ILGON is a new blockchain platform based on Ethereum, with its own cryptocurrency, positioned as an ecosystem with limitless possibilities.
At first glance, the ILGON project seems completely legitimate. He has a team, listing on one exchange and even several videos, albeit in Hungarian. This is not surprising, because the team is also Hungarian.
Who is behind the project
General Director (CEO) – Attila Vidakovic, you can find very little information about this person on the Internet, except for the fact that he has been featured in the Hungarian cryptocurrency spaces for many years. Chief Operating Officer (COO) Matias Andras Den is more important.
Although Technokrats Ltd has little to do with cryptocurrencies, it can be seen on the ILGON website. A search on the Internet shows that with the help of the WIPO trademark data, one can find the MLM name of the Ilgamos company, which has existed for many years, as well as another not unimportant name: Geza Capitani, also Hungarian. The question arises, how does all this relate to ILGON?
If you dive deeper
ILGON did not conduct ICOs, IPOs or other investment attraction activities that could become a conduit to the cryptocurrency world. As of today, we can see a listing on the only WhiteBit exchange and a complete lack of data on CoinMarketCap. It is a centralized cryptocurrency that performs the main operational functions of the platform. This in itself would not have been a problem if the “famous” Ilgamos based in Dubai hadn’t been behind ILGON.
According to public information, the ILGON company is located in Budapest, in the Bank Center building. The office may be closely related to Technokrats Ltd., which is Ilgamos’ long-term partner in Hungary. Interestingly, the offices of ILGON and Ilgamos are located in the same business center.
In turn, Ilgamos’s Facebook profile does not provide any information about ILGON, and interestingly, ILGON’s social channels do not promote Ilgamos either. Regardless, Ilgamos has been openly promoting ILGON to its customers and partners via e-mail newsletters since the end of May 2021. Perhaps this would not have been a problem, if not for one circumstance.
Over the past few years, Ilgamos has raised over a million euros, mostly from individuals in Asia, but has never delivered the promised benefits or products to its investors. Its previous products can be found on the official website, which displays BTC, Ethereum, and Ilcoin. However, in May 2020, Ilgamos suspended the sale of these cryptocurrencies, citing unsubstantiated information. Since then, Ilgamos has not paid compensation to its investors.
Is everything transparent?
To date, several lawsuits are pending against Ilgamos and their partners. The public will soon learn about them openly. You don’t have to go far, as Google search results immediately display a wealth of information about Ilgamos’ previous illegal activities. The essence of the pyramid is that deposits do not bring any product or income. The commission is what circulates among the participants until the bubble just bursts.
The said scheme collapsed in May 2020, and Ilgamos is currently trying a rather clever way to pay off a million euros debt to investors using the newly created ILGON coin, rather than reimburse them in agreed cryptocurrencies or simply return the money back.
It is difficult to predict the future of ILGON, but the publicity it has today, the secrecy that accompanies the Ilgamos, will not shed any favorable light on Attila Vidakovic’s team. The question arises regarding the purpose of the ILGON creation. In line with the current situation, the project looks like a lifeline, with the help of which Geza Capitani, CEO of Ilgamos, is trying to pay off his debt of several million euros to investors.
Summing up
Investors who have fallen victim to the Ilgamos are now in a difficult position. By not accepting ILGOIN as compensation, they risk losing all of their investment.
Ilgamos makes no substantiated statement as to why it is unwilling to repay its debts in previously agreed currencies. The dilemma is exacerbated by the silence of the Ilgamos team, which clearly does not intend to validate the legality of its project.
