What’s Going On?
A Cayman Islands start-up has raised $4 billion for a flagship product that is not yet live.
Why Does It Matter?
Block.one’s multibillion-dollar fundraiser more than doubles the next largest ICO, reported CNBC, but investors still don’t know how the majority of that capital will be used.
The Block.one system is designed to support more efficient operations for decentralised apps and could bring about greater adoption of cryptocurrency-related technology if successful, say proponents.
Things Are Going Smoothly?
Not quite. While Block.one has sold almost all of its one billion EOS coins to investors, a significant portion of them have been stolen by hackers, reported Fortune.
Scammers managed to breach Block.one’s email support system, operated by cloud software provider Zendesk, and succeeded in tricking investors out of as much as millions of dollars’ worth of the cryptocurrency. Thieves are preying on the anticipation and greed surrounding this blockbuster ICO, say analysts.
“We believe that the sender had access to certain Block.one systems and may have seen emails sent to or from email addresses related to Block.one and its affiliates,” said the Block.One team in an official response to the phishing attack. “Through that access, the sender may have seen personal information if it was communicated in an email.”
William Mougayar – Managing Partner at JM3 Capital and author of The Business Blockchain – told CNBC: “They have set the bar very high for themselves in terms of delivery expectations. Now is the time to not just deliver the coins but the technology with it.”