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Crypto Eats: New food delivery service turns out to be a fraud, rips off half a million dollars

Crypto Eats: New food delivery service turns out to be a fraud, rips off half a million dollars
Looked real: Crypto Eats delivery service. (Screenshot: t3n / Youtube)

This is probably the best-prepared altcoin scam of the year. A platform called Crypto Eats supposedly wanted to mess with Deliveroo, Uber Eats and Co and issue its own coin as an asset. Crypto Eats should want to accept crypto currencies as a means of payment for the food delivery.

Influencers appear in delivery uniform

The scam seemed credible above all because the supposed startup had succeeded in winning British tiktokers such as fitness influencer Harrison Sullivan aka Hstikkytokky as advertising icons. Crypto Eats had clothing, transport bags, promotional items and even delivery bikes made to look authentic. The supposed service even had a launch party in London.

That didn’t come up just Sullivan, but a whole bunch of potential supporters who lured Crypto Eats with the issuance of the service’s own altcoin EATS and alleged Series A funding of over eight million dollars.

For the at first glance extremely detailed preparation of the fraud, the makers of the Crypto-Eats-Scam ultimately only have a disappointingly low sum of around 500,000 US- Dollars stolen from their bona fide investors.

Red flags were visible, but you had to want to see them

There are also good reasons for this. Because the external image, which is convincing at first glance, is offset by miserable brand communication. A press release that was obviously processed with an automatic translator should in any case have been less trustworthy:

“Rumors are always what the FinTech industry keeps you going and makes you competitive. Among the many rumors, one is under development about a new food delivery app, ”the statement said. “Crypto Eats can look forward to sooner rather than later, as it should be on the market in early 2022 or before the end of the fourth quarter of 2021.”

Even the press release, apparently in the original English, was bursting with grammatical and spelling errors. “The said decentralized food delivery app has been in development since last year to bridge a payment system for food delivery that can bring in the use of cryptocurrencies as well as the credit card for payments.”

This amateurish public relations work may have prevented greater damage. And it wasn’t long in coming. Shortly after the launch party for the EATS coin, Crypto Eats disappeared from the Internet without a trace within a few minutes.

Influencer under pressure

Research also revealed that the founder of Crypto Eats, a man named Wade Philips, who allegedly had contracts with chains like Nando’s and McDonald’s closed and a veritable army of drivers wanted to have hired didn’t exist at all. Had it not been for Tiktokers like Sullivan, who has almost 400,000 followers, or DJ Charlie Sloth with a million Instagram followers as advertising faces, a large part of the damage that occurred could have been prevented.

The rapper Bouncer was even in full delivery Ranten uniform occurred. Bouncer and Sullivan are saddened and have apologized several times. That is not enough for some.

They demand that influencers be their followers in such situations bring, also have to take full responsibility for it. After all, Sullivan is said to have even promoted the coin deal as a kind of no-brainer.

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