TechCrunch on the 30th day of June 2018 declared more than one thousand crypto projects as being dead and without any use case. The claim by this news outlet was derived from these websites: Deadcoins and Coinopsy.
The latter specializes in providing reviews of various cryptocurrencies especially the ones that are already “dead”. According o Coinopsy, “dead coin” means a coin that possesses either one of these: “abandoned, scammed, website dead, no nodes, wallet issues, no social updates, low volume or developers have walked away from the project”. The news outlet declared 247 coins to be dead as at the time of filling this report. It’s not a surprise that bitconnect is in the list released by Coinopsy. Coinopsy described bitconnect as the most successful PONZI-SCHEME so far.
The former (DeadCoin’s site) has a list of 830 cryptocurrencies considered to be “dead”. Among them, the most popular is Titanium which just completed it initial coin offering and eventually got shut down by the U.S. SEC for defrauding people of their hard earned money.
Titanium was able to raise about $21 million from inveators in the U.S and other countries, as was reported by the SEC in a news press. After the experience with Titanium cryptocurrency project, SEC sent out a warning note to all investors telling them not to invest in ICO’s again, unless it has been studied thoroughly and believed by the investor that such project is going to make waves in subsequent years to come, anyone indulging in ICO’s is doing that at his or her risk, SEC continued.