How's That ICO Working Out?

Kharif examines initial coin offerings (ICO) which raised billions in 2017 and 2018, however most of the money is gone as of December 2018.The ICO category is under scrutiny from securities regulators around the world, which seems justified given that more than half of all token projects die within...

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Bibliographic Details
Published in:Bloomberg businessweek (Online) 2018-12 (4596), p.64
Main Author: Kharif, Olga
Format: Magazinearticle
Language:English
Subjects:
Blockchain
Digital currencies
Digital technology
Online Access:Get full text
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Summary:Kharif examines initial coin offerings (ICO) which raised billions in 2017 and 2018, however most of the money is gone as of December 2018.The ICO category is under scrutiny from securities regulators around the world, which seems justified given that more than half of all token projects die within four months after their sales, according to a Boston College study. And research published by crypto consulting firm Satis Group suggests that about 80 percent of ICOs were outright scams. Other ICOs might be described as merely colorful. One of the largest 2018 offerings. Dragon Corp., had ties to former Macau organized crime figure Wan Kuok-koi, better known as Broken Tooth, according to the South China Morning Post. The founders of BitConnect, which at one point had a market cap of $1.5 billion, simply vanished after receiving cease-and-desist letters from regulators in the US.
ISSN:0007-7135
2162-657X