Top Failed ICO 2017

Learn about the reasons of ICO campaigns fails in 2017
23 October 2017   17530

General ICO market overview

The market of initial coin offering (also known as ICO or crowdsale) is an extremely stormy place. Volumes of funds, raised thru tokensale growth very fast. For example:

  1. For the first three years of the ICO Institute, from 2013 (when Mastercoin first sold its tokens to the ICO) until 2016, about $150M was raised. 
  2. In 2016 ICOs collected more than $250M (of which $150 million accounted for The DAO)
  3. From the beginning of 2017, 201 startups raised more than $3B thru ICO. 

ICO Stats 2017
ICO Stats 2017

The pace of such growth is truly amazing. As you can see on the graph above, the biggest amount of funds were rised in September (almost $850M).

But there is always the other side. Governments all over the world are seeking the way to regulate tokensales. Some of them go really hard, Chinese and Korean ICO bans hit hard on the cryptocurrency market. Some of them are more delicate, for example, France. Also, we cannot forget about SEC - US Securities and Exchange Commission is keeping an eye on ICOs, sometimes even suspects it in fraud

Not all crowdsale campaigns are successful, even those, which managed to raise large founding. Continue reading to learn about the most interesting failed ICOs of 2017.

Top Fail ICO 2017

So, let's start to review failed ICOs. Armed Ukrainian swindlers; project, that raised big funds but managed to start inner conflict and startups with interesting ideas included.


On August 21, the General Prosecutor's Office of Ukraine, together with the National Police of the country, exposed the fraudulent Swiscoin project, whose creators are suspected of embezzling investments worth more than $ 500,000.

Results of searches at SwissCoin, p.1
Results of searches at SwissCoin, p.1

The offices of the company and the places of residence of citizens who took part in the project are searched. Money, weapons, and ammunition for it were found.

Results of searches at SwissCoin, p.2
Results of searches at SwissCoin, p.2

All participants of the project face imprisonment up to 12 years with confiscation of property.

The creators of Swiscoin, citizens of Ukraine and India, positioned the project as a "crypto-currency", promising to develop a system of instant, virtually interest-free payments anywhere in the world. Scam-project actively promoted in the press and announced cooperation with large trading networks and banks.

Results of searches at SwissCoin, p.3
Results of searches at SwissCoin, p.3

In this case, no whitepaper was published, and there was also no information about the developers.

Nevertheless, in February 2017, Swiscoin managed to attract more than $ 500,000 during the ICO. However, instead of the promised developments, investments were distributed among the creators of the "crypto-currency".


Tezos was designed as a new decentralized blockchain that governs itself by establishing a true digital commonwealth. It facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts. When launched, Tezos will support smart contracts, using proof-of-stake as a consensus algorithm. With proof-of-stake, validators essentially set aside a portion of their tokens to increase their chances of being chosen to create the next block of transactions.

Despite the fact that Tezos was able to one of the most successful tokensale campaigns in whole ICO history, the conflict between management brought to panic among the investors and fall for 75% in few hours.

XTZ price chart
XTZ price chart

As you can see on a pic above, XTZ got really big bad price drop literally in few hours. Also, on 23.10.17 it has become known that investors initiated an investigation into Tezos. We cannot say that Tezos is 100% failed and we really hope that everything will be good in the future, but giant price drop and investigation by Boston law firm is no good for a project at all.

Slot N Slot

SlotNSlot was aimed to provide an ever-lasting, trustless, autonomous gambling platform with extremely low operation cost, where anyone in the globe can both make and play amazingly fun and incredible slot machines. With the aid of rising Ethereum world computer, the platform achieves fast and economical designs. 

Project's idea is not original, but it was well-documented and had a GitHub page and even beta version available for a play. But developers faced some issues and they would like to be honest with investors, so they canceled the ICO.

Along the progress of the project, we’ve believed that doing the crowdsale(ICO) is a part of validating the product, so we planned and progressed with the ICO in mind. However, we were not prepared with such detailed long term plan for the project and its use of the funds raised that investors could be satisfied and agree with. While designing and developing the structure of the platform, there seemed to be lots of difficulties and obstacles to make it fully autonomous, which made it much burdensome to stay anonymous. At current stage, we lack the confidence that the project can be a success, and enforcing the crowdsale in such conditions is an irresponsible decision. For this reason, we are retracting the crowdsale(ICO) for the project.

Slot n Slot team official announcement


The Veredictum platform is being designed to reduce film and video piracy, a $20bn global problem, by attacking the drivers of piracy, not just its symptoms:

  • Consumers not able to access content when they want, how they want and at a price point that is fair.
  • The lack of sufficient deterrents and tracking capabilities. The platform is being built in 4 phases: •
  • The ownership and distribution rights of producers’ content will be registered formally to a decentralized, global blockchain-enabled registry. A digital fingerprint is inserted into the video which links back to those rights. •
  • Members of the creative community will act as nodes within a decentralized structure to enable the distributed search and detection of digitally fingerprinted video content. By providing their unused computing power and bandwidth, Veredictum will be the SETI* of pirated content. Nodes will be rewarded with VENTANA, our cryptocurrency token.

Intersting project that failed the ICO. But team isn't sad and, according to official statement, is planning to re-do the model. 

The crowdsale, has, however, opened up so many doors for us with new potential clients who have seen what we are doing and are excited by our ambition to solve a major global problem for the whole creative space. As a result, we will be working with these great new contacts to develop market products that are focused deeply on solving the problem that just isn’t going away.

Veredictum Team


Ahoolee is the world's first search engine for products! Ahoolee compares prices in online stores worldwide using a decentralized platform for collecting and indexing information from open sources with confirmation of authenticity based on the Blockchain technology.

Despite the fail of ICO, project's team says that they have worked on the mistakes.

What are we going to do next? We will repack the product. Perhaps we will rebrand it. Bring the globality of our idea to investors. We will conduct the pre-sale and ICO according to the usual market scheme, attracting large investors in advance. Actually, everything is just beginning!

Sergey Ryabov
CEO, Ahoolee

We can only wish good luck to Sergey and his team.


As you can see by yourself, not all ICOs are successful. For some teams, even giant funds raised cannot bring true success fast. Stay tuned! In the nearest future we will release big material on the most succesful ICO campaigns of 2017.

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   936

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.