The evolution of cryptocurrencies has brought a number of new possibilities to the financial industry, but also to others, as well. With decentralization, people no longer have to depend on banks and financial institutions. They could manage and secure their funds themselves. While this means that they are responsible if the funds are stolen, it still means that there are no hefty fees to pay just for someone else to manage your transactions.
Digital money is on its way of being recognized and accepted worldwide, with Bitcoin leading the charge. This attracts more and more businesses to the crypto sector, which is only increased by the rapidly recovering prices.
The first time that the industry saw such a massive surge in new projects and businesses was in 2017 when token prices first started surging. Soon after that, new ICOs started appearing left and right. Investors were willing to invest in pretty much anything, and many tried to use it to raise money for all kinds of projects. One project like that, which tried to hold its ICO back in 2017, was CruCoins.
CruCoins is a digital token project that was supposed to sell its coins and raise money in order to facilitate the expenses connected to the world tour of a popular art exhibit known as 'Corporation.' The exhibit was featured in The Daily Beast and Yahoo Finance, and the project announced that the coins would be used to collateralize the value. Meanwhile, the sale of the Corporation exhibit would go through smart contracts, and as soon as the sale of all pieces of art was done, the tokens would have been redeemed.
The project expected that the token sale would be around $1 million-large. As mentioned, all money raised during the sale would be used for funding the tour, paying for various expenses, and alike. Meanwhile, tokens' uniqueness was in the smart contracts that would govern the coins' life.
The project announced four main smart contract governance stages. The first one was Sale, where tokens would be sold to non-US residents. Then, there was Collateralizations, where tokens would be backed by the exhibit and would track its value until the sale of all art pieces was done. The third was Trading, where tokens would be governed by a Lock. Finally, there was Redemption, where the tokens would be redeemed upon the exhibit pieces were sold during the tour.
The entire concept is quite interesting, to say the least, although it was clear that the tokens would lose their value and usefulness after the exhibit was sold.
CruCoins held its ICO back in mid-2017, while the coins' prices were on the rise. It was still the beginning of the crypto gold rush. Its token was known as CRU, and it was a utility token, developed on Ethereum's network. This, of course, means that it was an ERC-20 token.
There is not a lot of details regarding the ICO, apart from the fact that it was registered in the US, but it also restricted the US investors from participating. It lasted from June 1st, 2017, until July 31st of the same year. It is unknown how much it managed to raise, and the lack of any other information in regards to the ICO remains to this day.
| Start | June 1, 2017 |
|---|---|
| End | July 31, 2017 |
| Expired |
The project did not even seem like the real project judging by their description, but more of a loan from the investors, that would supposedly be returned once all the art pieces were sold. The project was either a scam, or it died a long time ago.
The project raised so many red flags that it would not be surprising if no one decided to invest in it. There were no social media links, no KYC, their website was a simple Wordpress site with no SSL, and even the team was deleted from ICO-tracking websites.
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