Community Celebrities Cutting Off Relations with ICO Projects
Recently Chinese A shareholders blame the bearish market to the relentless issuance of IPO, saying the companies drained the liquidity of the market. However, the steaming hot market of ICO attracted many common investors without proper knowledge of cryptocurrency into the crypto market. Some PPT-based projects could easily grab millions of funding in a matter of hours. Some community celebrities are busy cutting off ties with ICO projects to avoid possible legal liabilities in the future.
Wu Jihan, CEO of Bitmain, announced on weibo:
There have been lots of ICOs intiated by our friends. We get involved in some projects purely out of friendship. Please don’t consider it as an investment endorsement. ICO is pure gambling and we wish everyone good fortune.
According to Yunbi, 147,991.8403 ETH has been thrown to the EOS project by 10,110 participants as of press time. The one-year ICO will test the patience and liquidity of the community.
Lao Mao, ex-COO of Yunbi, disclosed that the exchange has been under attack when the EOS funding was kicked off. He denounced any promotion of ICO using his name without his consent.
“Any ICO projects marketing with my name or the exchange without our proper authorization may lose the opportunity to work with us permanently. We don’t care whether we are really involved in the relevant project.”
Vitalik Buterin expressed similar concern:
“This is me socially precommitting that I will not be an advisor for future ICO projects.”
Later, Konstantin Grglpls found that:
Vitalik just left the page as an advisor of bancor, that is telling a lot
ERC-20 tokens are the most common type of ICO at the moment, which really accelerates the adoption of Ethereum and its market price. Despite the recent network congestion contributed by some hot ICO projects like Bancor, Status, the ICO list in the coming months goes on.
Some people chose to cash in their reputation. Yang Linke, founder of BTCChina, has been away from the cryptocurrency circle for several years made a sudden return by announcing ICO for his “ICOCOIN” on 9th June. The date was chosen as a reminder to the community.
We set the fundraising timing for ICOCOIN on 9th June because I founded BTCChina with Huang Xiaoyu 6 years ago.
Warning from Jiang Zhuoer just came at the right time:
Don’t envy ICO because there might be legal risks in the future. If you lose money in altcoin and couldn’t find anyone to blame. But ICO team members are in real-name. If the newbies could never accept 99% loss of their investment, which used to be common practice in the past. They are almost certain to resort to any means including government to get their money back.