Possible Scam Alert – Logiic

Possible Scam Alert – Logiic

Scam
March 6, 2018 by Hitesh Malviya
304
Disclaimer: This article is solely based on our research and information we found on the internet about Logiic, We don’t want to hurt sentiments of Logiic or its customers. Ever since Bitcoin’s prices have sky-rocketed and cryptocurrencies have come in limelight, investing in these virtual currencies has become a hype. People see it as a
Scam Alert - Logiic

Disclaimer: This article is solely based on our research and information we found on the internet about Logiic, We don’t want to hurt sentiments of Logiic or its customers.

Ever since Bitcoin’s prices have sky-rocketed and cryptocurrencies have come in limelight, investing in these virtual currencies has become a hype. People see it as a way to make easy money. A lot of companies, especially Infotech and fintech companies have started investing in crypto tokens as a way to earn this quick money.

However, there are also some fraudulent companies out there, which are using this hype as an opportunity to steal money. Logiic is a UK-based, which might be one of them. The company has recently announced its plans to start cryptocurrency investments and has been doing circuits around Bangalore’s co-working spaces for business development.

Our investigation into this company indicates that something fishy might be going down there. Here are some of the reasons why:

What is Logiic?

Logiic is a fintech (Finance technology) investment company that specialises in trade. According to the website, it is a “leading financial global technology firm, founded by engineers, researchers and financial market analysts that specialize in algorithm trading.” The website states that Logiic was founded in 2004 and has expanded over Europe and America over the years.

Dormant Status

Though the website states that Logiic is operational since 2004, but weirdly, the UK company filing website states that it has been a “dormant company” until about June 2017.
Also, the company’s number is strangely found on a Chinese website, where it is promoting its cryptocurrency investments. According to the platform, Logiic is taking money in cryptocurrencies and assuring 2% returns monthly. People have been investing as well. But as a “dormant company”, where are the funds going? It might possibly be looting people!

Non-existent Management

The company’s management consists of Jonathan Telford as the CEO and co-founder, Dominic Ansaldi as the CFO, Nick Taylor as the COO and Alexei Kashidev as the CTO. The website shows that they have earned their bachelors degree from prestigious universities – MBAs from Wharton and PhDs from Cornell University.

However, these people with such high-profile management status and educational background have no LinkedIn profile. Nor do they have any published papers. There is hardly any information available about them! A management with such hollow background seems very made-up and extremely suspicious.
Moreover, Nick Taylor, the COO of the company does not even seem to be associated with the company. The website states that he has been working for Logiic since 2011. But a reverse image search of the COO shows him up on a website selling yachts. Nick Taylor is working for a company called RoyalYatch with the name of Nicollo Thiella.

According to Logiic website, Nick supposedly has an MBA from Wharton and “has had much experience in web security and cloud computing and speaks frequently at cryptocurrency conferences across Europe.”

Then the actual director of the company is not even a part of the management. According to the UK company website, he seems to be a person of Malaysian origin, who is not even listed in the management.

Fraudulent address

According to UK’s company filing website, the company’s address keeps changing in every couple of years. But the interesting part is – most of these addresses have been associated with fraudulent cases in the past. In fact, a few of them have become camp-site for fraud addresses.

Suspicious activities

Logiic’s activity-record of the past “14 years” are available in UK’s filing links as updated by the company. However, its records show the ridiculousness behind those made-up activities. In the past 14 years, the company has continued with only 1000 shares. In fact, besides a number of shares, the ratio of has remained unchanged as well. One glance at those records reveals their rather unreal and made-up nature.

Therefore, ranging from the company’s dormant status to a non-existent management, or changing fraudulent addresses to unchanged share status, it is clear there are just too many evidence against Logiic. It might really be a company that is using the crypto hype and looting people!

Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

1 Comment

  • Sam Ho

    Yes, I think Logiic.com is a scam cryptocurrency exchange that was setup to scam and cheat mainly Chinese people and others. Logiic.com has held my withdrawal requests for more than one month without approving and processing them.

    I have raised problem tickets to Client Services Department to resolve the issues but they reply was “Dear client, we apologize in advance for the delay for the withdrawal. As we are experiencing some huge traffic for the crypto-currency network, some users’ transactions might get delayed. Once we have taken the time to sort out everything, we will try to resume withdrawal operations back to normal as soon as possible. The status you see only implies that you have successfully applied for the transaction on our platform. Thank you for your patience and understanding!” but it has taken one month without any resolutions.

    I then complained them is a scam company and tried to cheat me hence I have threaten to report Logiic.com is a scam company and cheater to British Law Enforcement Agencies.

    I have also requested Client Services Department to escalate all my outstanding withdrawal problem tickets to Top Management to resolve them but Logiic.com has kept silent without doing anything since.

    I hope that whatever difficulties that Logiic.com having was a temporary one and I do hope Logiic.com could approve and process all my long overdue and outstanding withdrawal requests so that I could recover all my monies back.

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