There is a growing group of failing or failed Lithuanian ICOs that all have one thing in common, the Blockchain Open Fund which is owned by Goldfish Fund. The management of both are the same three people. There is no suggestion that the Blockchain Open Fund nor the Gold Fish Fund have been involved in any wrong doing as it may be they are willing to invest in high risk and high reward ICOs.
These ICOs generally operate in the same way, they are provided funding by the Blockchain Open Fund and/or Goldfish Fund.
Marketing is provided by Good One and/or tiPRO Group, the latter being closely affiliated with TokenDesk. There is no suggestion that Good One or tiPRO Group have been involved in any wrong doing. Nerijus Tilvikas who was the CEO of tiPRO Group, the CMO of Blockchain Solutions and consulting to Blockchain Open Fund. Nerijus quotes the same figures that were on the Blockchain Open Fund which was raising over 120,000 ETH (USD$100+ Million) so it is reasonable to assume that he was working on all of the ICOs related to Blockchain Open Fund and that most or all of the ICOs that he reviewed he was associated with as many of them have already been linked to Blockchain Open Fund.
The ICO is marketed using TokenDesk for which it pays a substantial amount. ICO information was swapped between the ICOs so they could market to existing investors of other ICOs. For example Miner One investors were signed up on the Golder Games mailing list and staff claimed this was a mistake. This occurred across most if not all of the other related ICOs.
The total loss in the following ICOs exceeds $181,000,0000 and many of the ICOs have zero value as the current market cap is based on last sale price and there are few if any buyers.
- Birdchain (BIRD)
- Bitcoinus (BITS) raised $20,354,500 now worth $90,725 | $20,263,775
- carVertical (CV) raised $19,900,000 now worth $2,490,440 | $17,409,560
- CoinStruction (CNS) raised
- Dorado (DOR) raised $20,000,000 now worth $77,000 | $19,923,000
- Golder Games (GLDR) raised $12,000,000 now worth $514,200 | $11,485,800
- IUNGO (ING) raised $23,000,000 now worth $0 | $23,000,000
- Marginless (MRS) raised $4,998,150 now worth $162,516 | $4,835,634
- Miner One (MIO) raised $4,500,000+ now worth $500,000 | $4,000,000
- Provoco (VOCO) raised $ now worth $41,892 |
- TokenDesk (TDS) raised $16,300,000 now worth $110,000 | $16,190,000
- TOKIA (TKA) raised $30,000,000 now worth $113,800 | $29,886,200
- Welltrado (WTL) raised $5,000,000 now worth $1,760,000 | $3,240,000
(figures from the 11th of February 2019)
The following ICO despite being listed as a Goldfish Fund ICO may not be related, more information to follow on this.
- Monetha (MTH) raised $37,000,000 now worth $5,000,000 | $32,000,000