Initial Coin Offerings (ICO) “failed” to provide protection against insider trading or stick to their whitepaper promises, a new report from the University of Pennsylvania Law School released July 17 reveals.
The lengthy study of the ICO phenomenon, dubbed “Coin-Operated Capitalism,” begins with a frank appraisal of investor expectations versus reality, the four contributing professors finding basic inconsistencies in the behavior of a “significant” number of projects.
In the introductory comments, they state that their “inquiry reveals that many ICOs failed even to promise that they would protect investors against insider self-dealing.
In their paper, the UPenn law professors use Estonian financial institution Polybius as an example of promises made in the whitepaper against real progress post-token sale.
In May, Binance CEO Changpeng Zhao determined that “raising money through ICOs is about 100 times easier than through traditional VCs, if not more.”

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