You might read about fraudulent initial coin offerings (ICOs) once in a while but turns out the number runs deeper than what usually gets reported.
After researching a total of 1,450 ICOs, The Wall Street Journal (WSJ) found that more than one-fifth of them show signs of being a scam. For the record, this means there are at least 271 cryptocurrency startups that are likely fraudulent.
The study indicates that at least 124 ICOs faked or concealed team members, 111 had plagiarized white papers, 48 lacked a functioning website, and 25 guaranteed definite return on investment (something SEC explicitly forbids).
Read More Here: https://thenextweb.com/hardfork/2018/05/18/one-in-every-five-ico-is-phoney-wsj-study-finds/
