ICOs Spoofing Themselves

Apparently, looking at all the events of the past week in the world of ICOs: from Watchdog ICOs exit scamming to people dying in token sale publicity stunts through ERC 20 token wallets getting emptied via smart contract bugs; there is never a day without something happening in the ICO land, not just anything, but any sane thing. Let’s not just be in the haste to take harsh criticisms at ICOs as it is obvious that the same thing happens to every shiny thing after losing its luster. Everything has always been cooling at a point of time in life till the day it was no more.

Wikipedia explains that Poe’s law is “an adage of internet culture stating that, without a clear indicator of the author’s intent, it is impossible to create a parody of extreme views so obviously exaggerated that it cannot be mistaken by some readers for a sincere expression of the parodied views.”

Let’s take a look at the past week’s ICO news, so as to differentiate between the real ICO news and the satire.

Monday, June 4: a hacker has deposited an “unfeasibly large” amount of HADE tokens into Forkdelta and IDEX before withdrawing 26.5 ETH. This was done by exploiting a vulnerability in HADE’s token transfer code.

Tuesday: Blockbroker is an ICO that was set up to unearth ICO exit scams, exit scams. The SEC’s Jay Clayton speaks of taking “bags of cash” to the US border.

Wednesday: a report says that one of the token distributors for ICO has had its crypto wallet hacked and $10 million stolen. An ICO telegram channel was also caught selling pooled tokens for projects not allocated to it.

Thursday: An ICO requested support from news.Bitcoin.com via an email sent to them to publicly go against Apple for “stealing” its logo, which actually is not the case. A travel writer by name Nomadic Matt launched the world’s first book ICO the same day.

Friday: Fantom’s Telegram channel was stolen by a hacker. It is considered one of the most popular ICO for the month of June. Admins have tried to regain control over it.

Saturday: EOS, 2017’s most accustomed is preparing its mainnet launch. The major problem lies in the identity of the block producer overseeing the voting process, as it is being kept secret, which is against the policy of blockchain transparency. Not only that, there is a shortage of tokens required for staking. The project then had to print another 19,000 to push things through.

Sunday: the week ended as it began. More and more speculations, suspicious deposits on IDEX. Coinrail, South Korea exchange is hacked and 2.6 billion NXPS tokens from the Pundi X ICO were stolen.


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