Beware of Monaco Visa ICO's Management

in monaco •  2 years ago

I think I can kiss my meager ETHer investment good bye fortunately mine was merely a test transaction. I suspect others that read this won’t be so lucky. 

My wife's spidey sense first tingled when going through the token purchase process on their website and was advised that residents of USA, Singapore, India and Hong Kong are excluded. During a chat session they would not say why or otherwise comment. I chose to ignore the question and indicated that NO I was not a resident of these countries and purchase a small sampling. Now my wife’s spidey sense was really tingling and I decided to dig much deeper.

Turns out the CEO of Monaco, Kris Marszalek, and 2 of his other senior executives held similar positions in a the company Ensogo. This company was forced to shut it doors middle of last year (2016), and suspended by the Australian Securities Exchange (ASX). They are being investigated for fraud and there are many looking to collect. 

Ensogo Ripped Us Off

Ensogo’s Wiki

“On June 21, 2016, Ensogo announced that it will shut down all South East Asia operation (including Hong Kong) and its CEO Kris Marszalek has resigned;”
"it also requests ASX to suspend shares trading. The unprecedented shutdown affected operations in several countries; workers in Singapore found the office was closed, Hong Kong sellers call for police investigation of fraud and certain stores in Thailand rejecting deals purchased by consumers, though the Consumer Protection Board is expected to summon Ensogo executives for remedial issues.” 

Monaco’s Management

Ensogo’s Management

What’s common between them: 

  1. Kris Marszalek - CEO 
  2. Rafael Melo - CFO 
  3. Timothy Hitchens - Technology Advisor

Beware. Investigate further before you send them your ETHer.

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Thanks for sharing! We need to help each other avoid these scam ICO's as the crypto market becomes more dangerous.


This is FUD, don't believe it!
Monaco is coming out with video's on youtube which will answer all questions.

Please do not feed A-holes like this that spread FUD.


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This is the most ridiculous article ever saw, scam? i think most of you have no idea about this project, most of the "haters" are tying to dump the price :)))


Monaco is visa program manager.
I don't see how a scam can get this far at visa.

Forget this article.
The ensogo disaster was made after Kris left ensogo, it was not his doing!
Kris is explaining the situation on YouTube, look it up.

I have a feeling we will be seeing so much more of this in the future. Take some advice from some of the experts such as Clif high and the road to roota, be cautious don't ever leave your cryptos online and always question anything that seems to good to be true. We should start a forum of bitcoin traps to avoid. Matter of fact let's start it here and keep all horror stories in one place so we can refer to them and others can avoid the traps.

Thnak for the invetigative work man. This juts boils my blood as this a outright a scam and looking into their slack channel people are like in a cult defending the scam coin after all the evidence for it being an obvious money grab.


And yeah, I was banned from their slack channel for posting this link there XD


Not THAT is a red flag. If they had integrity, they could have offered an explanation of the situation, being transparent as to what happened. But...

Thanks for sharing. Me and my friend #olivermahlberg lost loads today. Their app didn't work either .

Looked so promising.

Nice heads up. It will be hard to know what is reliable and what is not without help from others, especially since all this is so new. Clif has my caution flag up whenever is see ICO written.


They were actually coining (=) the acronym "MCO" showing that it will be harder to spot.

I made two videos on this :


Why did boxmining videos got removed by himself ? Does anyone know ?


Just posted your video on myBlog, talking about the Monaco Visa Card controversy. Hope you don't mind. Thought that your own opinions allowed my own thoughts to be more presentable.


Yes, you are spreading FUD.. great work bud!

When they post their videos on youtube I will get back to you here and on youtube.
Doing investigative research is fine, but did you actually ask their CEO, who is daily on slack? Did you actually took 5 min to do that?
No, instead you made a video spreading FUD based on so called investigative work!
Great job! ;)

Read their whitepaper a few days ago.. thought their dividend program was too limited by description, and too good to be true, being the only vehicle to attract large investors. With no 3 month window to even perform due diligence (while it also locks in your investment for 3 months), upon the ICO's release, I think this is likely a scam meant to target new crypto investos with new found wealth. Think Monaco Visa (or whatever this company calls itself) will likely be sold and bankrupt by July-August, like the CEO's last company. The very fact that large investors don't promote the ICO, is itself a red flag. Do your own due diligence. I personally got scared researching this ICO the first hour, and would never touch it...

Looked like a scam to me the first time I saw it.

Clif sent me here

Thank you for sharing. Unfortunately I should have red this sooner since I already spent some money on them. But a small amount so it's not too bad. It's my own fault, should have had more patience ;) It's great I found steemit, there is some great info out here and I love the fact that most people here are there to inform and help others. Great work!

It is a pitty that on every ICO the instant reaction is: scam. In this case an investigation which would have digged a little deeper could have ended also with a warning, but would not have called it a scam.



So people are buying a scam coin and this is why it increase? Interesting...

Very beautiful =) follow me to help us

The Tierion ICO raised $25MM, but there’s still speculation that it’s no different than the scam ICOs going on right now. Check out some strategies to make sure that you can maximise profit from an ICO, Hopefully investors aren’t losing their money just yet!

Over 10,000 views and only 91 upvotes. Come on people. We can do better than this!