Blockchain.com, a cryptocurrency web wallet provider company, has filed a complaint in a U.S. federal court that blockchain.io as a thoughtful deceiver is trying to rebrand itself in order to remain in its normal dishonest practices from years back. The company’s team is closely working with search engines, social media platforms, and law enforcement to call them out and close them down.
Blockchain’s main worry over this growth as reported includes the fact that the establishment is confusing customers and deceiving them into thinking that they are “Blockchain”. This problem arises from the brand resemblances which are thought to be created intentionally. The repurposed tagline, comparable logo, similar colors to the website and same domain name to the website are few of the examples where it shows that there are brand similarities.
As per the blockchain company, the supposed new establishment is really an old platform with the original name Paymium, also known as “Instawallet”, which in 2013 lost its users’ funds in a widely-publicized hack. The company formally closed its claims process, leaving a lot of its users with considerable financial losses.
According to the news published on Blockchain blog, the company is not doing any ICO. However, when blockchain.io’s social media and Telegram channels were inspected it was discovered that numerous people had assumed that blockchain.io was Blockchain. The company has stated that they would file many complaints if they see illegal activities and would continue to fight wrong and deceptive statements that jeopardize the cryptocurrency community.
CCN reported that in the time being, the outline laid out by SEC is going a long way in defending investors from fake performers in the ICO space. Blockchain notes that there is no registering statement currently for the exercise as demanded by Paymium, this means that it does not only fail to accomplish the requests by SEC but is also lying about it.
Update From Blockchain.io
We have received a feedback from blockchain.io. Here it goes:
Paymium, that has been successfully operating a BTC/EUR exchange since 2013 and serving 170,000 customers, is currently closing its private ICO to accelerate the rollout of Blockchain.io. The public sale for this complementary cryptocurrency exchange service will start on September 27.The domain name Blockchain.io was registered by Paymium way back in April 2012 (https://www.whois.com/whois/blockchain.io), and the Blockchain.io project launch was publicly advertised in the press months ago. 3 days before the beginning of the sale, and a few weeks away from the official release of our platform, it thus comes as no surprise that we are challenged by some potential competitors, for obvious reasons. We condemn this approach that surely doesn’t comply with the crypto-community values.Moreover, Blockchain.io disputes the accusation of making false and misleading statements. What is at stake is, at first, the protection of our name, our reputation, and our loyal investors and customers. For these reasons, our lawyers will answer point by point the claims that have been made.As for our ICO, we already provided early investors with the alpha version of our platform that is ready to be launched right after the public sale in November. The name blockchain.io is the legal property of Paymium and the public sale will start as planned on September 27.