Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Indiegogo Campaign Kreyos Looking Like a Fraud

vla facebook/Kreyos vla facebook/Kreyos
vla facebook/Kreyos vla facebook/Kreyos

Crowdfunding is an amazing thing. It allows those with ideas but without the means to create and build a new company that otherwise would not be possible. Sites like Kickstarter and Indiegogo has paved the way for investors looking to turn entrepreneur. But it seems that these sites have also paved the way for fraud. Investors and backers of the Kreyos smartwatch recently discovered that the campaign they thought they were contributing to turned out to be a sham.

On paper the watch seemed like a great, realistic project for techies to get behind. It promised to be waterproof and voice activated, as well as offering similar features available on other smart watches.

The original crowd funding goal was $100,000, which was quickly hit and ballooned to $1.5 million. With that type of money backers expected to be wowed. But instead of receiving the watch pictured on the campaign, investors received watches months late that were nothing more than plastic junk.

Meanwhile Android Police reported that one of Kreyos’ co-founders, Steve Tan, had posted photos on his Facebook of a new Ferrari as well as bags and bags of designer clothes. The pictures were later taken down along with a slew of other pictures linking Tan to potential fraud.

Backers have overwhelmed the company’s Facebook page as well as its crowdfunding page protesting over the products they received. Though the comments are constantly removed, admins can not keep up with the onslaught.

Yahoo! Tech spoke with Indiegogo co-founder Slava Rubin, who explained that Indiegogo does not monitor the campaigns held on its website as closely as other fundraising sites. Kickstarter, for example, will deny the right to carry a campaign if they do not like it.

Pando’s James Robinson has been adamant about these “scampaigns” are happening to frequently and bringing in too much cash, sometimes amounting in the millions. Especially when Indiegogo goes out of its way to clear themselves of any potential problems pertaining just this scenario. Though it might be too late for the Kreyos backers, it’s a problem that needs addressing.

 


Comment Template

You May Also Like

Technology

The USB power bank-powered laptop dish contains the Wi-Fi router. The new DC-powered Starlink Mini, the size of a thick laptop, combines the Wi-Fi...

Technology

Antstream launches in the App Store on June 27th with over 1,300 Atari, Amiga, and Nintendo games. Backbone gaming controller with iPhone showing Antstream...

Business

Spotify just hiked fees, but there is a new, lower-cost tier for ad-free music. Spotify recently stated that it will raise costs in the...

Technology

  Meta may be prioritizing Ray-Ban Meta smart glasses over VR and Oculus. It makes sense—VR is out, AI is in, and Meta’s smart...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok