U Network to Buy Own Tokens

The company launched the BuyBack program in an attempt to redeem the tokens from early investors to support own ecosystem
23 July 2018   981

The increased interest of investors for U Network ICO led to the fact that the developers did not have their own UUU token to maintain the ecosystem. The company launched the BuyBack program in an attempt to redeem the tokens from early investors who received them in February via AirDrop, CoinDesk reports.

According to available information, the project will acquire UUU tokens per thousand Ethereum in several stages. So, on the first of them 200 ETH will be spent on the purchase, the price of the token will be from $ 0.004 to $ 0.005.

It should be noted that at the start-up phase, the issue of tokens was limited to 10 billion.

I think this case illustrates the huge trade-offs founders face. If they keep too many tokens in reserve, they are often accused of being greedy. But if they give away too many tokens then they lose a crucial lever they need to incentivize people to use their platform or service in the future.

Catherine Tucker 

Professor of management and marketing, Massachusetts Institute of Technology

According to Catherine Tucker, professor of management and marketing at Massachusetts Institute of Technology, the situation with U Network proves that startups do not have a specific methodology for calculating the required number of tokens.

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Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   93

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.