60% of the Coins are dead now
Over a thousand crypto projects have been announced as “already dead” the end of June 2018. The data from Coinopsy and DeadCoins .
As per Coinopsy, which updates its list of various cryptocurrencies daily including the “dead” tokens which are defined as those that fulfill atleast one of the following criterion; “abandoned, scammed, website dead, no nodes, wallet issues, no social updates, low volume or developers have walked away from the project.”
Coinopsy and DeadCoins, both have their respective figures of 247 and 830 “dead” coins. The Coinopsy data includes the coins from Bitconnect, an infamous shceme that was shut down in January 2018 and is portrayed as “the most successful ponzi-scheme in crypto so far.”
Similiarly, DeadCoins, amongst its list of dead cryptocurrencies, has theTitanium Blockchain Infrastructure Services initial coin offering (ICO) that was recently cutoff by the US Securities and Exchange Commission(SEC) for illicit activites. Titanium has managed to gather $21 million from shareholders coming from various parts of the world, according to SEC’s media release, which also alerted the investors regarding the high level of risk associated with ICOs:
“Having filed multiple cases involving allegedly fraudulent ICOs, we again encourage investors to be especially cautious when considering these as investments.”
Adena Friedman, chief of the second-largest exchange in the world, Nasdaq sent out an alert on 21st June 2018 that ICOs constitute “serious risks” for retail investors, by claiming that schemes like this have “almost no oversight.”
With all the upcoming scams and fraudulent schemes, SEC has seemed to tighten its grip over such operations, with the crypto propagandist John McAfee stating that he would cease his development of ICOs in lieu of threats from the SEC.