Ethereum (ETH) is making it easy for companies to raise money using ICO and lot of times companies or few Smart bad folks are taking advantage of everyone’s hard earned Ethereum.
We believe, REX, is one of the BAD ICO. It claims to be working on a decentralized real estate data and listings platform REXMLS. They claim to be working on product based on Blockchain technology which will allow users to search real estate listing for FREE .. really? how funny is that.
They also claim to implement advanced filtration process for listings 🙂 and enable real estate transaction in days versus in months and also working on real estate title etc.
This was done years ago and real estate market in reinvented numerous times, however, using blockchain to do this .. sounds kinda fishy. Maybe it is not bad idea, if it really work hard on product and then put it out there for everyone to decide. But What REX has done is .. they created simple website, put the white paper and demo on the youtube.
Then they open ICO and make one of the dumb mistake by sending $1.33 million dollar worth of Ethereum coins to wrong address. Company raised total $4.6 million dollars in ICO and claim to be working on the product with very less details on company rex blog.
Meanwhile, value of REX coin has decreased more than 75%. As of November 21st 2017, According to coinmarketcap.com, REX coin is only worth of $1,087,462 and 24 hour volume is $63.
Maybe co-founder Stephen King and Russell McLernon can really help understand every REX investor that if they are really working on product or just gobbled the Ethereum and issues hopeful investors some REX coins?