Almost half of the projects who started an Initial Coin Offering (ICO) didn’t have any development work done prior to the fundraising event, research shows. The majority of projects which got listed on a cryptocurrency exchange traded below the ICO price.
ICOs have become an increasingly popular way of raising capital throughout the last year. A lot of people, including the CEO of the world’s largest cryptocurrency exchange – Zhao Changpeng, recognized them as viable and more convenient ways of fundraising compared to existing solutions.
Yet, there’s always been a cloud of ambiguity around them, with more and more projects arising as scams. Earlier in March, it was reported that roughly around $9 million per day was burnt due to ICO and other crypto-related scams. As we are well past the end of the first quarter of 2018, it’s time to reflect on what happened in the world of ICOs.
Lack of Substance
According to research from ICOrating, 46.6% of the projects didn’t have any development prior to their ICO campaign. Even though this is a major red flag for any investor or contributor, the numbers are definitive. It shows …
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