The ICO Ruins, Dead Coins, and the Legacy
The era of the ICO’s is obviously coming to an end and leaves behind a terrible legacy. Founders, ICO experts, and bounty hunters have staged an unparalleled global hype since 2016 over all countries and jurisdictions. Now not only the founders but also the ICO experts are threatened with punishment by supervisory authorities. This long overdue approach by the regulatory authorities and enforcement agencies will hopefully finally put an end to the ICO hype. We from FinTelegram are blockchain supporters and cryptocurrencies evangelists. And we are advocates of the ICO idea – to provide a new means of finance to startup projects. But we are also and above all committed to investors protection and have had to realize that cryptocurrencies and ICOs are primarily used for fraudulent Ponzi systems and scams.
Despite (or because of) the massive involvement of ICO experts, most ICO’s turn out to be scams or scraps. As Bloomberg reported yesterday, the Tokens’ graveyard is rapidly filling up. And the forensic guys enter the stage now with FinTelegram being one of them.
On Dead Coins, for example, 821 Tokens or Coins are listed as a sort of defunct. Of these 121 tokens are rated as a scam and 633 are already qualified as deceased. On Coinopsy 245 tokens and coins are listed as dead. According to a March 2018 study by Satis Group, fewer than 4% of ICO’s raising from US$50 million to US$100 million were successful. Most ICOs were raising money without having an experienced development team or an actual product, just white papers studded with pixie dust – and ICO experts as advisors, of course.
This is indeed frightening data overall, isn’t it?
Who are the responsible ICO experts?
We may ask ourselves what the many ICO experts have actually done to produce such an ICO legacy? Where is the responsibility and liability of these ICO experts? Could it be that these consultants and experts are the actual cause of the many scams and “shit coins”? Many questions that need to be answered in order to protect coin investors.
Some of the experts listed on ICObench already disappeared, quickly deleted their profiles or quietly retired from ICO consulting (read our telegram here). Especially with the many scams, the role of the ICO experts in these scams should be examined more closely.
We have set ourselves the task to identify ICO experts involved in scams and scraps and will conduct corresponding investigations over the next couple few weeks. We will have a look at which consultants were involved in which “shit coin” projects and compile a respective “shit coin experts” list. The support of our readers is more than welcome.
Relevant information about ICO experts will be much appreciated. Please simply use the whistleblower system below to provide your information to our team.