144 ICO Projects Fail At Year-End 2018
Not all altcoins on the crypto market managed to pull through and withstand competition in 2018, Bitcoin.com reports, referring to the information from Coinopsy.
The Coinopsy website contains a directory of so-called “dead” cryptocurrencies. According to it, 264 crypto projects failed due to a general fall in the crypto market in 2018, of which 144 were created a year earlier during the initial coin offering (ICO).
Coinopsy includes to the category of “dead” cryptocurrency tokens that have been abandoned, associated with fraudulent activities, their website has ceased to exist, there are no nodes, issues with the wallet, information is not updated, or the developers have left the project.
It should be stressed that two projects ceased to exist twice. The Philosopher Stones and Scorecoin were launched in 2013 and later failed to withstand the competition. In 2017, they reappeared, but subsequently the authors of the projects refused to promote them again.
A part of the 144 crypto projects launched by means of ICO either completely failed or was originally created for fraudulent purposes, as Dimoncoin, for instance. The project had vulnerable smart contracts that allowed to create an unlimited number of coins.
The second largest category of failed projects included those that were abandoned by the developers, the total number of them amounted to 73. 55 projects were accused of fraud.
Earlier, the study conducted by The Wall Street Journal revealed that several hundred ICO projects are shallow and have signs of fraud.