The project’s developers announced cosmic plans to conquer the world. They were going to create some blockchain‐based ecosystem, which will “unite financial and technological services based on work with cryptocurrencies, digital assets and fiat money”.
To your knowledge, Cryptocean received very high ratings. For instance, ICObench gave them 4.1 out of 5, while TrackICO praised them even higher – 4,4 out of 5.
But if you take a closer look to the project you can immediately recognize some ugly shadows that lay behind the headlines.
To begin with, enter Yury Myshynskiy, Cryptocean’s founder and CEO. Long before diving into the world of cryptoprojects he used to take over various jobs in several public institutions. From 2016 to 2017, he led the State‐owned Development Corporation of the Chuvash Republic, which is a federal subject of Russian Federation. Regnum News Agency claims this corporation sustained an operating loss and may eventually terminate its activities. As people call it, this is a clear example of an effective Russian manager.
Let’s move on. Even before his tenure with State corporations, Myshynskiy was promoting some ERP and CRM system named AIR Management. You won’t be able to find out more on this as even search engines haven’t heard anything either. The link that should’ve led to the corporate site will bring you to the barely live online shop, which has nothing to do with AIR Management but with some home appliances.
Well, what if we’re slandering the boss? Let’s delve into the project.
The guys want to gather really huge money. They are planning to attract $70 mln hard cap during the main ICO. According to their whitepaper, the beginning of the project seemed to be very promising. The private Pre‐ICO allegedly got $800 thousand while the public Pre‐ICO is set to achieve $5 mln soft cap. Well, things seemed to go wrong. The public Pre‐ICO had an initial deadline of late June and was extended to September 1. The same applies to the ongoing Bounty campaign.
By the way, their website show some interesting figures. The guys claim they have already got just more than $1 mln. If you take out Pre‐ICO‐gathered $800 grand, they managed to attract only $200 thousand, which is embarrassing. Anyway, these facts are impossible to double‐check.
Ok, you’ll be quite surprised when you learn more on the legal entity running this project. As it turned out, some Cryptocean OÜ has its origins in the Republic of Estonia. This company was just registered in April 2018. According to Daylistorm.ru news agency, the actual director of Cryptocean OÜ is an old‐age retiree Gennadiy Pashkurlatov who claimed he had heard about his position in Cryptocean only from journalists.
You know, what’s amazing about this entity? In the past June they filed a lawsuit against Telegram’s Pavel Durov, who is allegedly stole their idea of a cryptopassport. The attempt turned out to be a failure as their filing got rejected due to improper arranged statement of claim. Myshynskiy was going to resubmit their claim which has been dead ever since.
You want more? The team has given quite vague responses to the public requests. Particularly, they refused to disclose any further details on their development team as well as to name a few national regulators they are going to work with.
For instance, their Whitepaper had a notion that more than 50 programmers were involved in this project. In fact, Yury has said they got employees in their Russian offices (sic!). Also, they extensively work with their partners that means anything you want. Well, still no info if their office in Estonia has staff at all.
Another issue came from their mention of some “development and coördination with the regulator of protocol on working with cryptocurrencies”. In response, Myshynskiy stated that his specialists participated in the working group under the Russian State Duma. Ouch, it seem they can’t tell the difference between regulation and legislation. No wonder if they merely don’t have to say anything on that.
Another fact to our small investigation. On the Cryptocean’s Bitcointalk.org threads you can see 4 or 5 fake accounts ask the same dumb questions. These are accounts that were used only in connection with Cryptocean. Do you think it is normal to promote startup this way?
And finally. As you can see, among the project’s advisers you can spot famous Archie Lipatov and ICOBench’s expert Anatoliy Bordyugov. If you haven’t heard of Lipatov we suggest you to read about Universa, which was a big scandal indeed. As for Bordyugov, do you still have doubts about their high positions at ICOBench?
P.S. There’s some more on Yury Myshynskiy. The Antijob.net black list of employers has some records on this person. He is reportedly owed a lot of money to dozens of his former employees.
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