Prodeum Project, a little known startup claimed to be based in Lithuania, touted using blockchain technology for agricultural commodities, including fruits and vegetables, before vanishing in the air.
At least eleven million dollars have reportedly been stolen from investors by crypto thieves from the Prodeum Project startup shortly after an Initial Coin Offering; what’s more, the swindlers did not think twice before scribbling the word ‘penis’ on the startup’s website which went offline on January 28.
Some sources claimed that a whopping 100 million dollars had been pinched by the start-up, claimed to come from Lithuania and aimed at using an Ethereum blockchain to create an advanced Price Look-up (PLU) labelling process for purchasing goods, such as fruits and vegetables.
“Ever since 1990, fruits and vegetables have been tracked with PLUs which allow retailers to be able to determine the variety and type of produce without needing to do a visual inspection. While PLU codes have helped us keep track of inventory, they don’t do much to help the consumer,” according to the cached version of Prodeum Project’s website.
The startup touted its goal to “bring detailed PLU system information to the consumer so they have a better understanding of where their food comes from”.
Prodeum Project swiftly vanished after trying to sell tokens late last week, in a proclaimed bid to “revolutionize the fruit and vegetable industry” using the Ethereum cryptocurrency.
Blockchain is a distributed ledger for recording and storing transactions in a spate of cryptocurrencies like Bitcoin, Ethereum and FIAT.
January 17 saw the launch of the first blockchain-based exchange-traded funds on NASDAQ and the New York Stock Exchange Arca, which invest in blockchain-based companies.