A Failed ICO Has Ended Up On eBay

  • Sponsy, a decentralized platform that allows sponsors and sponsees to conduct sponsorship deals, was expecting to raise millions of dollars in late 2017, even though it didn’t have a product.
  • The founder told the Financial Times that it was the norm for a company to raise tens of millions of dollars without a real product during the Great Crypto Bubble of 2017-2018.
  • However, the company’s lawyer advised Ivan Komar, the founder of the platform, not to ICO before a real product was built.
  • Because our lawyer basically told us that we should not launch any ICO before we built a real product that might have some users.
  • Komar acknowledged that the lawyer’s advice was probably the right advice from the customer’s — or token-buyers — point of view, but not from the point of view of raising money.

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