BITCOIN.COM: “ICOs Have Become a Parody”

Cryptovigilante doesn’t want credit for this one. Actually, we are a little bit shamed that we covered exactly 0 of these topics last week, but NEWS.BITCOIN.COM’s Kai Sedgwick made an awesome list of SEVEN DAYS IN ICO LAND and we just have to share this, obviously with a link to this great-great article. All credits to NEWS.BITCOIN.COM and mr Sedgwick, please.

So what happened last week in ICO Land? Let’s kick it off with a Monday, when there was a news story about how some hacker deposited “unfeasibly large” amount of HADE tokens into Forkdelta and IDEX before withdrawing 26.5 ETH. It was possible because there was a vulnerability in HADE’s token transfer code.

Next day, a Blockbroker exit scammed. Blockbroker was an ICO set up to discover exit scams.

On Wednesday: One of the token distributors for the Shopin ICO has had its crypto wallet hacked and 10 million dollar was stolen.

On Thursday? Some ICO emailed NEWS.BITCOIN.COM trying to gain some publicity when talking about Apple stealing its logo. Little bit later, travel writer Nomadic Matt launched world’s first BOOK ICO. What ever money you will throw to it, he’s going to write it.

What about Friday then? Hacker steals Fantom ICO’s Telegram gchannel.

And Saturday. From NEWS BITCOIN.COM: “All eyes are on EOS, 2017’s most hyped ICO, as it prepares its mainnet launch. There’s just one problem (okay, a few problems): the identity of the block producer overseeing the voting process is being kept secret which goes against the entire principle of blockchain transparency. Oh, and there’s a shortage of tokens required for staking, forcing the project to print another 19,000 to push things through.”

Sunday: Lots of suspicious deposits being made on IDEX. It goes on – South Korea’s Coinrail exchange is hacked and 2.6 billion NXPS tokens from the Pundi X ICO are stolen. That’s 3% of the total token supply.

We have been telling this for a long time now that ICO land is full of scummy people. This is why we haven’t touched anything in that space since December last year.