Review Genius Assets

Review: Genius Assets

2.1

We believe that the Genius Assets project is similar to a Ponzi scheme and we flagged it as a potential scam. We expect a rug pull at one point and the token to fully die.

Pros
  • Interesting project concept
  • Nice branding
Cons
  • No transparency for the investors
  • Full centralization and asset ownership by Genius
  • High scam possibility
  • The legislation in which the company operates does not apply to their investor community

Business Score: 3/5

Branding 4/5

Genius Assets seems to have a professional and modern look to it, going for the premium market perception. So far, it is doing a fair job at it. Looking at the website, the branding is consistent but there are two downsides to it. The first is the long loading speed, tested with Brave and Chrome browsers. After a couple of logins and the pages are cached, the loading speed is reduced. The second is the security alert as shown below but these two remarks might be caused by a low hosting package that sustains the website.

Team 3/5

There are three co-founders in concordance with the company shares allocation from Estonia in the launching stages in august 2021. The current acting founder is Claudiu Buda who had a successful prior experience in the MLM industry.

Further, one of the Advisor board is the acting CEO of the project, Dragos Bunescu. From our information, he has no prior crypto experience but does have management and leadership focused more on the benefits of the company, even if it cuts down from the internal team and features The legal team, Aleksandr and Eugene are based in Estonia and have previous crypto experience in the crypto industry which brings extra points for the project. Harald is an experienced salesman in the MLM industry, having influence in the Genius Assets referral and investment branch. Catalin has a long experience in the management and marketing departments of the IBM company for almost 10 years which brings an interesting tech industry experience.

The core team is made up of 5 members, half of them working remotely. The platform and tools are constructed by a third-party tech agency, Montgomery being a blockchain Dev from Germany with low exposure in the industry. We know for certain that 2 members of it have no crypto experience until this project but the CMO, Flavius has the most experience with the crypto industry, showing great skills in community growth and management which is a great feature for the crypto industry. Valeriya has a very low digital print but from it, we learned that she has middle business management experience but she hasn’t been in the same company for more than 1-2 years which brings up questions for an Account Manager.

Road Map 2/5

The roadmap seems incomplete, not to mention the quarters since it has been launched. The first private sale took place in the Mallorca Blockchain Event in 2021 which is in Q2 of the year. The development of the project began in Q1 of 2021 but they made improvements in it, a lot of changes which haven’t offered them stability but seems like they finally found a recipe that could work for their project.

Looking in the future, so far they are trying to respect the plan but moving slowly in comparison with the other projects in the same industry as them (digitalized assets) in the crypto industry. The only remark is that the roadmap is a bit weird. The Dashboard has been in production since Q1 2021 and will last until Q3 of 2022 (1 year and a half) which is very slow for the fast-moving market. They also mention in Q3 2022 that they will list on CoinMarketCap and Coingecko but they also mention beneath the team that they are listed already and it seems like it, with the token Geniux (IUX) and the contract showing on Polygon Scan. Looking further to the roadmap, compared to other projects, from Q1 2021 since the start to Q3 2022 where the roadmap shows, there are no implementations and future upgrades except for the Platform in every quarter.

Technical 1.3/5

Product 2/5

They wish to become a marketplace for digitalized physical assets giving the possibility to invest through NFTs or fractionally through Security Tokens. Currently, they only have their own Token launched currently called IUX. Its purpose is to raise funds to build the project to the expected objectives.

There is the STO program and the Staking program for crypto investors that will be launched in the future according to their roadmap. They also have a referral program on which the whole project is built and they market this as their main feature for investors through their webinars. Also from multiple information sources, their main community is Russian-based with different legislation than the EU or in which the project is acting.

Crypto-Related 1/5

Currently, there are no crypto-related features in this project or company except their own issues token and the plan to digitalize assets but in the way they are moving towards it, we don’t believe that we will see a beneficial result for investors out of it. The STO plan project has already been changed since the initial start with no explanations. The referral program is also not crypto-related and only a modern MLM structure but this is explanatory as most of the management team comes from the MLM industry. Right now there are no products to sell or benefits generated by the platform, there is only a volatile coin on a decentralized exchange that also brings no bonus features to the platform and can be independent of it.

STO

Security 1/5

The security feature of the whole project is a big red mark. There is no public information through Press Releases on their platform or anywhere else. The only ones are paid advertising space on some news channels. The information on their website regarding RoadMap, Tokenomics, and WP is always changing once every couple of months to hide the failures. For example, unannounced the movement of all the funds from the private sale in the first days to an unknown wallet. The unmentioned early private sale and beta platform. The changed tokenomics and the funds changed to tokens on the platform without prior request. We also have to keep in mind that all the real estate projects will be owned by the project and not by the people and there is currently no DAO structure in place. By the current law, serving Russia, the STO’s and NFT’s are only digital assets but have no legal value in the real world. If they decide to cut out the Russian investors they can not take legal action towards a fractional investment and they can not recover any ownership of the real assets even if they come to the country where it is located. Another alarming feature of the project is the multiple companies opened under the same umbrella, in Ireland, Romania, Estonia, Dubai, etc… This only brings up more uncertainty.

An interesting feature is a contract that asks you to sign the KYC when you wish to invest but the contract only mentions that they are not responsible for any financial losses. The only security feature that we can say is safe in this project is the tokens on the decentralized exchange. You can purchase and trade them on the Quickswap.

Conclusion

In conclusion, we believe that Genius Assets project is similar to a Ponzi scheme and we flagged it as a potential scam. We expect a rug pull at one point and the token to fully die. It has already lost 70% of its value in a week since its launch and still dropping at the moment of the writing and heading fast to the point of no return.

*Disclaimer* The project’s reviews are not financial advice. You are risking your own funds and you should do your own research on each individual investment. We only search for strong projects and are not looking for a get-rich-quick scheme.

*The review can contain referral links and is based on our internal guide that you can read here: Internal Review Guide*

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