Ritot promises to produce a “projection watch”. Campaign launched June 2014, finished September 2014 (after 2 extension) netting 1.2MUSD (they asked for 50KUSD).
The campaign was added to Indiegogos “Forever Funding” and has since netter additional 450KUSD bringing it to a total of more than 1.6MUSD and counting (additional 1000USD/day average).
Already in July, it was proven that the campaign lied about their identities with fake names and fake location (claimed to be from California, they are from the Ukraine). When exposed they made some story about how “due to the situation in the Ukraine they had to”. IGG did nothing about this lie.
Also in July, it was exposed that their claim that they have made prototypes (yes, plural) was a lie. In fact, all they had ever made was photostopped stock-pictures with the bracelet. When pushed, they claimed these were “visual prototypes” and that they are “wokring on a prototype with a manufacturer” (which they never exposed any details of).
The team members were also changed suddenly, from having engineers to no engineers.
Since September 2014, no progress has been made. Communication is mostly about photoshopped pictures of would-be app, surveys about colors and some vague promises about “huge progress coming soon”. First claimed they had “banking problems” that prevented them from making progress and now claiming it’s “difficult”.
On top of that, the project itself is physically impossible. Projection technology cannot provide a micro-projector that can be mounted on a bracelet and project on the back of the hand effectively, let alone in out-door conditions.
Even if that was possible, the price of such a projector alone is equal to almost the entire sum Ritot “sold” their watch on IGG for, even at large bulk quantities.
IGG has been repeatedly contacted to stop this campaign, already since July, but has done nothing and actually helped them gain further funds by putting them on Forever Funding and letting them continue netting additional thousands of dollars per week.
As I wrote above – This is, to my knowledge, the biggest scam in online crowdfunding history that is still on-going and IGG is doing absolutely nothing to stop it. On the contrary.
