ZelaaCoin is a simple ERC-20 token created on the Ethereum blockchain. Everyone could create such a token with basic knowledge and without any (significant) cost. Zelaacoin doesn’t have its own blockchain, it is just a token:
In a normal ICO, an investor would send his or her ETH to a smart contract and that smart contract will send the equivalent amount of tokens back to that ETH address until the smart contract runs dry and the ICO is done. In this case: The Zelaacoin token contract (smart contract) has been emptied completely and the ICO sale doesn’t use the smart contract as a way for distribution (1). Zelaacoin itself sends out transactions manually from their own wallets.
· Only 113 different addresses own 100% of these tokens (2).
The amount of ZLC that has been sold is false and is not based on the smart contract. In that case the ICO would be sold out (100%)
Even if we would assume that they preferred to fill in those numbers manually. The numbers are still false, because Zelaacoin owns more than 89 Million themselves. The amount of ZLC that has been ‘sold’ is way lower in real life
Sahil Arora and Zelaacoin are already exposed in these articles –