Hardcore Early Adopters Are Dead-Set on Kik’s ICO

“I’m long-term bullish and short term I have no idea.” That’s how Fred Wilson, a partner at Union Square Ventures and one of the most widely respected VCs working today, answered a question about the crypto market in general and specifically his outlook for Kin, the soon-to-be launched token created by the messaging app, Kik. Wilson made the comment in a small event space on Prince Street in Manhattan, sitting in front of 28 people that Kik had flown in from 13 countries (including Japan, India and Australia), and all…

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Vietnam Investigates ICO Fraud After $660 Million in Losses Reported

Investors in two allegedly fraudulent initial coin offerings (ICOs) descended on the offices of the company behind both of them this past weekend. As much as $660 million may have been lost as a result of the schemes – Ifan and Pincoin – though these figures could not independently be verified as of press time. Yet the protest outside of Modern Tech’s Ho Chi Minh City headquarters, as reported by Tuoi Tre News on Monday, is perhaps reflective of the severity of the situation, which has sparked an official investigation…

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The Wait for Grams: Why Telegram Might Just Cancel Its Public ICO

The average crypto enthusiast isn’t likely to get their hands on grams – Telegram’s crypto token – anytime soon. While half of the ambitious $1.2 billion the messaging giant hoped to raise was supposed to come from an ICO open to public investors, recent SEC filings confirm Telegram has already raised $1.7 billion from two private sales. Now, sources with knowledge of the deal believe the company is likely to scrap its public sale altogether. The reason? Raising money from the public could be way more trouble than it’s worth.…

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Bear Market ‘Largely Over,’ Crypto Fund Manager Claims

Timothy Enneking, managing director of Crypto Asset Managment, LP, said Monday that the winter in cryptocurrency markets is “largely over.” Crypto Asset Management, which was founded last year and has roughly $20 million in assets under management, saw its CAMCrypto30 cryptocurrency index fall by 69 percent since its high in January. Enneking sees four reasons for the collapse. Asset consolidation, regulatory concerns, massive liquidation by the Mt. Gox trustee and startups’ selling crypto assets to pay salaries and expenses are all factors in the market’s overall decline, he wrote. “Consolidation after the…

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Bank-Backed Hyperledger Is Slowly Opening to ICOs

While enterprises have generally been more conservative when it comes to cryptocurrency, one of the market’s key players, the Hyperledger consortium, appears to be opening its code to edgier pursuits. Revealed exclusively to CoinDesk this week, the Sovrin Foundation, creator of the Hyperledger Indy codebase for digital identity management (and a Hyperledger group member since 2016), intends to become one of the first to raise money by launching a crypto token using the consortium’s code this summer, effectively following through on a promise first detailed in a white paper last year. That news may come as…

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$125 Million Raised in Basecoin SAFT Sale, SEC Filing Shows

Intangible Labs, the company behind the Basecoin “stablecoin” project, has raised $125 million by way of a Simple Agreement for Future Tokens (SAFT) sale, a new SEC filing shows. According to a Form D document submitted to the U.S. Securities and Exchange Commission (SEC), Intangible Labs raised the funds via SAFT from 225 investors between March 22 and April 3. Intangible Labs did not immediately respond to a request for comment. Intangible’s basecoin token aims to avoid price volatility by pegging its value to a group of other digital assets. Founder…

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Ontario Regulator ‘Gathering Information’ on Crypto Trading Platforms

The Ontario Securities Commission (OSC) is looking into the activities of cryptocurrency trading platforms that are operating in the province. Kristen Rose, an OSC spokeswoman, said Friday that the agency has received “a number of complaints” about platforms selling cryptocurrencies that may qualify as securities. “These platforms,  and any businesses that allow coins/tokens that are securities to trade on them, may be offside securities laws,” she added. Under Ontario law, exchanges must apply for recognition by the commision. These applications require firms to describe aspects of their business, including corporate governance,…

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How to Defend Yourself Against Pump-and-Dump Crypto Scams

Tanzeel Akhtar is an independent British journalist whose work has been published in the Wall Street Journal, CNBC, FT Alphaville, Investing.com, Forbes, Euromoney and Citywire. “Pump and dump” schemes have been around since long before cryptocurrency was invented. What’s striking about the crypto markets is that this type of manipulation is done out in the open. On various social media channels, for example Telegram, BitcoinTalk and Reddit, groups of individuals come together and agree to buy altcoins at a certain price and to sell simultaneously at a specific time when…

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An XRP ICO? It’s Happening Whether Ripple Likes It or Not

It turns out, you can launch crypto tokens on Ripple’s XRP Ledger, and a small group of coders are seeking to be among the first to do it. Stepping back, that might seem strange on multiple levels. For one, there’s XRP Ledger’s association with Ripple, the San Francisco startup that has largely tried to distance itself from cryptocurrency, mostly focusing on offering distributed ledger tech to some of the world’s largest financial firms. Second, there’s the fact that XRP Ledger, while open-source, isn’t exactly known as a platform. But while ethereum…

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AngelList ICO Spin-Off CoinList Raises $9.2 Million

A platform for token offerings first incubated at venture firm AngelList has completed its Series A. Launched last May, CoinList revealed Wednesday it has raised $9.2 million to build out a platform where accredited investors can invest in initial coin offerings (ICOs), or custom cryptocurrencies issued by startups and open-source projects. Investors in the round include Polychain Capital, FBG Capital, Libertus Capital, Electric Capital, Blockchain Capital, CoinFund and Digital Currency Group. The news closely follows CoinList’s announcement in October that it would continue to pursue its model, one that had seen it…

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