Kickico pre-ico
I sent 15 ethereum (~ $5680 USD) and got in on the Kickico pre-ICO. Kickico sounds like an amazing concept. It’s a kickstarter clone on the blockchain and the team also plan to use the platform to launch/fundraise future ICO’s. In addition, the team have some respectable developers and an already up and running product.
I had a reasonable amount of conviction on this coin/token.
The team are based in Russia and maybe I’m completely off on this but I thought the cost of developing/producing products in Russia would be relatively low. Russians are smart as well so you could invest in well designed/thought out projects, at a low cost to develop and make a fortune unless of course, your worst nightmare comes true....
You get ripped off.
Boasting how important it was for ICO’s to be careful when it comes to being hacked and why they should use KickICO to prevent this kind of thing from happening in the future, the KickICO team posted this message on facebook July 19th 2017.
So what happened during their ICO yesterday?
That's right...
The really annoying thing about this incident is how it's being managed.
These guys look like a bunch of amateurs compared to the Tenx team who are far more sophisticated, communicative, honest and last but not least, didn't get hacked.
As if the hack incident wasn't bad enough, I then get this message
The “cap” for the ICO has been reached but there is a "hidden cap". I must have glanced over the footnote when I was contributing my ethereum. Since when has there ever been a "hidden cap"?
They haven't actually explained why there is a hidden cap, who the money is getting allocated to, why they need an extra $15M USD suddenly or if there will be a "secret extra special hidden cap" after this one. Is it because they were hacked? I found this post on facebook but they didn't bother sharing this information on twitter.
So now all we know is that they were hacked, lied to us about their cap (which is all of a sudden more than the initial ICO and less than double what they first decided to set the "cap" at) and need an extra 15-20M USD for no good reason.
I follow certain guidelines when investing in cryptos and have my criteria for selecting money making cryptos. This however doesn't account for Token/Coin teams moving the goal posts in the middle of their ICO.
How many investors do you think are going to launch their ICO's from this platform? Given the fact that they completely screwed up their own ICO and lost all credibility, none, that's how many I'd say.