Uh-oh! More than 1000 Crypto Projects are Already Dead

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According to a report made by TechCrunch, more than one thousand crypto projects are already dead by June 30, 2018. Sources of this news came from websites: Coinopsy.com and Deadcoins.com.

Coinopsy is a site that provides a daily review of topic about cryptocurrencies including those that are define as “dead”. “Dead” means they are exhibiting at least one among these criteria: no social updates, wallet issues, website dead, no nodes, scammed, abandoned, or developers have walked away from the project.

In Coinopsy’s list, there are 247 coins projects at press time. This includes the Bitconnect which was shut down last January 2018. This was said to be “the most successful Ponzi-scheme in crypto so far.”

In DeadCoins’ list, it has 830 “dead” cryptocurrencies, in this list, the Titanium Blockchain Infrastructure Services ICO was included, it was shut down by the US SEC for fraudulent practices.

In the report from SEC, it states that Titanium has raised 21 million from investors in and outside of the US. SEC also warned the investors about the risks on ICO investments.

According to a report by Cointelegraph, the volume of ICOs has reached 13.7 billion in 2018, and is twice as much as the market in 2017. TechCrunch also mentioned that scam and dead ICOs in 2017 raised $1 billion.

Nasdaq CEO Adena Friedman, on June 21 warned that ICOs pose “serious risks” for retail investors, claiming that projects that raise money this way have “almost no oversight.”

John McAfee, a crypto evangelist also said earlier in June that he would no longer promote ICO due to alleged threats from SEC.

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