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Will Filecoin's ICO raise a record $250bn and push the total raised by Initial Coin Offerings over $2bn?

Even though it suffered a few significant tech-based issues along the way, Filecoin's initial coin offering (ICO) has raised - it is estimated - an incredible $200 million in the process.

When you add that figure to the $52 million in tokens sold to investors like Sequoia Capital, Andreessen Horowitz and Union Square Ventures in last week's pre-sale, you would imagine those behind the offering, AngelList and Filecoin developer Protocol Labs, would be ecstatic.  However, any joy was short lived as the ICO was halted little more than an hour after it first began as a series of site issues began to arise.

To compound the situation, while social media was covered in complaints from users experiencing problems accessing the site, the tracker on the CoinList page designed to chart the amount raised and the increasing minimum buy-in price began to falter and needed to be continually reset.

Somewhat surprisingly all of these problems did not seem to deter investors and in the first half hour the offering generated $252 million (including pre-sales) of which $186m is (according to the Filecoin website at least) confirmed.

According to leading industry source CoinDesk more than $1.7 billion has now been invested in Initial Coin Offerings. If you were to accept the unconfirmed purchases, the Filecoin ICO will overtake the previous record of $232m set by Tezos last month and push that total straight through the $2bn mark.

While Filecoin's ICO appears to have been a success, the potential returns have made ICOs an attractive proposition for digital fraudsters. If you believe you have been the victim of a fraudulent ICO or any other digital scam, please call us on 020 7792 5649 or email us at info@selachii.co.uk

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