ERC-20 Creator Wants to Let Investors Take Money Back

Vogelsteller felt responsible for the ICO boom and he intends to propose a better model
31 October 2018   220

Ethereum developer and creator of the ERC-20 standard Fabian Vogelsteller during a speech at the Devcon4 conference in Prague proposed the concept of a reversible ICO (RICO), during which a special smart contract will allow investors to return the invested funds at any stage of project development by returning tokens. This is reported by COindesk.

You are able to withdraw the funds you committed at any point of time and you do this by simply sending back your tokens. It brings the balance back between the community and the project and I think this is really important.

Fabian Vogelsteller

ERC-20, Creator

As soon as the Ethereum coins come back to the investor, other users will have the opportunity to purchase tokens. Vogelsteller stressed that all this can provoke a fluctuation of quotations, therefore, projects will need to attract basic funding from private investors outside the ICO.

He added that he felt responsible for the ICO boom, because he had created the standard, and he intends to propose a better model. In his opinion, RICO can significantly reduce the number of scams and encourage project creators to keep their promises.

Earlier, Vogelsteller proposed to use the ERC-725 rulebook for the standardization of digital identification technology.

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Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   70

The founders of the South Korean exchange Pure Bit, who were suspected of stealing investors' money, announced the return of funds.

According to the local edition of BlockchainROK, representatives of the exchange have already partially returned the money to some users and pledged to return all other funds.

On November 4, the exchange team launched the ICO with the goal of collecting about $ 30 million to create a crypto exchange. However, on November 9, Pure Bit closed the site, said goodbye to its investors and removed everyone from the group in the KakaoTalk messenger. Also, the founders of the exchange withdrew funds from the account that was used for ICO.

According to CCN, one of the issues traced the Ethereum address of the exchange and asked Upbit to block the account and freeze the funds. Upbit fulfilled this request.

This is Pure Bit. First off, I would like to apologize to everyone that was affected by the ICO. Since November 5, I raked in 16,000 ETH and did not open a crypto exchange as promised. I kicked out everyone in our social media chat groups and disappeared without any message. I negatively affected investors in the project psychologically and financially. I made an unforgivable mistake that cannot be turned around, blinded by money. It has been less than a day and I have already started to suffer from guilt. Although it cannot be compared with the hardship faced by the investors, I also felt significant guilt. I sincerely apologize to all of the investors in the ICO who were affected by the operation.

CEO of Pure Bit

The founder of Pure Bit also notified that he would return ETH 16,000 to depositors without taking into account the payment of services to a third-party company that organized ICO.