Ico advisory firm, Statis Group embarked on a recent study which revealed that more than 80% of ICO’s conducted in 2017 WERE ALL scams. While embarking on this research, the firm took into consideration “how long the project lasted” starting from its initial proposal of sale availability to the period when crypto market experienced its green state of nature in late 2017’s.
How did the research arrived at this result? An exercise was conducted to know which of these ICO’s were really high quality project’s, the result gotten from this particular one was 70%(by $ volume). Even at that, more than 80% of the project (by # share) were considered as scams. In the process of analysing all these, 4% of the ICO’s were considered a failure while 3% were considered as “dead projects”.
According to this research, death of an ico project implies that the project was unable to achieve anything within 3 solid months of its existence.
Total funding of coins and tokens in 2017 totalled about $11.9 billion of which $1.34 billion(11%) were scam. Majority of this huge sum of money went to 3 large scammy projects: pincoin ($660 million), Arisebank ($600 million) and savedroid ($50 million).
Not too long ago, TechCrunch releases a report gotten from coinopsy and deadcoin’s website, which stated that more than a thousand crypto project’s were already as of June 30th, 2018. The list on coinopsy signifies the death of 247 coins while that of deadcoin signifies 830 dead projects