Odds and Ends 

Exit scammers run off with $660 million in ICO earnings

A Vietnamese cryptocurrency company Modern Tech launched an ICO for its Pincoin token, raising $660 million from approximately 32,000 people. The company first ran the Pincoin ICO, promising constant returns to investors, and then launched another token, iFan (a social network token for celebrities). Picoin investors first received cash from their investment and then the team began paying out rewards to Pincoin investors in iFan tokens. Then the team disappeared. This so-called exit scam could be that largest in recent memory and is also indicative of what’s to come in…

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Uber co-founder Garrett Camp is creating a new cryptocurrency

Garrett Camp, best known for being a co-founder of Uber and founder of the accelerator/venture fund Expa, is launching his own cryptocurrency. The currency is called Eco, and Camp wants it to be a digital global currency that can be used as a payment tool around the world for daily-use transactions. There will be one trillion tokens issued initially, of which 50% will be given away to the first one billion verified humans that sign up. 20% will go to the universities running trusted nodes, 10% will go to advisors,…

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Telegram plans multi-billion dollar ICO for chat cryptocurrency

Encrypted messaging startup Telegram plans to launch its own blockchain platform and native cryptocurrency, powering payments on its chat app and beyond. According to multiple sources which have spoken to TechCrunch, the “Telegram Open Network” (TON) will be a new, ‘third generation’ blockchain with superior capabilities, after Bitcoin and, later, Ethereum paved the way. The launch will be funded with an enormous Initial Coin Offering, with forthcoming private pre-sales ranging into the hundreds of millions, potentially making it one of the largest ICOs to date. Demand is driven by the…

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Why Science is turning to ICOs for its incubator

There has been a wave of startups turning to initial coin offerings, known asICOs, to raise funding through digital currency and now at least one fund is doing this, too. Science Inc., the LA-based team co-founded by Peter Pham and Mike Jones, which has incubated startups like Dollar Shave Club, DogVacay and Wishbone, is launching a fund for blockchain startups and plans to raise the money through an ICO of up to $100 million in size. It seemed to make sense to us to put our money where our mouth…

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How Ethereum became the platform of choice for ICOd digital assets

Jason Rowley is a venture capital and technology reporter for Crunchbase News. More posts by this contributor: Heres how likely your startup is to get acquired at any stage Startups, you must raise this much to join the 1% For most of the history of blockchain-based currencies and assets, the story has been all about Bitcoin. At a market capitalization of around $40 billion, it remains the most valuable cryptocurrency. But with the rise of a new chain on the ahem block, namely Ethereum, and new ways to fund the development of…

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