Cameron Faulds

How he kept the 2-3.75 million UTK bounty to himself through ICO fraud

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Published: 14 February 2019

Posted by: Joseph

Cameron Robert Faulds markets himself as a cryptocurrency advisor but he is in fact, one of the biggest ICO scammers. He has stolen millions from a community of 500 people by posing as an expert advisor. He even scammed Utrust’s bounty manager for his greed. His cryptocurrency advisor firm, Cryptolion, is one of the biggest fraudsters in the industry. It would be better if you stayed away from Cameron and his company. This is just one of the many stories of Cameron’s scams but I wouldn’t discuss them here. They are too much to cover.

However, this scam alone is of 2-3.75 million UTK. Raising awareness about a scammer like Cameron is essential because many people are unaware of his criminal activities.

Through this story, I wanted to help you and other cryptocurrency enthusiasts to find out the reality behind Cryptolion and Cameron’s operations.

How it all started

Utrust was about to launch its token (UTK) and seeing this as an opportunity, Cameron started a secret coin fund account.

People were sending him Eth (Ethereum) to get Utrust in 4 cents, which was cheaper than the original deal of 5.2 cents. Below is the original plan Cameron had shared for this funding account.

He switched up this plan countless times. Many people, including me, had asked him questions regarding the plan and its execution. But Cameron simply ignored them all. The starting price, as you can see in the screenshot, was 2 cents, which later changed to 5 cents, then 4.5 and lastly to 4 cents.

This many switches in the pricing of the coins was a major red flag for me.

In two different accounts, a total of 63581.59256 BQX and 52.61837405 Eth had been collected. Note that after September 18th, the price of Ethererum never fell below $280. My friends and I had deposited Eth around on 18th and 19th September or later. Cameron was supposed to sell the BQX tokens and convert them into Eth on 26th October, which he had claimed was to ‘make it simple’.

Everyone in the group agreed and he sold the BQX for 80-100 cents. At first, he told people that he had sold the BQX for 83 cents but later, he changed this number to 87 cents because his own records were wrong and full of red flags. After the sale, the total of Eth should have been around 180-200 in the account.

It took him more than a week to do these simple calculations. Anyone can export the CSV file in excel and do this math in a few minutes. He claimed that it was complicated but there were only 3-4 variables to consider. After the sale of BQX, the total of Eth should have been around 180+53 at least. This is only the first variable.

The next calculation should have been of the 50% purchase of Utrust, which turned into 33% giving at least 78 Eth worth of UTK. The final factor to consider should have been the date of purchase and the value of Eth at that time. But it doesn’t matter because he had bought a fixed number of UTK in a single transaction. The last factor became important because Cameron was making up numbers.

To properly manage the fund, Cameron should have done everything from one account or two in the beginning and consolidated them into one Eth account. When all the transactions had taken place from one account, there would have been no chances of any mischief.

He bought both Mingo and UTK through different accounts and did not deposit them back into the fund account. He didn’t BUY UTK IN THE FIRST PLACE. It was a fake transaction. He was given bounty from Utrust (or Nuno).

When he sold BQX, nothing came back into the fund account. He claimed that he had kept the funds of BQX in BTC instead of Eth.

Cameron’s lies (with evidence to prove those lies)

When the time for Utrust came, Cameron went on a holiday. We had to wait 2 weeks for him to return. The time he returned was coincidentally was also the time when one of his accounts received 3.75 million tokens.

I saw this transaction on the UTK dashboard address on Etherscan. This was the only transaction in the dashboard with no decimals so it stood out. The same day, Brandon, the partner of Cameron in this scam, had posted that he had made $68,000 in one day through UTK (which was at around 10x). The withdrawal only meant that Brandon received $75k in UTK.

I had contacted Brandon about this transaction and asked him to be honest but he only rambled about how he turned 25k UTK into 100k while the reality is he had 75k and not 25k. Below is a screenshot of one of their mischievous transactions:

Before Cameron had returned from his holiday, people had a plethora of questions to ask him. In reply to all of those questions, Cameron simply said that the fund is full of too many complications and he will pay out 3x and get it over with. I contacted him and asked him personally about this situation. It took him 2 days to respond to my questions, I think he took this time so he can make up more lies to tell.

I calculated the growth of Utrust and its ICO price, which was around 10x, so the amount left after all the transactions should have given the payout of 6x and not the 3x of the original sum. And this is when I didn’t consider the investments made in Mingo, which was another ICO, Cameron (aka lion) had invested the funds in. In the Heroku sheet, one can clearly see that 33% of the account’s funds were spent on UTK. Cameron had confirmed this fact in the chat multiple times. Through simple calculation, you can see that 33% of funds would have resulted in 560-600 UTK based on the price Cameron bought the tokens at.

Cameron claimed later that the Heroku site was showing wrong numbers. He claimed that the number of Utrust’s tokens present in the fund is 300-350U UTK. Like I mentioned before, we had bought Eth at the price of $280 or higher and since that purchase, Eth price didn’t fall below that number. With that rate, the number of UTK couldn’t have been lower than 550 in the account.

When I checked the account and its numerous transactions, I noticed there were a lot of mischievous transactions. Many transactions took funds out from the account but the same amount did not return to the account.

When I messaged Cameron

If you notice any flattery in my comments, present below, know that Cameron only responds if you talk to him this way. Otherwise, he simply ignores your messages. Below are the screenshots of the conversation we had.

As you can see, I had asked him for an explanation and to check the maths of the transactions he was claiming he had done. I also asked him if he was short charging people. At first, he said he had bought 377k UTK but later he changed the number to 470k saying that he had bought them with $18,839 (67 Eth). Both of these numbers denote that the price of Eth was lower than $250, which you know is a lie. According to these numbers, he bought UTK at the price of over 8 cents each. This is even higher than the original price of UTK, which was 5.2 cents each.

He also claimed that he didn’t 33% of the funds to purchase UTK. 10 minutes later, that fool banned me from the chat. It’s great that I had taken a screenshot of the conversation in time because I suspect he had banned only so I couldn’t capture the chat we had done. He must have been afraid that I will expose him and show the world what a big fool he really is.

He claims that he had only bought 210k tokens (worth $10,000 UTK). This means he paid 14 cents per UTK, which is nearly 3x the original price of the tokens. Nonsense!

His web of lies just keeps on getting larger. He stole money from the investors of his fund by keeping all the returns with himself. If it had been a small scam, I might not have even said anything but this is a huge deal we’re talking about here.

UTK is now 17x its original price (at the time of writing). So Cameron should be paying the investors around 8x to 9x because the investments in UTK of 33% is of 5.7x. BTC, which the fund had also invested in, went 3-4x while we assume that Mingo didn’t grow at all. (Update: Later, UTK went over 27x within the next few weeks but Cameron still didn’t pay out anyone.)

He is also lying about Mingo and its price. He has told others countless times that he bought Mingo with 15% of the fund, which, according to simple calculation would be around 8-9k. He must have spent 15 Eth to buy 187,000 Mingo. How do I know this? That’s because I had bought the Mingo at the same time. Mingo was purchased on either 25th or 26th September. At that time, Eth was worth of 291 USD. So he had bought Mingo worth of $4,300. In chat, he lied to me about the amount of Mingo he bought. He told me that he had spent 8k on Mingo. He also claimed that he had spent 30 Eth, which would be of $8,600. Although this detail is unnecessary, it shows that Cameron kept lying to me at all times.

You must have seen that he did two transactions. He might claim that the second transaction was to purchase Mingo but it is of 10 Eth, which is only worth $2,910. After these transactions, there are only 33 Eth left in the account and I know he won’t refund anyone with this money as well.

How big his scam really is?

The investors of his fund and the bounty receivers were to gain 600-800k in total. Cameron gained more than 6 million dollars from his investment considering he sold almost nothing because the cost rose up from 20 cents to $1.30. He also betrayed one of his friends, Toth, who he had promised 1 million UTK in the beginning as advisor tokens.

Cameron or Lion is a big-time scammer. He not only fooled the investors of this fund but he kept lying to other advisors and promoters of the fund too. But I must add that he is a pathetic liar. He makes up lies on the spot and that’s why it’s quite easy to find the plot holes in his made up stories.

He did not spend more than a week on advising Utrust and setting up the fund. He just used the knowledge of all the advisors and investors present in the secret coin group. He also used Toth, who was supposed to get 1 million UTK from Lion. Lion later dropped this sum to 500k and then to 375k. After that, he kept lying to Toth for 2 weeks about having no funds when he still had 5.75 million coins present in his wallet.

I knew both of them and I also know that they used to be good friends. Lion had promised the bounties to many people including myself. That’s why I have said that the genuine earnings of every member should have been 600-800k. He had promised us the bounties in return to our advice and constant promotion. He was able to broker the free tokens because of this arrangement as well.

He didn’t honor his deal. I tried to put some sense into him by telling him about the way he is cheating the people. I joined his secret group because I had my doubts. I suspected him that he might try to pull something off. Lion had offered 100 UTK per active person we brought over to slack. I had waited for a month before I brought someone in the group because I was wary of Cameron.

I had bought 127 users, out of which, only 30 became active. He had told me that I can keep the 30 UTK of every member and give them only 70, which is another unfair deal. Those people were promised 100 UTK so I didn’t follow Cameron’s advice.

Cameron had told everyone that there was plenty of Utrust to share with promoters so he started offering bounties to social media promoters. There were three standout promoters who were supposed to get the money in a three-way split: Me, Brandon and Markpeo.

Mark and I, both disagreed with this three-way split because there were 8 people who were doing good work and certainly more work than Brandon. Brand had created a few logos but in terms of marketing, his efforts were visibly less than the others.

I had decided with Mark that we would share our bonuses with the others whether Brandon shares his earnings or not. When I discussed this topic with Lion, he posted this message on the chat and banned me.

You must have seen how Lion (Cameron) keeps lying to the members about what’s going on and the state of the funds. He is really a stupid guy. I can say so because all the transactions are visible in etherscan and anyone can see how clear his lies are. Many people had contacted me, sharing their concerns because of Cameron’s filthy transactions and his lies about the same.

Brandon was the first guy to get any payments from the bounties. He deserves all the funds he received but the sad thing is, Lion paid him when he was lying to others saying he has no funds at all. Lion was telling everyone that he had no funds at the moment and he would have to pay everyone out of his own pocket. I found out about Brandon’s transaction because he is a big show-off.

He posted on his Facebook wall that he made 65l in one day. At the same day, Lion had transferred 75 UTK to Brandon, which one can see on etherscan. Others who had done the same amount of work did not get a penny, only Brandon did. Brandon lied about the funds he got too. He told others that he only received 25k while he had clearly gotten 75k from Lion.

Here’s the screenshot of him lying to Mark:

Here’s another:

Here’s Brandon’s post celebrating his bounty payment:

I was going to leave these details out because I personally like Brandon. He is a good guy. But the fact that he kept the funds to himself and lied to others about his transactions while helping Lion in his scam really disappointed me.

When I had messaged Lion about his scams and his shady transactions, I knew that he would ban me from the group. I had discussed this possibility with other members of the group beforehand. When I got banned, I also lost my share of the supposed bounty, which was worth around $25,000. Apart from that, I was supposed to receive $3,000-$4,000 for being one of the initial members of the group. I also knew that I wouldn’t get a refund for the fees I paid when I joined the group. And this sum is when the fund hadn’t paid out anything. You should know that UTK climbed up to 27x.

However, I believe it was worth it. If I hadn’t raised these concerns and pointed out Cameron’s lies, I wonder how many people would have lost their funds. I can’t stand thieves. I was also worried that he might ruin the community, which was full of amazing people and has developed into a group of like-minded individuals.

Here are a few more proofs of his lies

I had asked Cameron to explain his misleading actions. But he just kept repeating those lies and making up new stories. The community had agreed that we sell BQX at 83 cents on a certain date. He was supposed to send BQX to binance and then sell it to convert it completely into BTC or Eth. He sent the funds to binance 77 days before the date was told and sold them only 30 days before the same. Why did he lie about this activity? It’s still dodgy and that’s why I thought it’s vital to share.

Lion had gotten 5.75 million Utrust in total. All of these funds came from the dashboard address and I think it was there from the start. He just made a few transfers to validate his lies. Here is a screenshot of his personal account with 2 million UTK from the dashboard:

The following are a few more screenshots of his lies, right before he banned me from the group:

In the following screenshot, you can see how Cameron tries to justify banning me from the group and perpetuates his lies further. He also lies how he has been using his personal money to buy the coins for the fund. He is claiming that he doesn’t have any coins with him but he is still buying the coins in exchange.

Here is a screenshot of Cameron’s personal account and his UTK transactions. You can clearly see who benefitted the most from the funds:

Final Thoughts

I wanted to spread awareness about Cameron Faulds and how he has conducted one of the biggest cryptocurrency frauds. He betrayed the people of the secret coin group, stole their money and kept lying about the state of the funds. I lost a pretty hefty sum (around $50,000) as well but I’m glad that I exposed this criminal. He markets himself as a cryptocurrency advisor while in reality he is nothing more than a big scammer.

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