Poloniex revealed its forthcoming Tron (TRX)-powered initial exchange offering (IEO) platform on April 5. Projects seeking to conduct their offerings on Poloniex’s LaunchBase platform face the stipulation of issuing tokens in exchange for TRX, and will be considered on a “first-come, first-serve” basis. Poloniex announces Tron-powered IEO platform Poloniex asserts that LaunchBase is intended “to help quality blockchain projects grow and further develop their ecosystem,” stating that it will “offer professional advice and guidance” to assist partner projects. In addition to agreeing to raise funds in TRX, partner projects will be subject to “eligibility and screening requirements.” Entities located in …

Rapper and entrepreneur, Akon, shared the whitepaper for his upcoming ‘Akoin’ cryptocurrency project exclusively with Cointelegraph. The document describes Akoin as a cryptocurrency “designed for entrepreneurs in the rising economies of Africa and beyond,” adding that the project’s mission is to “unlock the potential of the world’s largest growing workforce” using blockchain technology. Mobile credit trading in Africa The whitepaper describes Akoins as utility tokens that power “atomic swaps” between cryptocurrencies, fiat currencies, and mobile phone credits on the Akoin network. Speaking with Cointelegraph, Akon emphasized that mobile credits are being used as a currency in Africa, stating: “We have …

Following the US SEC’s investor alert against Initial Exchange Offerings (IEO’s), Malaysia’s regulator has published a regulatory guide requiring token offerings in the country be attached to exchanges. A breakdown of Malaysia IEOs A report from Malaysia’s Securities Commission (SC) makes clear that digital tokens are to be used only for goods and services and within strict guidelines, which will take effect late 2020. Issuing digital tokens in the country without SC approval is illegal. The platforms themselves bear responsibility for vetting issuers and approving token features. The minimum paid-up capital is 5 million Malaysian ringgit ($1,227,000). Operators looking to …

The U.S. Securities and Exchange Commission (SEC) sent out a warning today from its Investor Education and Advocacy wing, urging citizens to be wary of initial coin offerings (IEOs). In a Jan. 14 statement on its website, the SEC said: “Be cautious if considering an investment in an IEO. Claims of new technologies and financial products, such as those associated with digital asset offerings, and claims that IEOs are vetted by trading platforms, can be used improperly to entice investors with the false promise of high returns in a new investment space. As described below, IEOs may be conducted in …

Initial exchange offerings (IEOs), which launched in 2019 have lost investors up to 98% of their money, damning new statistics show. In its latest report on the phenomenon published on Dec. 23, the analytics arm of exchange BitMEX, BitMEX Research, identified twelve major IEOs that launched this year. Of those, eleven are now almost worthless compared to the price at which they first traded on exchanges. Almost all IEOs down 80% or more “Relative to the first traded exchange price... the performance to date has been poor. Almost all the tokens are down over 80%,” the report summarized. IEO investment …

One of Binance’s initial exchange offering (IEO) tokens, Matic Network (MATIC), dropped almost 70% on Dec. 10. Meanwhile, other IEOs such as Celer Network (CELR) and Harmony (ONE) also followed suit. Based on the Ichimoku Cloud, MATIC’s trend now sits in jeopardy as CELR and ONE seem to have lost whatever momentum they were gathering for a potential uptrend. MATIC dumps taking other IEOs with it Although the rationale for MATIC’s plunge still remains unclear, Samuel Gosling, the creator of Validity Crypto, a crypto asset assessment platform, sent out a Dec. 9 tweet warning the public that Matic Network had …

Ethereum (ETH) based cryptocurrency payment network Matic has described as “baseless” claims it manipulated the price of its token after it crashed 60% in minutes. In a blog post on Dec. 10, executives addressed community participants who saw the value of the project’s in-house MATIC token lose most of its value hours before. Matic denies manipulation after crash According to data from Coinmarketcap, MATIC/BTC reached a high of 562 satoshis on Monday, before diving to lows of just 195 satoshis. Despite a subsequent correction above the 200 satoshi mark, the pair was still trading down 50% at press time on …

As everybody focuses on the recent price action of Bitcoin (BTC), some other cryptocurrencies are deciding to break out of their long term downtrend. Notably, Initial Exchange Offerings (IEOs) and Binance IEOs, in particular. Crypto market data. Source: Coin360 IEOs are similar to ICOs except that they are immediately launched on an exchange. The phenomenon started to gain attention at the beginning of 2019 through the launch of the Binance Launchpad. Matic Network biggest performer MATIC BTC 12-hour chart. Source: TradingView One of these IEO’s is called Matic Network (MATIC), which has been providing some exciting setups during 2019. In …

Boxing legend and Phillipino politician Manny Pacquiao’s PAC token will become available for purchase on the Singapore-based GCOX crypto exchange through an initial exchange offering on Nov. 12, according to a press release shared with Cointelegraph. The PAC token was first launched at the start of September this year, and its main purpose is to facilitate the purchase of merchandise and social media interactions with the Philippines-born current welterweight champion. According to previous reports, the token’s launch was backed and supported by Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, as well as former Liverpool football …

Cryptocurrency exchange Bitfinex has abruptly canceled its token sale for K.im, Kim Dotcom’s Bitcoin (BTC) content sharing service. In a blog post on Nov. 5, executives said they had agreed not to go ahead with the sale, an initial exchange offering (IEO) which had a planned fundraising goal of $8 million. Bitfinex: Risks have “become clear” The reason, they claimed, was the changing face of regulatory scrutiny over such tokens, which posed potential difficulties for both issuers and investors. “Since we announced the debut of Kimcoin on the Bitfinex Token Sale platform, the regulatory environment has rapidly evolved. The risks …

The second quarter of 2019 demonstrated a growing popularity of the initial exchange offering (IEO), which has replaced the outdated initial coin offering (ICO) model. The new trend — the key role of which is played by a cryptocurrency exchange auditing projects and organizing token sales — has established itself positively among startups. Crypto market stats show that over 65 IEOs have been launched in the past six months, with about 40 of them having reached their soft cap or even hard cap successfully. About 15 IEOs will be launched in the next three months. Notably, half of them are …

South Korea’s Cyworld social media platform shuttered its services on Oct. 1 without giving any prior notice, English-language local media The Korea Times reported on Oct. 14. What’s more, the website for its Clink (CKCT) crypto-asset has also become inaccessible. In response to the news, local cryptocurrency exchanges supporting Clink, namely CoinZest and BitSonic, are now considering delisting the token. Moreover, some investors who bought Clink are reportedly considering filing a lawsuit against Cyworld and its CEO, Jeon Jae-wan. Great losses are expected for investors Unspecified industry officials reportedly estimate Clink investors to lose least 1 billion won (about $844,000) …