5 ms·

I wonder if there's something illegal or fraudulent about raising all that money and then doing a half-assed job on the project? I understand there's a thin li

I wonder if there's something illegal or fraudulent about raising all that money and then doing a half-assed job on the project? I understand there's a thin line between a failed business venture and outright fraud/lying, but stories like this seem so slimy.

Fifer82 9y ago
I don't think so. Is that not 90% of Kick starters purpose?
- akvadrako 9y ago
  You still can't commit fraud on kickstarter. If the coins issued here would be considered equity, that also changes the rules.
- tptacek 9y ago
  No. You can't sell equity on Kickstarter.
  - jstanley 9y ago
    ICOs aren't equity either.
pjc50 9y ago
The fundraiser itself may well have been a violation of "qualified investor" rules. The SEC may well catch up with them eventually if they remain in the US. It looks like their early investors are unhappy for other reasons too: https://safenetforum.org/t/storj-screws-their-ico-token-holders-big-time-by-accepting-direct-fiat-payments/12859/5 https://safenetforum.org/t/storj-screws-their-ico-token-hold...
stingraycharles 9y ago
I don't think so, it's pretty much up to the investors to do their due diligence. On that note, what I'm really curious about is who these people are that keep pouring money into these half-assed projects...