ICO scams are said to have raised in excess of $1 billion since the cryptocurrency boom began, according to a new report published by The Wall Street Journal. Combined, these projects generated nearly $1.1 billion in funding from investors who bought into dubious claims about guaranteed returns and huge ROI. Since 2017, ICOs are said to have generated more than $9 billion globally, according to data provided by Satis Group. By November of last year, only one-in-four ICO projects reached their fundraising target compared with 90% in June. Earlier this month, Australia became the latest country to target “deceptive” ICO projects that promote “misleading or deceptive” statements.

Source: Wall Street Journal May 19, 2018 18:56 UTC