New Study Shows 80% of ICOs Operated in 2017 Were Scams

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A recent study prepared by the Statis group ICO advisory firm identified that over 80% of ICO’s in 2017 were scams. The study examined the lifecycle of these ICO’s from the initial proposal of sell to the mature phase of trading on a cryptocurrency exchange.

The research revealed that over 70% of the ICO funding went to higher-quality projects, while over 80% of the projects were identified as scams. This study labeled an ICO death as “not listed on exchanges for trading” and “not updating code within their Github contribution page for over three months”.

According to the research, total ICO funds raised from these companies in 2017 amounted to $11.9 billion. 11% of the ICO funded ($1.34 billion) went towards scam these scam coins. The vast majority went to larger scam projects like Pincoin ($660 million), Savedroid ($50 million), and Arisebank ($600). The three ICO’s alone equaled $1.31 billion. While a larger number of ICO’s were scams, they received little funding as compared to the industry as a whole.

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Techcrunch released another report earlier this year from Coinopsy and Deadcoins, which discovered that over 1000 cryptocurrency projects are already dead as of June 30, 2018. According to the Coinopsy list, there were 247 dead coins, while Deadcoins contained a 830 “dead list” of cryptocurrencies.

These cyber security company Carbon Black, conducted research in June of roughly around $1.1 billion worth of digital currency which was found stolen in the first half of 2018. The security company stated that cyber criminals take advantage of the dark web in order to initiate large-scale cryptocurrency theft. Estimated reports showcase 12,000 marketplaces and 34,000 offerings associated with crypto theft that hackers took advantage of.

The consulting firms PwC and Swiss Crypto Valley Association released a report showing the volume of ICO’s between January and May 2018. The report shows that $13.7 billion worth of ICO funding has already been accumulated, which is twice as much as the entire year of 2017.

 

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