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Saturday, August 18, 2018
Symmetry Fund Scam
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Symmetry Fund is a SCAM!

The world of cryptocurrencies is full of uncertainties, and you can never know for sure what would happen the next second. An ICO you found legit might actually turn out to be a scam, and you would end up losing out on a lot of money because of it.

Fret not, we’re here to help you guys separate scams from legit ICOs. We would help you refrain from investing in scams.

Symmetry Fund, SYMM, had their first round of ICO from December 10th, 2017, to February 10th, 2018, and their second round of ICO from February 11th, 2018, to April 10th, 2018. While it might be a little too late for a lot of crypto enthusiasts, we are certain that there’s still time to help many. SYMM IS A SCAM!

Why is Symmetry Fund a Scam?

Here are the reasons which compel us to believe that SYMM is a scam:

  • While every team member of SYMM has a LinkedIn profile, all of those profiles seem to be fake. The profiles have been done up and polished really well, but they lack the authenticity which you find on real LinkedIn profiles of professionals.
  • When you search the names of the members of the SYMM team on Google, apart from their own LinkedIn profiles and their website, you wouldn’t find a single mention of them anywhere on Google. Try searching any person who has been in the industry for like ten years or so. You would certainly find them in some news or some post on the internet. These guys aren’t present anywhere apart from their website and LinkedIn, which is something that’s really weird.
  • If you’re a fund manager, you would probably have a Bloomberg account for tracking things like the stock rates. Andrew Lewin, their fund manager, doesn’t even have a Bloomberg account?
  • SYMM didn’t like anyone looking at them from a critical view. They went ahead and banned two reddit users from their Telegram group just because they were posting their views about them.
  • As per the details available on the internet, the team has worked in finances in Zurich (CH). But if they really did work in finances in Zurich (CH), there’s a good chance of being registered. When searched, however, none of them showed up.
  • If you go ahead and look at their website’s images’ code, you would notice that none of the images have the names of the members of the team. The naming of the images on their website goes something like team-1.jpg and team-2.jpg. Which is so weird since every other site has meaningful names for the images.
  • Polaris Investors AG refused to have any connection with SYMM’s advisor “Mike Henkel”. In fact, they weren’t even aware that their name was being used by the guy on LinkedIn. A guy who throws around firm names and associates with them without actually being a part of those firms isn’t something anyone would want to trust their hard-earned money with.
  • When asked about Vladimir Savochkin, EPAM’s HR department refused even knowing the guy. There was no Vladimir Savochkin who has ever worked in the firm. Throwing big names is something that the scammers always do. If you aren’t keeping an eye for them, you might end up losing out a lot of money.

How to Spot a Scam?

Spotting scams is pretty difficult and needs a keen eye and a wee bit of experience. To save yourselves from a lot of thinking and analyzing, follow us. We are here to tell about any scammers we come across. However, if you do wish to spot scammers yourselves, here are the top three suggestions of ours:

  • Keep an eye out: Don’t go about trusting every ICO that you find on the internet. Keep an eye out for fine details—like the names of the images on the website of the company.
  • Research their team: A team full of legit people is less likely to turn out to be a team of scammers than a team with people who claim to be someone they aren’t.
  • Track their activities: When you’re on their Telegram group or any other space where they’re active, notice their activities—notice how they react to criticism. This is bound to tell you a lot about how likely they are to be spammers.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.