency that is going to be listed in one of the top exchanges of the world. There is no doubt that Morris coin will open the door for revolutionary technological possibilities."

"The coin does not appear to be listed anywhere, but if it’s in the ICO stage, that doesn’t mean it’s fake. It has a one-page website, which is secured by a free CloudFlare SSL certificate. It uses generic images, including one explaining block chain that appears identical to that here."

"The scheme involves a nonexistent cryptocurrency called Morris coin. Nishad and his companies conducted an initial coin offering (ICO) for the coin and collected money from investors. The ED explained that they held “promotional events in the presence of celebrities” and used “flashy websites” to attract investors. The police said that over 900 investors were duped out of 1,200 crore rupees."

"Though the investigating agencies peg the scam's size at Rs 1,265-crore, victims, pin stockists who were part of the Morris Coin team, lawyers who have been battling the case in courts for over two years, and police officials indicate that at least 1.1 million investors spread across Kerala, Tamil Nadu, and Karnataka might have lost over Rs 3,000"

"Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT, valued at ₹25,82,794, and maintained at Indian and international crypto exchanges, were found. They were purchased out of the proceeds of crime."

"Indian authorities have been working on several cryptocurrency scam cases. Earlier this month, the country’s Enforcement Directorate (ED) seized assets worth about $5 million in an alleged cryptocurrency scam involving Morris Coin."

"After the arrest of Kannur native Nishad, many transactions under the wraps were unearthed. Nishad, Managing Director of Longreach Technologies, was arrested on October 2020 for operating a multi-layer Ponzi scheme which collected Rs 15,000 people from over 11 lakh people to invest in Morris coin."

"Earlier this week, the Enforcement Directorate conducted raids at 11 locations across the country regarding a fake cryptocurrency called Morris Coin that floated an “initial coin offering” similar to an initial public offering."

"The companies that were raided include Bengaluru-based Long Rich Technologies, Longrich Global, and Morris Trading Solutions, among others"

This exchange or platform is based in India, or the incident targeted people primarily in India.

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.

Key Event Timeline - Morris Coin Fraudulent ICO

Date	Event	Description
January 6th, 2022	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

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 $162,000,000 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

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.