Diar Research: ICO Scams Siphoned Off $100M
Cryptovest
Published Aug 14, 2018 12:46PM ET
Updated Aug 14, 2018 02:01PM ET
Diar Research: ICO Scams Siphoned Off $100M
ICO exit scams have made off with nearly $100 million from investors, finds the latest research from Diar, a provider of coverage and analysis of the cryptocurrency and blockchain industry.
According to a study published this Monday, this is roughly the sum stolen since July 2016, or at least that known from already exposed major scams.
In just the first two weeks of this August alone, Diar reports data regarding two very significant ICO scams, costing investors $68 million.
Source: Diar
Reportedly, the largest ICO scam so far in history was pulled by the Chinese company Shenzhen Puyin Blockchain Group. It ran three ICOs - ACChain, Puyin Coin and BioLifeChain and raised up to $60 million before attracting the attention of China’s State Market Regulatory Administration (SMRA), which launched an investigation. As Cryptovest reported in May , six individuals related to the Puyin Coin, which was allegedly backed by a rare and highly-valuable Pu’er tea, a variety of fermented tea that can only be found in Yunnan province, were arrested in China for fraud.
In the first two weeks of August, another considerable scam called the NVO project was uncovered. I...
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