SpacePay (SPY) has been running a presale for years, yet there’s still no sign of a real product or a token launch. Despite this, the project continues to be promoted by sponsored media as a great investment, even today.
We took a closer look at their website, social media, and company records. What we found raises serious concerns about the legitimacy of this project.
Table of Contents
Webpage Is a Mess
The SpacePay website is confusing and poorly structured. The project’s description is hosted on spacepay.co.uk, but the presale takes place on presale.spacepay.co.uk. There’s no clear reason for this separation, and it makes it harder to find information about the project.
Basic features are also broken. Trying to sign up for the beta doesn’t work, and clicking the Terms & Conditions page leads to a 404 error. Even the whitepaper isn’t linked anywhere – the only way to find it is by searching for it on Google.
It almost feels like the website was designed to discourage people from looking too deeply. And there’s a very good reason why.
The Company Behind SpacePay Doesn’t Exist Anymore
Nowhere on the presale page does it clearly state what company is running this token sale, which is suspicious in itself. But with a little digging, it’s not hard to figure out.
SpacePay claims to be based in London. Their whitepaper includes a photo of the CEO, named Maxwell. A quick LinkedIn search reveals that the company he founded is SpacePay LTD. This is further confirmed by their social media accounts, all of which include “SpacePay LTD” in the name.
So, we checked the UK government site to find out whether this company ever existed. What we found was shocking:
- SpacePay LTD was registered in 2022.
- It was officially dissolved on August 8, 2023.
- Despite this, the presale is still running in 2025.
This raises a serious question: How can a company that no longer exists still be collecting money?
Confusing Timeline
If SpacePay LTD was founded in 2022, that means the presale has been going on for at least three years – an unusually long time for a token sale. The whitepaper even claims that SpacePay won a “New Payment Platform of the Year” award at the Corporate LiveWire Global Awards 2022/23. While we couldn’t verify if they actually won, the event itself took place in 2023, confirming that this project has been selling tokens for far longer than usual.
Adding to the confusion, SpacePay’s X (Twitter) and Instagram posts only begin in 2024. This suggests that either the project was inactive for a long time or that the social media presence was restarted to target new investors.
Investors Are Calling It a Scam
Despite the company behind the project is long gone, the social media are still pumping posts, claiming that presale is ending soon:
But if you check the replies, investors are openly accusing the project of being a scam. Users report that they were banned from the Telegram group after asking about their investments. These comments go completely unanswered. Instead of addressing concerns, SpacePay’s team ignores them.
What Happens Next?
Right now, SpacePay is still collecting money from new buyers, even though the company behind it was legally dissolved nearly two years ago. The presale has been running for far longer than normal, and there’s no clear plan for when (or if) the token will ever launch.
If a company disappears, but its presale keeps going next two years, it’s beyond suspicious. Investors should think carefully before putting any money into this project.
Wondering if a crypto presale is legit or a cleverly marketed scam?
We’ve got you covered. Our Presale Index lets you look up presales you’re interested in and check for red flags before investing.
