When ICO’s go bad.

A story of how even when it’s not a scam from the start, An ICO can turn into one.

Enter Elysian.

When ICO’s go bad.-2

Elysian in a nutshell.
We posted recently about Elysian, And how We had finished the deployment for the ICO.
Little did We know that as We posted that update our invoice to Elysian would remain update several times after the due date, With several red flags along the way.While We are flexible and work with our clients to a positive resolution, It is important that if our clients abuse that flexibility and begin threatening us and making very absurd claims while exerting behavior that raises red flags action like this is taken promptly.
The following is a selection of the problems and issues for which the full logs and a detailed report can be found here >>

Elysians spending problem.

Jesse Brandenburg, The CFO of Elysian informed us of the following during the course of the ICO;

That Elysian had spent their $3 million presale on marketing.

Post sale $4.9 million is unaccounted for, assumed spent and its original existence unverified as noted below.

This meant paying service providers would jeopardize the project due to the low amount raised during the public sale (see below)

They simply don’t have enough funds left after all their costs to deliver the platform.

Where did this money go, Or did they never have it to begin with?

The blockchain doesn’t lie.

Eysian claim to have raised $7 million dollars.

This is the ICO sale contract Here.

The ICO sale contract only recorded 370 ETH the following during the public sale, When asked about the storage conditions of their funds during the sale as part of our security assessment, they indicated a hardware wallet was used.

All of the 307 ETH was sent to; Kraken, Shapeshift, QRYPTOS, and various others addresses, Including one that is our own account.

The location or validity of the remaining $6.9 million is unknown.

The invoice.

The first invoice was sent after the end date back in July, This invoice received a partial payment while an extension was requested and approved.

A new invoice was issued with a revised due date and negotiations in regards to a future relationship and integration of our services into the Elysian platform begun.

Elysian informed us after these negotiations that the remaining invoice would need to be cleared and voided in order to proceed with a partnership, Elysians justification was, to quote the CEO, Leo Ameri, because “we would even guarantee you a much higher amount from future projects”

Linhart provided a response and offered to reduce the total amount invoiced by 50% in light of the partnership, But informed Elysian that if this was not possible that We would be required to part ways and the current invoice would remain in effect.

The Disreputable Staff.

Below are a collection of the messages sent by Jesse, Elysian’s CFO.
These messages highlight the previous positive relationship and the false claims now threatened against us should We refuse to list on their website and void the current invoice.

The full chat logs and more can be found at the bottom of this article.

Jesse Brandenburg, [15.07.18 00:16]:
“Linhart Blockchain Consultants have been an integral part of the success of the Elysian project. Their team is very knowledgeable about security related issues and they have a consummate level of professionalism in the time that we have worked with them. I would highly recommend them to any project in the industry because they instantly bring value from the time they are hired and their services are extremely important given the nature of the industry, where top-notch security is an absolute necessity.”

Jesse Brandenburg, [03.08.18 00:16]:
“I understand you guys might be frustrated about the invoice not being fully met yet, but if you were in our shoes you would understand all of the difficulties we are having right now and trying to make it work with everyone.”

Jesse Brandenburg, [03.08.18 00:16]:
“Our team is very small because me, Leo, Levon, and Nadine are the only ones working and everyone else is apathetic”

Jesse Brandenburg, [03.08.18 00:17]:
“So it’s putting us in a tough spot as you can see we’re pushing everything back because it’s too much work to do and too little help”

Jesse Brandenburg, [16.08.18 11:29]:
“I will personally expose Linhart as legitimate scammers”

Jesse Brandenburg, [16.08.18 11:29]:
“starting with CryptoVerse and you as an advisor”

Jesse Brandenburg, [16.08.18 11:29]:
“Writing articles about it”

Jesse Brandenburg, [16.08.18 11:29]: 
“bad publicity is good publicity for us right now we have a super small community”

Jesse Brandenburg [16.08.18 11:32]: 
“I will personally do whatever it takes to bury you”

Jesse Brandenburg [16.08.18 12:00]:
“The rest of the team is lazy and worthless”

Jesse Brandenburg [16.08.18 12:01]:
“I have nothing to lose”

The Threats.

This is where the red flags start.

Elysian responded hostile and aggressive, claiming our lack of willingness to forgo our fee and accept their agreement was an indication of us being scammers.

When ICO’s go bad.-2-8

Honest people don’t blackmail other people.

The CFO from Elysian then informed our CEO, “I have nothing to lose” while proclaiming “I will personally do whatever it takes to bury you”.

The next day, We received be following from the CEO of Elysian, Leo Ameri;

When ICO’s go bad.-2-8-7

This message is an attempt to blackmail Linhart into voiding the invoice if we refuse to accept listing on their cryptoverse website.

Linhart rejected this offer previously and will not continue to indulge this line of discussion.

This information is being made public in an attempt to provide clarity and fact based evidence that Elysian have continuously lied and misled both service providers and the community as to the status of the funding and platform.

Elysian is attempting to blackmail its service providers to avoid paying invoices due.

We at Linhart have the community’s interests at the forefront of our mind, Individuals like Jesse Brandenburg and Leo Ameri are too common these days and any chance to expose the heavy handed and illegal tactics will be taken.

We don’t typically air dirty laundry or publish the logs from our clients and deployments, But in situations like this, The publishing of this information is in the public’s best interests.

All dumps and logs can be found at the links here

-When ICO’s go bad.-2-8-72

This is the sad reality that is Elysian.

Author: Linhart Blockchain Consultants

Source: medium.com

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