Another Bulgarian ICO – Gambling Investment Fund and its GIFcoin


Jesus, Once again a Bulgarian ICO Obviously, Bulgaria provides a never-ending stream of ICOs and other crypto-investment schemes. Everbody knows OneCoin which has been founded by the Bulgarian Ruja IGNATOVA. OneCoin’s headquarter is still in Sofia (Bulgaria). But OneCoin is just the “big fish” in the deep crypto-waters. Other companies such as Tradologic, Nexus Global or Crowdwiz have their offices in Sofia. The city is broadly known in the scene for its focus on gaming, gambling, binary options and crypto-MLMs.

We just started to analyze another Sofia-based ICO – the Gambling Investment Fund (GIF). The project was presented by the Cryptovest today, a source of cryptocurrency information. Interestingly, Cryptovest is a member of the Krypton Capital group of Ilan TZORYA who is also one of the writers according to the Cryptovest website. No imprint is given on the website hence we cannot let you know where exactly Cryptovest is located but from the brand registration file we can see that it’s obviously located in Sofia (Bulgaria). Coming back on the GIFcoin. The project has been created from scratch by the online bookmaker VitalBet, which claims to have more than 20,000 active users. VitalBet purports to have more than $7 million in annual revenues.

Our first Review of GIFcoin

VitalBet is operated by the UK-registered Galaxy 88 Ltd and from the Companies House register, we can see that the officers are Bulgarians. In the ICO White Paper you can read that VitalBet actually is a Bulgarian project. The company is controlled by the British Virgin Islands (BVI) company Galaxy Group Ltd which holds a Curacao gaming license.

Even though VitalBet claims to hold “the 71st place in Alexa’s betting sites traffic ranking” it’s easy to see that their performance has deteriorated significantly recently. In the overall ranking, VitalBet lost many ranks in the last couple of months and currently ranked on place 967,600 (March 19, 2018 – link to Alexa).

The VitalBet website looks very much like other websites in the sports betting empire of the public-listed UK company VELTYCO. Take KulBet or Bet90 for example. It’s all the same and there is nothing special about VitalBet.

Furthermore, we doubt that the GIFcoin is legitimate given the latest regulatory statements in different jurisdictional regimes. The GIFcoin seems to be designed as a dangerous combination of security in the gambling (betting) market. The latter is illegal under some jurisdictional regimes.

Bottom line: stay away from this new Bulgarian investment opportunity in the current market environment. Given the guiding statements of different regulators it’s fair to assume that the GIFcoin may not be listed on crypto-exchanges because it’s considered a security. Those guys may have a great idea but no clue when it comes to regulation and compliance. And their operational perfomance obviously has been poor over the last couple of months according to Alexa Ranking.

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