ELI5 The iDice [ICE] Scam

iDice was an ICO scam from 2017 which promised to develop a cryptocurrency gambling platform.

The iDice smartphone application would allow users to bet in several gambling modalities. Holding the ICE token also promised to pay interests proportionately to what percentage of the total ICE supply held.

For example, a user who owned 1% of all ICE tokens, would receive 1% returns. This was an obvious scheme which required basic arithmetic to be proven unsustainable.

iDice promised its users it’d be basically a monopoly in the decentralized gambling arena, having no competitors in 2017.

Scam

The iDice project was a classic boiler room scam. None of the announced products ever existed but, before the hit was discovered, iDice was able to raise over U$ 1.5 million and then disappear.

As expected, Coingecko lists iDice as inactive:

A June 2017 press release claims the project had already raised U$ 231,000. Social media users report that much more had been raised.

CoinMarketCap shows iDice token collapsed to nearly zero in just four months. It then traded in small volumes until April 2018, when all activity seized.

iDice Links

iDice Etherscan Tracker

Reminder: Do not contribute to iDice ICO scam!!

iDice ICO proves to be a SCAM

Coingecko Listing

June 2017 Press Release

Cointelegraph ICO Profile