Decrypt: Most Whitepapers are Full of Scams
According to Decrypt’s Investigation published on 22 April, many startups had been accused by White paper writers to “constantly required to fabricate and exaggerate facts”.
A white paper writer – Adefemi Yusuff Adegoke told Decrypt “A project that can be executed with $180,000 funding budget can be padded up to $450,000. And they won’t report the total amount realized during ICO.” He also added that most funds are in the miscellaneous part of the budget, which will go directly to pockets of CEO and CTO.
The CEO of Illuminates – Volodymyr Malyshkin also told Decrypt that many firms had little understanding on blockchain technology and many fancy words are used to attract investment. He also mentioned that sometimes writers are required to invent an entire business model for the clients.