Skycoin To address some of the shortcomings inherent in both Bitcoin and Ethereum, such as centralized mining and lack of a descriptive language, we started developing the first blockchain. Skycoin token has been officially launched, sky2012. Over a decade of activity, the company has created a developer-friendly ecosystem of blockchain and Web 3.0 solutions.
Skycoin’s main product is fiberInfinitely scalable and highly customizable parallel 2P2 network architecture; CXa multifunctional programming language specialized in developing blockchain applications, and Sky Minerrunning equipment sky wire Configuration-free hardware and blockchain solutions for network nodes as well as enterprise networks.
Skycoin’s co-founder, Brandon Smietana, is a pioneer in the crypto space involved in writing the code for the world’s first cryptocurrency, Bitcoin. In the early crypto community, Brandon was known by his internet name ‘Synth’.
Crypto bubble craze crime
Skycoin’s token reached a market cap of $5 billion as crazy money poured into the cryptocurrency market amid the ICO bubble in 2018. Innovative cryptocurrency crowdfunding has provided development opportunities for worthy projects, but there have been many scammers in the market that eventually undermine the credibility of ICOs. More than 96% of ICOs failed to list on exchanges after diverting money from the public, causing total losses to participants.
However, financial fraud is not the worst thing that happened at the time. As crypto asset prices soared, so did crypto-related crime. As a result, in 2018, crypto came under the radar of law enforcement agencies, and governments are starting to look at how to deal with new digital assets. Even Skycoin co-founder Brandon Smietana has become a victim of crypto-ransomware.
The nature of Skycoin’s 2022 lawsuit
On February 8, 2022, Skycoin will file a federal RICO lawsuit (Skycoin vs Stephens, 22-cv-00708The Northern District Court of Illinois, USA) sued former contractors and several other defendants in 2018 for knowingly attacking the company and its leaders.
This criminal campaign, which includes the slander, kidnapping and extortion of Skycoin by hired journalists and social media groups, started in 2018 and continues to this day.
The main defendants are Bradford Stephens and Harrison Gevirtz (aka ‘HaRRo’), who are believed to be the founders of blackhatworld.com and the company Eagle Web Associates. US Government FTC Actions About Illegal Marketing Practices in 2014 and 2016
Skycoin entered into a contract with the company in early 2018 to manage its marketing and brand awareness programs and SEO optimization of its website.
The group was paid $1 million for their services, but Stephens and Gevirtz attempted to extort more money from Skycoin.
The blackmail campaign started as a spam attack. When the conspirators’ demands of between $100,000 and $300,000 per month were not met, extortioners demanded $30 million in BTC and $1 million in cash, threatening to block Sky from listing on major exchanges.
However, this case was not limited to extortion and intimidation. According to the lawsuit, in 2018, Stephens and Gevirtz kidnapped Smietana and his girlfriend from Shanghai, forcing Skycoin’s co-founders to give up passwords on computers containing source code and other information. Brandon died after being beaten and tortured for six hours at home. As a result, the attackers managed to steal approximately $139,000 in Bitcoin and $220,000 in Skycoin.
The perpetrators were eventually arrested, convicted, and imprisoned, but the organizers of this illegal activity are still the majority. To this day, Smietana still faces threats and insults, including attacks and slander on social media. He even called him a “deserving Jew” and was subjected to anti-Semitic abuse.
The ability to anonymously attack people online creates a hostile environment in the crypto industry where everything goes, leaving valuable projects like Skycoin vulnerable to malicious opportunists. The company hopes to recover a good name with a lawsuit after falling from nearly $50 to 20 cents under a barrage of misinformation and allow the token to reach its true potential.
Disclaimer: This article is provided for informational purposes only. It is not given or used as legal, tax, investment, financial or other advice.