mistergrin posted on June 13, 2019 11:21:32
This project was shady from the beginning. People in my group were shilling it to me but after taking a look I immediately decided to stay away. They have big name investor backings but my qualms with this project is with its CEO, Max Wong. They misled the public about being part of Facebook's crypto group when they were an employee at Facebook for a year or so. Also on Max's instagram they are constantly using the crypto riches they got from Bgogo to go travel the world, hit up Vegas, party and what not. Definitely seems like a huge money grab and I hate them for doing it.
Fiat Daily posted on June 11, 2019 20:55:53
This is an exchange token for the bgogo.com exchange and basically has similar utility as for example the BNB token for Binance. In a sense Bgogo is trying to replicate that model. Part of that strategy has been (or still is) launching IEO's. One of their first was supposed to be a big hit and their was much anticipation upon which the price of BGG increased astronomically (also due to low liquidity). Then suddenly they decided to replace the first IEO by another project and on top of that that project denied that they has a deal with Bgogo and even forbid the exchange to do it, accusing them of pulling off a scam. Bgogo claimed that they had a deal with one of the presale investors and that they would either way guarantee the IEO tokens to investors (even if they would have to purchase them on market). This got all a very messy shit show and very bad PR. Many BGG token holders lost faith in the team and abandoned their investment and dumped on the market. Price went south pretty fast and has not recovered still. On top of that rumors (potentially FUD) have been circulating that the team is secretly preparing an exit scam. Moon mission seems to be aborted altogether and investors' confidence deeply damaged. It is uncertain if the damage is recoverable or that the team is going to show more competence in the future (instead of actually exit scamming). This recent history of shady behavior and (unconfirmed) rumors do raise some suspicions, which is why anyone considering BGG as a speculation, should do double due diligence first and is then still taking a disproportional risk.
Get a weekly update on the best and worst projects right in your inbox.