Crowdfunding complex hardware is risky business, and it seems that risk is something backers of the Kreyos Meteor smartwatch are becoming all too familiar with.

The Kreyos smartwatch (red flag #1) began as a flex-funding campaign (red flag #2) on Indiegogo (red flag #3) in July of 2013. After raising $1.5 million - $1.4 million more than their original goal - Kreyos set to work creating its seemingly well-funded, purportedly unique product. The company promised early backers would see their watches by November of 2013, just 3 months after the end of the campaign (red flag #4). When November had come and gone, backers started getting suspicious.

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