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The owner of ICO, which never existed, tried to sell the project on eBay for $ 60,000

The startup owner, who never launched his initial coin offer (ICO), is trying to sell a project on eBbay for $ 60,000, according to an offer on an e-commerce site that expires on March 29.

The project, called “Sponsy”, is described as a blockchain project, which is fully prepared for launching ICO and security tokens (STO) offers. The author of the proposal claims that the project was verified by an investment firm and approved by investment bankers. In addition, the advertisement states that the solutions developed by Sponsy comply with the standards of the European Union and the United States.

In addition, the project claims to have a “strong social presence,” with more than 10,000 likes on Facebook and 8,000 followers on Twitter. However, the Twitter page was updated only twice a month since the company announced the upcoming sale of tokens in December last year, and on average there were about ten likes in messages. Sponsy has a similar presence on Facebook, with posts that have been randomly commented on by several, apparently bot-like users.

Sponsy also mentions that it is included in the list of famous ICO trackers, such as ICOBench. However, the latter estimates it as 2.9, without experts evaluating the project.

The Financial Times (FT) contacted Ivan Komar, the founder of Sponsy, to find out why the ICO had not yet been launched. Komar explained that the company missed the ICO hype in 2017, and no one became interested in its tokens later, in 2019.

According to Komar, his lawyer recommended first developing the product, and not launching the ICO, a decision that the entrepreneur regrets now:

“We would not try to create a product first, we would try to launch the sale of tokens as soon as possible, to jump into this crypto-insane excuse and raise as much money as possible before creating any product. And that's exactly what others were doing. ”

However, Komar believes that the project can be successfully sold, especially due to the fact that the crypto part can be easily removed from it. He also acknowledges that institutional “approval” is a pretty strong statement:

“This may be some kind of exaggeration. We had a law firm based in the UK, which conducted a kind of audit of our project, and he appreciated it, and the rating we received was quite high, and the risk we received was rather low. ”

The overwhelming popularity of ICO in 2017 and the beginning of 2018 was described by the cryptoindustry as “hype”, but now many experts believe that the ICO boom is over. During the third quarter of 2018, from July to September 2018, the total ICO funding fell by 48 percent.

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