It’s not altogether unusual for the founders of a dubious initial coin offering (ICO) to abandon the project once they have collected funds. It’s rare, though, for the ICO operators to issue a statement announcing their “exit” from the project. That, however, is exactly what ushered in what may be the last chapter in the saga of Bitcoiin (also known as Bitcoiin2Gen).
In a statement dated March 26, the Bitcoiin ICO operators announced that the token sale had been a “fantastic success” and informed the community that they — along with brand ambassador Steven Seagal — will now “exit” the project.
From the statement:
“As Bitcoiin goes through the conversion phase from token to mineable coin we wish to advise that Bitcoiin will join the likes of the original Bitcoin and become a truly open source. Therefore a big thank you to the Founders and to our Brand Ambassador whom we wish all the best in their future endeavors. However, from this point on Bitcoiin will function within its ecosystem and become a genuinely anonymous cryptocurrency with no individual or individuals having control over the entity!”
Later in the statement, though, the Bitcoiin ICO operators said that they “look forward to seeing the future appointed CEO,” which would seem to conflict with their earlier claim that the project will become a “genuinely anonymous cryptocurrency with no individual or individuals having control” over its operations.
Bitcoiin did not state how much the token sale raised. A previous statement claimed that it had reached its $75 million soft cap in “record fashion,” though that figure may be suspect.
As CCN.com reported, the ICO has already found itself in legal trouble, as regulators in several US states have issued it cease-and-desist orders for holding an unregistered securities offering and possibly conducting a pyramid scheme. Not even Steven Seagal is Above the Law, which the action film star should find concerning considering that the Securities and Exchange Commission (SEC) has warned that celebrity ICO endorsements may be unlawful.
As for Bitcoiin investors, well, it won’t be surprising if this ICO leaves them with Exit Wounds.
Featured image from Flickr/Gage Skidmore.
Last modified: May 20, 2020 8:57 PM UTC