Sparkster ICO Scam with $22 Million in Wallet Becomes Active for the First Time in 3 Years

Sparkster, the ICO that scammed over 50,000 ETH during its ICO in 2018, has recently resurfaced, swapping their stolen profits for over $22 Million.
Sparkster ICO Scam Feature Image

During the infamous 2018 ICO cycle, Sparkster claimed to be an upcoming cloud storing service built on the Ethereum blockchain. Sparkster had claims their chain would allow users to develop software without writing code and be capable of supporting 10 Million transactions per second.

Sparkster Public Test Page
Sparkster Public Test Page

The team managed to raise $30 million during Sparksters ICO, which was equivalent to around 50,000 ETH at the time. Since the initial sale, the team has gone AWOL and no project has ever developed, leaving investors with a hefty loss.  

Sparkster ICO Sale
Sparkster ICO Sale

Sparkster’s wallet containing the 50,000+ ETH (split amongst five separate wallets) had never been touched, and it looked as if it would be money lost forever.

However, on the 19th of May, over $22 Million was swapped from ETH to USDC, done in multiple 1000 ETH transactions on Uniswap. The USDC now sits in the wallets with around $5 million in each. 

What is going to happen next for the funds is unknown. Circle, the creators of USDC, have been known to blacklist wallets in the past, so it may be possible that all outgoing USDC transactions will be halted.

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About the Author
James Satoshi
James Satoshi
James is a leader in Web3, NFTs, & DeFi. You'll spot him covering all topics through-out Coinmash - some say he's so good he doesn't even seem real.