We are the Splendor team.
We were not paid for our work.
Warning about a scammer — Todor Miroslav Ivanov.
We have proof: chats, promises, timelines.
Months of lies, no payments.
We will expose his schemes and projects.
He built nothing — sold air.
Info: todor.scam@gmail.com
We were not paid for our work.
Warning about a scammer — Todor Miroslav Ivanov.
We have proof: chats, promises, timelines.
Months of lies, no payments.
We will expose his schemes and projects.
He built nothing — sold air.
Info: todor.scam@gmail.com
The Splendor website claims 2.35M transactions per second.
For context: Solana, one of the fastest real blockchains, does ~2–4k real TPS.
Even 1M TPS is physically impossible.
Todor’s so-called “blockchain” is EVM-like, based on smart contracts.
Each transaction = a program that every validator must execute.
Executing 1M smart contracts takes minutes or hours of compute.
Final takeaway:
– TPS number is fake
– execution doesn’t scale
– network can’t handle it
“2.35M TPS” is not technology.
It’s marketing for people without technical background.
Now the network part.
1M transactions = hundreds of MB of data.
A block like that is ~400–500MB and must be delivered to all validators.
This is not decentralization — this is a data center.
For context: Solana, one of the fastest real blockchains, does ~2–4k real TPS.
Even 1M TPS is physically impossible.
Todor’s so-called “blockchain” is EVM-like, based on smart contracts.
Each transaction = a program that every validator must execute.
Executing 1M smart contracts takes minutes or hours of compute.
Final takeaway:
– TPS number is fake
– execution doesn’t scale
– network can’t handle it
“2.35M TPS” is not technology.
It’s marketing for people without technical background.
Now the network part.
1M transactions = hundreds of MB of data.
A block like that is ~400–500MB and must be delivered to all validators.
This is not decentralization — this is a data center.
ScamTodor
Photo
$618,200 Market Cap with no money: how Todor misleads people
Let’s talk about real blockchain capitalization and how it gets replaced with pretty numbers.
Real capitalization = real money actually put into the project.
In this case — USDT.
Real money means:
– liquidity in pools
– TVL
– user deposits
This is what truly exists and can be withdrawn.
That’s what shows whether there is money in the project at all.
Instead, Todor shows only Market Cap.
The problem is that Market Cap does not equal invested money.
It’s not real capitalization — it’s a theoretical number that misleads people.
In simple terms:
Market Cap is NOT money in the token.
It’s just a calculation:
price × circulating supply.
It shows what the cap could be
if all tokens were bought at the current price.
And here’s where the “magic” happens.
With $100–$1,000 of real liquidity,
you can easily “draw” a $500,000+ Market Cap.
The price comes from a single trade —
the number looks big, but the money isn’t there.
The conclusion is simple:
– Liquidity = real money
– TVL = real deposits
– Market Cap without them = an illusion
Showing only Market Cap is manipulation, not transparency.
Let’s talk about real blockchain capitalization and how it gets replaced with pretty numbers.
Real capitalization = real money actually put into the project.
In this case — USDT.
Real money means:
– liquidity in pools
– TVL
– user deposits
This is what truly exists and can be withdrawn.
That’s what shows whether there is money in the project at all.
Instead, Todor shows only Market Cap.
The problem is that Market Cap does not equal invested money.
It’s not real capitalization — it’s a theoretical number that misleads people.
In simple terms:
Market Cap is NOT money in the token.
It’s just a calculation:
price × circulating supply.
It shows what the cap could be
if all tokens were bought at the current price.
And here’s where the “magic” happens.
With $100–$1,000 of real liquidity,
you can easily “draw” a $500,000+ Market Cap.
The price comes from a single trade —
the number looks big, but the money isn’t there.
The conclusion is simple:
– Liquidity = real money
– TVL = real deposits
– Market Cap without them = an illusion
Showing only Market Cap is manipulation, not transparency.
ScamTodor
Photo
How Far Can a Thief Go Without Consequences?
We are a team of developers who fell victim to the actions of Bulgarian scammer Todor Ivanov. Alongside dozens of clients, we were deceived, left unpaid, and stripped of all our work.
Ivanov posed as an American, Swiss, or Brazilian investor. In reality, he is a native of Stara Zagora, Bulgaria — long entangled in cryptocurrency transactions, stolen client funds, diamond schemes, offshore company registrations, straw men, and fleeing justice across countries. His international travels and appearances at global events were all financed with money stolen from defrauded investors — each trip in search of a new target and a new hiding place.
The scheme was absurdly simple: at the start, Todor would hijack and slightly misspell the names of well-known global giants — like Splendor, Bankor, and others. He would then pass off stolen website mockups, adapted to fit the theme of a new investor. To create the illusion of scale, an external shell — a rushed, content-heavy but barely functional site or interface — would be built within days, often under 24/7 pressure.
What followed was textbook fraud. One or two investors would enter with tens or even hundreds of thousands of dollars. Ivanov would stage a presentation, convince them, forge documents, and stall for time. As soon as the money landed — Todor vanished. Development ceased, sites were frozen, and the team was ordered to begin a new project — for a new investor, under a new domain, but with the same recycled scheme.
In December 2025, accounts linked to Ivanov were frozen by a banking institution under Article 253 of the Bulgarian Criminal Code (money laundering, punishable by up to 12 years in prison). At the time, Todor had already withheld our salaries for three months. Days later, he disappeared with his new accomplice — leaving no explanation behind.
Later investigations and a review of Bulgarian registries revealed that we were not the first team robbed by this man. His name appears in multiple cases involving fraud, shell companies, and offshore financial operations.
On this site, you’ll find a growing archive of documents, public records, and evidence related to Todor Ivanov and his criminal infrastructure.
We are a team of developers who fell victim to the actions of Bulgarian scammer Todor Ivanov. Alongside dozens of clients, we were deceived, left unpaid, and stripped of all our work.
Ivanov posed as an American, Swiss, or Brazilian investor. In reality, he is a native of Stara Zagora, Bulgaria — long entangled in cryptocurrency transactions, stolen client funds, diamond schemes, offshore company registrations, straw men, and fleeing justice across countries. His international travels and appearances at global events were all financed with money stolen from defrauded investors — each trip in search of a new target and a new hiding place.
The scheme was absurdly simple: at the start, Todor would hijack and slightly misspell the names of well-known global giants — like Splendor, Bankor, and others. He would then pass off stolen website mockups, adapted to fit the theme of a new investor. To create the illusion of scale, an external shell — a rushed, content-heavy but barely functional site or interface — would be built within days, often under 24/7 pressure.
What followed was textbook fraud. One or two investors would enter with tens or even hundreds of thousands of dollars. Ivanov would stage a presentation, convince them, forge documents, and stall for time. As soon as the money landed — Todor vanished. Development ceased, sites were frozen, and the team was ordered to begin a new project — for a new investor, under a new domain, but with the same recycled scheme.
In December 2025, accounts linked to Ivanov were frozen by a banking institution under Article 253 of the Bulgarian Criminal Code (money laundering, punishable by up to 12 years in prison). At the time, Todor had already withheld our salaries for three months. Days later, he disappeared with his new accomplice — leaving no explanation behind.
Later investigations and a review of Bulgarian registries revealed that we were not the first team robbed by this man. His name appears in multiple cases involving fraud, shell companies, and offshore financial operations.
On this site, you’ll find a growing archive of documents, public records, and evidence related to Todor Ivanov and his criminal infrastructure.