The uncomfortable parallels between ICOs and the “penny stock” pump-and-dump underworld
https://qz.com/1095313
An article from our friends at Quartz
The chairman of the US Securities and Exchange Commission recently said pump-and-dump schemes are easier to pull off for ICOs than penny stocks, because trading in tokens is all electronic and anonymous, making it “harder to catch the bad guys,” according to Coindesk. Belfort himself told the Financial Times (paywall) that while most people involved in ICOs probably aren’t fraudsters, the offerings are still “the biggest scam ever,” worse than anything he ever did.