If you have been impacted financially by Dragon Token's ICO, please join the Class Action with confidence:
https://ico-class-action.org/class-actions/dragon-token
Overview:
The Dragon Token team has been very efficient at building the facilities and the exchange platform needed to sell the tokens, but that’s it. The major goal of the project (to provide cash in / cash out to Macau gamblers) remains undelivered and is unlikely to ever be accomplished because no one needs the Dragon Token. There are a number of much more reputable coins (Bitcoin, Ether, Eos, etc. etc.) which are meant for the same purposes and more, still waiting to be adopted.
Of all the promises made in the white paper, nothing has been achieved and there are no signs of any effort made.
Moreover, the amount of hype and pointless activities thrown out to confuse the audience is a clear confirmation that investors should gather for a class action and claim back their money.
1. Has the project accomplished the goals set out in the white paper?
Credit cards to cash out betting wins in your own country, dedicated ATM cash machines, even the construction of a hotel – the Dragon token founders did not spare on imagination when stuffing their white paper:
https://i.redd.it/jstcbn07rgn21.png
It is not difficult to see that all of the above will remain undelivered, but has the team at least achieved the fundamental objective of having Macau casinos accepting the coin? The answer is no. There are no relevant entities in Macau accepting the Dragon token as a method of payment, even though 14 months have passed since ICO inception.
We navigated through the massive amount of smoke and mirrors put out by Dragon but we could not find anything relating to project promises, anything accomplished, nor a single bit of business development towards the adoption of the token, other than the basic trading exchange which is marketing a token approaching the 0 value.
2. How has the team made use of funds? Have funds been used exclusively for the purposes of the project?
While there are no signs of proper funds usage, we see many useless activities and misleading information put out by the Dragon Token team.
Media like Instagram, Twitter, Telegram are used to post photos and comments on the game of Baccara’, on cars racing events, on luxury resorts, suggesting that Dragon token is somehow involved in those, yet none of it is real.
And what about the white paper promises? As shown in the images attached, the issuer planned to:
– allocate a good part of the funds to casinos junkets
– build the Dragon Pearl Hotel, which was meant to be the pivot of a successful hotel chain
– develop all the banking infrastructure such as credit cards and ATM machines
Needless to say, nothing of the above has been even initiated.
The Dragon Token website flashes sponsorships of Racing Cars teams and Veterans Associations, but while the amount of money spent on those is unknown, it is clear to us that none of these sponsorships produced any business return other than fulfilling co-founders passion for car racing and nostalgia of a past in the army.The Dragon website has the usual section: ”Our Partners”, and lists entities such as Ether and other common technologies foundations. This looks to us like a company bragging about a partnership with BMW and Microsoft just because they use their cars and software.
Overall Dragon Token team has made no professional effort to develop the project and, sadly, investor’s funds are now left to Dragon Team personal disposal.
- Has the token any utility in place?
Not only the token has no use in place but also it will never have any.
No accountability and no auditing are additional signs of a project which was never meant to be implemented in reality.
To make things worse, the team could abscond with investors funds at any moment: there are no facilities in place guaranteeing users against embezzlement, other than pressing legal claims before it is too late.There are no daily trading volumes at the exchanges offering Dragon token market pairs: prices are vertically falling which confirms the lack of any counter value or token utility.
4. Is the token innovative in some way?
No, the token is a mere duplication of the ERC20 token worth nothing more than a software bit in a database.
5. Does the idea of the project require blockchain implementation?
The Dragon Token is a faulty project because its concept and idea do not make sense.
Why would we need the Dragon token in the gambling and betting industry? There are a number of much more reputable coins, highly featured and relying on solid blockchains, which are still waiting to be adopted.Most compellingly there is no need to donate 100m USD to Dragon Token co-founders when there are a bunch of cryptocurrencies offering a wide range of banking facilities, mobile remittance applications, worldwide trading market pairs, all in place already.
Conclusions
Why has the Dragon token team raised 100m USD in Dec. 2017 and capitalised another approx 400m in tokens ownership?
There are no professional business operations in place, there are no signs of good use of funds, – the idea of the project makes no sense.This ICO is much worse than what we define as ”non-delivering ICO”, in fact, it carries all the characteristics of fraud: funds were misleadingly given to the issuer based on nothing but hype. with nothing in place. And because the project has no attainable objectives, invested assets will never produce a return unless a legal class action is put forward.
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