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Thousands of cryptocurrency projects are already dead

Two websites Coinopsy and DeadCoins the data has been claimed by other websites. On 30th June 2018 the data analyzed by both the websites that more than a thousand crypto projects are “already dead”.

According to Coinopsy more than thousand cryptocurrencies are dead on doing data analysis as this website provides the news of all updated crypto project, and includes the one which is already “dead”, it seems to all that token which reveals at least one of the following:

“abandoned, scammed, website dead, no nodes, wallet issues, no social updates, low volume or developers have walked away from the project.”

The website includes various types of Cryptocurrencies which raised but shut down soon as well one of them is notorious But connect that was shut down in January 2018 and is described by the website as “the most successful Ponzi-scheme in crypto so far.” and according to Coinopsy’s list, there are more than 247 dead coins till the end of June.

similarly, the recent “dead” cryptocurrency is “Titanium Blockchain Infrastructure Services” initial coin offering (ICO) that was shut down by the U.S. Securities and Exchange Commission (SEC) for fraudulent practices not only this there are about 830 cryptocurrencies which are listed for dead cryptocurrencies.

The SEC’s press released, that, Titanium has raised $21 million from investors from the U.S and other countries.in this statement, the SEC warned investors about as an extremely risky type of investment.

“Having filed multiple cases involving allegedly fraudulent ICOs, we again encourage investors to be especially cautious when considering these as investments.”

In the year 2017, the scam and dead ICOs raised about $1billion according to TechCrunch. On another hand, Cointelegraph reported on Friday, the volume has reached up to $13.7 billion in 2018 but in the year 2017, the market amounted twice in the year 2018.

Nasdaq CEO Mr.Adena Friedman warned on 21st June that ICOs pose “serious risks” for retail investors, claiming that projects that raise money this way have “almost no oversight.” John McAfee the crypto evangelist said that from June he will stop promoting ICOs due to asserted threats from the SEC.

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