According to the recently published report of TechCrunch, over a thousand encryption projects are already “dead” on June 30, 2018. The information is based on the data from two sites, DeadCoins and Coinopsy.
Coinopsy offers daily reviews of various crypto-coins, including those that are already departed. It defines a “dead” token, in the case of following no nodes, website dead, low volume, abandoned, no social updates, scammed, no nodes, wallet issues, or developers have left the project.
According to the list of Coinopsy, till the time, there are 247 dead coins. These include the infamous Bitconnect, which was closed in January 2018 and described by the site as the most successful cryptocurrency with Ponzi scheme.
DeadCoins has a long list of 830 cryptocurrencies that are called as dead. Among them is the Titanium Blockchain Infrastructure Services ICO that was evaded by the Securities and Exchange Commission (SEC), and was closed due to counterfeit practices.
According to an SEC press release, Titanium managed to bag $21 Million from investors in the US and other countries. In its statement, the SEC warned investors that ICO is an extremely risky form of investment.
As reported by Cointelegraph, on Friday the ICO volume reached 13.7 Billion. In 2018, which is twice as compared to the market valuation in 2017. According to the report, the dead and scam ICO raised over $1 Billion in 2017.
On June 21, Adena Friedman, CEO of Nasdaq warned that investment in ICOs might lead to serious risks for small investors, claiming that projects that raise funding by this methods have an unclear oversight in business.
In early June, crypto-evangelist John McAfee told him to stop endorsing ICO owing to alleged SEC threats.