The cost of running a failed IEO
Updated with response from Probit. We now know that “initial exchange offerings” are doing terribly. Just last week, research firm Longhash found that the briefly insurgent funding mechanism—which saw hundreds of crypto startups run token sales from the “launchpads” of willing exchanges—has yielded returns of around minus 80 percent for the thousands of investors that took part in the offerings. What fewer people know, however, is how much these failures cost the token-issuing companies in the f...