Top Failed ICO 2017

Learn about the reasons of ICO campaigns fails in 2017
23 October 2017   12169

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.

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Top-3 Ongoing ICO 16th - 22nd Sep Acc. to Our Readers

Let’s check which ICOs from ongoing 16th to 22nd of September are considered the best among our readers
24 September 2018   129

Our readers are dedicated cryptocurrency enthusiasts and fans of blockchain technology. We provide them with the ability to express their opinion regularly. Let’s check top three upcoming ICO according to our readers.

1. World Bit Bank 

Vitsolutions, LLC has been conducting technical development of the World Bit Bank project and researching innovative financial technologies and the blockchain technology since 2016. World Bit Group which manages the World Bit Bank was established in 2018. It was registered in the EU and holds the Virtual currency against fiat currency exchange license and the Virtual currency wallet service license. Being under European jurisdiction, all real and digital assets of investors will have the highest security. By covering a large portion of the globe, we will be able to provide millions of people with banking services using cryptocurrency in conventional banking operations. Such services include: cryptocurrency loans, use of cryptocurrency in VISA/MasterCard debit cards, easy and cheap transfer and exchange of cryptocurrencies and many more financial transactions we make every day.

World Bit Bank ICO
World Bit Bank ICO

As reported, almost €16M raised.

2. Worldopo 

Worldopo gives the players a platform to build, own and trade property, all securely stored in blockchain. The innovative new approach is the use of it’s own cryptocurrency, the WPT as the base of the economic simulation. This gives the game a layer of realism never seen before, because people can earn real money when playing. The addition of AR makes it possible to actually see your empire grow before you eyes. In short Worldopoly is a true revolution in mobile gaming, easy accessible and yet complex like the real life itself. The best is part is: the game has already completed the development of its game engine and major features.

Worldopo ICO
Worldopo ICO

Worldopo team was able to sell 640 700 WPT.

3. Cloudbric  

Cloudbric is a decentralized universal security platform featuring enterprise-grade website, mobile device and crypto asset security, as well as access to a community driven threat intelligence database all powered through a new technology called VISION (patent pending), a CNN-based deep learning AI-tech, featuring one of the most accurate (low false positive rated) engines on the market. Our goal is to not only secure the web in general, but to secure the entire blockchain experience for users and businesses alike whether it’s protecting global exchanges, securing cryptocurrency assets, etc. so that we can help further encourages the widespread adoption of this great technology to masses. Cloudbric is currently a market leading web application firewall as a service vendor in South Korea and Singapore. We boast multiple awards (SC Magazine, Stevie Awards, Info Security PG, more), are industry-certified, and have more than 10,000 customers and partners.

Cloudbric ICO
Cloudbric ICO

As we can see on the pic above, Presale #1 and #2 ended, and looks like 5000 ETH in total was raised.