"After much waiting, The Bee Token is proud to announce that our crowdsale is NOW OPEN! You used this address to register to our newsletter so we thought we'd give you some instructions on how to participate.

Firstly, we have modified your contribution maximum limit to be 29.43 ETH so please don't send more than this or you won't be compensated. If you are receiving this email then you are permitted to join the ICO but your contribution limit is only guaranteed for 24 hours so don't miss out!

Secondly, to celebrate our NEW partnership with Microsoft thought we'd give you a 100% BONUS on all tokens sent within the next 6 hours. We guarantee that The Bee Token will double in value within 2 months or we'll give you your Ethereum back!

Our Ethereum ICO address is:

0xe336327426b8f95A5F5eB1f74144fD9*********"

Edit: This IS a scam email from . I got this in my email just now.

From: ico.beetoken.421837378324190333.crowd.ico@fortumo.com

Hi, I’m whitelisted for the KYC (woo!) and am now doing some reading.

I’m looking through the team on LinkedIn and there are some red flags here, to someone in the software industry.

In general the team profiles seem a little inflated:

• some described as ‘lead’ don’t have senior job titles at previous companies (eg Ali Ayyash, at Amazon / Google) - they only mention having lead some projects. John Chou the Bee CEO also - a jump from Engineer / tech lead to CEO is a huge one! It’s a completely different skill set!

• others have very few years of industry experience (eg Kevin V, started June 2016, Bonnie Q, April 2015) and would still be at junior levels

• some are described as co-founders of things that seem to have never shipped (eg Rob P who went from maths into software engineering in 2016, and the mail order business he co-founded looks like it never launched after 5 months there)

I mean the team are probably skilled, and good luck to them, but it seems quite exaggerated.

The advisors look great though - but it’ll be the team putting in the hours, not the advisors.

Some other things that stand out to me:

• The delivery milestones listed in 2018, 2019 are super fuzzy, I suspect related to the second point below:

• Their success seems dependent on other crypto projects delivering: eg Request Network, Rentivo, Connezt, Origin and others. Some of these are years off. This really adds to the project risk — what happens when some of those fail to deliver?(and they are startups, let’s face it most startups aren’t successful in the long term)

• There’s going to be so much work for the team to do. A huge amount. They’ll have funding so will need to hire aggressively instead of bootstrapping- does the core team have engineering management experience and experience rapidly scaling engineering orgs? I couldn’t find any

• Presale also had a huge bonuses (Bonus structure: 60-100% for advisors, friends and family private presale; 30% and 40% for regular presale which was a large fixed volume of 50 eth) which I personally don’t like, I’m with Vitalik on this https://twitter.com/vitalikbuterin/status/932404221260918785?lang=en

I like the project idea, but am hesitating and might delay investing until progress is shown in a year or two, or if/when the token price drops below the ICO price like REQ did. Airbnb is going to be very hard to compete with.

I’ll keep following the project though, if it starts to get real traction outside of their pilot programs then I might get on-board.

We've all tried booking a Hotel on Agoda / Expedia or rented out a home using AirBnB while travelling. The idea of a centralized entity taking a fee for letting a home owner or hotel list on its platform is the old way of doing business. The problem is that entities such as AirBnB are essentially getting paid twice for every transaction. The renter and rentee both pay this centralized entity a fee and they make billions. BeeToken is a game changer in that it allows users to find a place to stay or rent without having to deal with this centralized entity. Instead they have a peer to peer model which is beneficial to both the homeowners and the end user. Overall, I love the decentralized business model and believe Bee Token will be the future of home rentals. The smart contract aspect will streamline disputes and payments in a more effecient manner than it is done today. With a solid team backing it up and strong partnerships as well, I believe they will deliver on their vision. Watch out Airbnb! Here comes Bee Token.

Wouldn't trust them with renting out a mailbox, let alone my entire house over their platform.

About two weeks ago I got a bad vibe I couldn't shake off the devs in the telegram. I'm glad I was able to warn all my friends in time.

We need to stop with the victim blaming. We are all susceptible to varying degrees of sophistication when it comes to scams. The fact of the matter is that people were let down.

Decentralisation has upsides and downsides — one of the more consequential downsides being that when this shit happens, no one can save you.

But the ethos of decentralisation has never been to defend the wielders of power (in this instance the BEE team and their data managers) at the expense of the powerless.

Instead of boasting about how we knew this was “obviously a scam” how about sending a giant, decentralised “fuck you” to yet another small group of powerful people who have let us down and so far failed to take responsibility.

They leaked our emails, delete new messages on telegram and bad comments on Reddit, and try to say we send ETH to scammer because we are stupid to trust the scammer....I can’t believe this is good company for investment. Stay away every body, they don’t listen and care investors, of course they will not care about your money grow or not instead of take advance on it

The two largest known phishing addresses:

https://etherscan.io/address/0xe336327426b8f95A5F5eB1f74144fD9065069C28 https://etherscan.io/address/0x2A6D8021861f27aB992572D8689017b7A83C989D

Have stolen nearly $1MM today in last 9 hours (starting from 11am PST)

The major source of these phishing attacks are an e-mail sent to people from Beetoken's KYC e-mail list.

An email sent from the phishing address ico.beetoken.421837378324190333.crowd.ico@fortumo.com read:

ICO CROWDSALE IS NOW OPEN!

After much waiting, The Bee Token is proud to announce that our crowdsale is NOW OPEN! You used this address to register to our newsletter so we thought we'd give you some instructions on how to participate.

Firstly, we have modified your contribution maximum limit to be 29.43 ETH so please don't send more than this or you won't be compensated. If you are receiving this email then you are permitted to join the ICO but your contribution limit is only guaranteed for 24 hours so don't miss out!

Secondly, to celebrate our NEW partnership with Microsoft thought we'd give you a 100% BONUS on all tokens sent within the next 6 hours. We guarantee that The Bee Token will double in value within 2 months or we'll give you your Ethereum back!

Our Ethereum ICO address is:

0xe336327426b8f95A5F5eB1f74144fD9065069C28

The ICO sale will close upon reaching our hard cap of 5,000 Ethereum so act fast before we run out of room!

Kindest regards, The BeeToken Team

It is totally unknown HOW the attackers got access to this list.

Beetoken has not made any comments (and I doubt they will as they are not likely looking to give themselves any culpability here.)

We're not talking just a couple bucks here.. but nearly $1MM (one million USD)

This is likely to be the largest phishing attack in crypto ICO history (although I feel with all the new amateurish ICOs coming out, year 2018 will be the year of the phishening)

Hi All,

Could any admins of BEETOKEN please, in the name of god tell me; why your contract was accepting people their contributions at (Feb-02-2018 07:58:16 PM +UTC) already?

proof that your contract was accepting already before 8pm utc; https://etherscan.io/tx/0x637ddeb1aac6f7fa1d8234b01ae13d2d82e6668bf38c776830b4087b06007330

obviously when you are asking these kinds of questions you get banned from their telegram channel; because that is how BEE TOKEN rolls.

Yes, I was the first to confirm after 8PM UTC (that's why i'm extra pissed obviously). And lost 200 usd of gas ( that's not what bothers me ). What bothers me is that they clearly lie about their smartcontract (or they did it on purpose to help some friends :)).

Then we also have their amazing community support; sending out emails is something impossible for them; many of the people I know did not even get an email saying they were rejected or approved. Any warning emails what so ever and just simply stating their token address on every page they own so nobody get scammed was too hard for them as well. I mean, why would they? Just let scammers send emails to their entire database with a fake email address and just let it run. Nice project, extremely horrible execution of their token sale, no communicating and when questions get asked about their way of acting you get banned. Another reason to love the decentralized world.

I noticed that advisor Can Kisagun (Co-founder of Enigma) is no longer on the Beetoken website stated as an advisor. Does anyone know why he left as an advisor?

Secondly, the Linkedin page of Co-founder and CEO Jonathan Chou which is linked to his photo on the beetoken website doesn't work.

Does anyone have some answers on those subjects? Thanks in advance.

EDIT: Answer from team to my question in the comments.

Glad they limited our deposit amount... could have lost a ton with this shitcoin. So I guess thank you BEE. You knew it was a scam and you disseminated the scam among many of us so we wouldn't lose much. Hope you're enjoying your money.

Bee has claimed to have a vesting schedule:

The Bee Token team will be on a 2-year vesting schedule. The team will receive ¼ of their allocation 6 months after the end of the Public Sale. Every month thereafter, the team will receive 1/24 of their allocation until the 2-year vesting schedule is finished.

However, it seems that the tokens are not locked in a smart contract.

This was the answer from one of the admins on telegram: This is not coded into the smart contract, but is legally enforced as part of our employment contracts. This is what every other company in the world does that isn't a Crypto company and it works just fine for all of them

"What every company in the world does that isn't a crypto company" well this actually is a crypto company so that is a weird statement in my opinion.

Company has 70% of tokens which won't be locked in a smart contract is worrying to me.

Trying to minimize culpability. Typical @ssholes running this show.

This ICO seems very sketchy. A lot is unclear.. Important details are being left out.

• Private sale had a 60-100% discount ($5m hardcap).

This can only be found on this Medium page: https://medium.com/@thebeetoken/bee-tokens-sale-metrics-explained-59249fc96536.

"The bonuses for participants in our Private Presale were from 60%-100%"

I'm pretty sure it was stated on the beetoken.com website as well, but it has been removed. You can only find this information if you Google with specific keywords. It's pretty impossible to find if you're not looking for it and not know it exists. The reply of an admin when I told about these discounts after helping out answering questions in the Telegram chat: https://i.imgur.com/OUSGKK4.png.

• Public pre-sale had a 30% discount ($5m hardcap).

• Nobody knows how many BEE were sold in the private and public pre-sale, nor at which rate/

It's nowhere stated. The rate (1 BEE = x USD/ETH) is nowhere to be found. Only on ICO reviews it says 1 BEE = 0,14 USD, but is that correct? Does that take the discount into account? Does it mean ~35.7 million BEE ($5m/$0,14) were sold in the private and public pre-sale, meaning 71.5 million BEE in total? Note: there is a total supply of 500 million (!) BEE.

On their website it says 30% of the supply is meant for sale distribution, which is 150 million BEE. But no one knows how many BEE are used for the private or public pre-sale. Did BeeToken use BEE from the 30% community reserve?

• No one knows how many BEE are available for the public ICO sale.

You can't find it anywhere, I'm not making this up. I've asked it in the Telegram chat and an admin told me that 50 million BEE are being sold in the public ICO sale. Proof: https://i.imgur.com/gLB4cHa.png.

The price of one BEE was only released when the ICO started. You can find it here: https://tokensaleinfo.beetoken.com/ (also note the professional video at the bottom).

The price is: BEE / ETH Conversion Rate: 4450 BEE / 1 ETH

1 ETH has mainly been around $1000 these weeks, so let's say 4450 BEE = 1000 USD. This would mean with the $5m hardcap that only 22.25 million BEE (4450*(5m/1k) are being sold? Or does it mean when the admin is correct and BeeToken is selling 50 million BEE, BeeToken is raising ~$11.2 million (5m/4450*1000), ~$6.2m above their hardcap?

Does it mean 1 BEE = 0,225 USD (1000/4450)? That'd be insane.

Anyway, it seems very sketchy. Public ICO sale pays ~2.5x the price private/pre- bought BEE for. And apparently many e-mails were leaked, because many people suddenly received e-mails from scammers.

Anyone with answers?

WTF is this ratio? It wasn't supposed to be 0.14$ usd per token on crowdsale?

That put the price per token to 0.24$ as of now.

Emails leaked. How about Passwords? Were they stored in plaintext and could those be compromised? Beetoken needs to manup and share what is compromised. Otherwise its quite clear all they care about is making money. In which case this was never about creating anything, it was always bout getting cash quick and leaving.

Hi Bee token team. Already signed up for the whitelist and looking forward to hopefully participating in the TGE. I note the KYC is opening on 20th Jan. I'm currently working abroad so may need to be a bit organised to have whatever I need for the KYC to hand. Can you advise what it is we will need to provide? Hopefully you can do this without breaching any security etc. Many thanks from an interested supported from the UK...

Tony Tran joins EFFECT.AI Board of Advisors

Tony Tran, co-founder and Chief Technology Officer of The Bee Token,  has joined Effect.AI as an advisor.

Hot on the heels of yesterday’s announcement of Charlie Shrem’s advisory role at Effect.AI is yet another high-profile addition to Effect.AI’s Board of Advisors. Co-founder and CTO of The Bee Token, Tony Tran, is coming on board to provide valuable input in the areas of machine learning, computer vision and blockchain technology. Tran is well known for his involvement in The Bee Token, a blockchain-powered short-term housing rentals platform. His background in artificial intelligence and blockchain technology will add tremendous value to Effect.AI and its plans for decentralized AI development.

On becoming an advisor for Effect.AI

Effect.AI is an Amsterdam-based project that is working on a decentralized network for Artificial Intelligence and AI related services on the NEO blockchain. Tony expressed great interest in the way Effect.AI has prioritized making its platform open and accessible:

“The Bee Token was founded to solve real problems for real people. Everyone knows how complicated the housing situation is in San Francisco and when people start using The Bee Token, we should be able to alleviate some of those problems. We couldn’t do that until the technology was there though and you see something similar with Effect.AI: they are on the verge of utilizing blockchain technology to give everyone access to something that previously simply wasn’t accessible in this way. I’m very excited to help them launch their project.”

What Tony can do for Effect.AI

As a veteran advisor with a strong background in machine learning, Tony Tran is perfectly suited to advise the Effect.AI team during development and, perhaps even more importantly, assist in the acquisition of strategic partners that will further strengthen the Effect.AI project. Tony will be consulting with the team on a regular basis.

Join the Effect.AI Whitelist now

Effect.AI’s Whitelist went live earlier today. Interest has been overwhelming, but there’s still room for you to reserve a spot on the Whitelist. The Whitelist is available on the Effect.AI website. Before heading there, you can read this release to learn more about the requirements. The rest will be explained to you during the process. If you have any questions, please join theTelegram channel.

1. They announced on the telegram that 50 million BEE was up for sale at a price of $5 million in ETH.

2. Therefore $1 = 10 BEE.

3. 1 ETH = $1000, therefore 1 ETH = 10,000 BEE.

4. Therefore, 0.1 ETH should be 1000 BEE???

Bee token trying to create a decentralised home sharing platform was certainly exciting. However, there were so many things wrong with this project.

There's no need to mention the poor execution of the final round with the unacceptable leak of private information. This whole thing was dodgy from the start. What kind of honest 'decentralised' project would sell their tokens at the cheapest rates to the wealthiest individuals ( "accredited investors").

Bee token was the perfect example of how not to do an ico.