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Initial Coin Offerings pitfalls: Scams, flops, and security breaches

In: Understanding Initial Coin Offerings

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Abstract

This chapter counters the widespread misconception equating Initial Coin Offerings (ICOs) with scams or fraud. Despite the prevalence of scam-related content in ICO searches, it’s crucial to understand that many ICOs are legitimate fundraising tools for startups. We examine the early days of ICOs, characterized by low entry barriers and limited regulation, which attracted fraudsters exploiting the ICO platform. To offer a balanced perspective, we delve into the risks for ICO investors, comparing fraud levels in ICOs with those in conventional finance. We explore the nuances of ICO scams, discuss infamous cases, and cover ICO failures and security breaches that led to significant losses. Through this, we aim to provide a comprehensive understanding of ICOs' relationship with fraudulent activity.

Suggested Citation

  • ., 2024. "Initial Coin Offerings pitfalls: Scams, flops, and security breaches," Chapters, in: Understanding Initial Coin Offerings, chapter 8, pages 176-200, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21481_8
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803921587.00014
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