Tokensales Still 'Rampant', China State TV Says

Country's highest-level government mouthpiece, has hit out at domestic ICOs that it says are still "rampant", despite a 2017 ban
23 May 2018   1804

China Central Television (CCTV), the country's largest government mouthpiece, paid attention to the ICO theme, saying that this sphere, despite the ban introduced in 2017, is still "rampant." This is reported by CoinDesk.

During the Financial News broadcast, the media reported that the ban on the ICO was imposed last September by the People's Bank of China did not deter local investors from investing in the crypto sector. On the contrary, their desire for rapid enrichment led to the rise of this area of ​​the economy.

Further, CCTV told about the sharp rise, as the Chinese crypto community calls them, "air coins" - told about tokens, for which there are no legally registered companies - and stated that the number of these "air coins" increased by 30 times after the ICO ban.

While many business entities have moved their projects overseas following the ICO ban, a lot of these 'air coins' carried on fundraising in China without migration because they are loosely organized as a temporary team, not even a formal business entity.
 

CCTV

These projects often state that they are connected with well-known crypto-currency investors like Li Xiaolai, one of the first investors and bitocain evangelists in China, to appear legitimate.

99.99 percent of the time, I'm being associate with these projects without even knowing it. There's always this fear of missing out (FOMO) among investors. And when they can't make judgments by themselves, they tend to refer to whoever influential is associated with the project.
 

Li Xiaolai

Cryptocurrency investor

China's central television is not the first time trying to tell the public about the "chaos" that prevails in the crypto-currency market. Simultaneously, China's law enforcement agencies stepped up efforts to combat projects aimed at attracting investor funds through the sale of tokens.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   207

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.