Ormeus Ecosystem
Crypto Overview
Project Overview
Ormeus Ecosystem (ECO) was initially launched as a cryptocurrency project claiming to operate a large-scale mining operation and ecosystem of interconnected blockchain projects. However, in March 2022, the SEC charged siblings John and JonAtina (Tina) Barksdale with defrauding thousands of retail investors out of more than $124 million through two unregistered fraudulent offerings of crypto asset securities involving the Ormeus Coin.
Intended Purpose & Utility
The project claimed to be backed by a $250 million crypto mining operation generating $5.4-8 million monthly revenue. However, according to SEC findings, these claims were false and the mining operation had ceased in 2019 after generating less than $3 million total.
Current Status
As of 2024, there is no apparent legitimate utility or development activity. The project's website is non-functional, and there are no signs of genuine business operations or technological development.
Token Distribution & Founder Actions
The SEC complaint detailed how the founders misappropriated millions of dollars of investor funds for personal expenses, including luxury items. The project demonstrated characteristics of a fraudulent scheme rather than a legitimate cryptocurrency venture.
Crypto Impact
To assign a comfort level investing in Ormeus Ecosystem from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Ormeus Ecosystem.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.