An ICO project that ended up failing to launch is now being sold on eBay to anyone willing to pay $60,000 and make something out of it, as noted by Financial Times on March 25, 2019.
An ICO for Sale
Ivan Kumar, the mastermind behind the initial venture, is now asking eBay users $60,000 as the starting price for the stale project which includes the envisioned planning, branding, and the myriad strings of code.
For all intents and purposes, it has everything necessary to be an ICO.
When asked for the reason as to why he was selling his project and why it didn’t work out during the crypto craze of 2017, Kumar said his company lawyer advised him to avoid launching an ICO before having a real product.
He astutely followed his lawyer’s instructions and instead, waited until the summer of 2018. Unfortunately, the enthusiasm of a $20,000 bitcoin had dimmed to the present crypto winter.
During the crypto craze in 2017, the majority of the ICOs running didn’t have any real product despite raising millions. Kumar recalls that his lawyer’s advice was probably the best when considering the customer’s point of view.
Admittedly, when given the chance, Kumar would have run the ICO nonetheless as this would have also allowed him to gather the necessary means to launch his company and then get to a real product.
Kumar’s project tagline, “Decentralised Sponsorship Platform,” doesn’t quite add up either. He stated that the project was built to be versatile and would be adaptable to any circumstance:
“The core business model would run just as well in the centralised world without any tokens or crypto or blockchain. They can easily eliminate the crypto functionality out of this. The core component is a platform — it doesn’t require any crypto or blockchain component to work. Just a typical, centralised server.”
The eBay listing goes on saying the offer has a complete set of information related to investment documents and indicated that the project was designed and approved by experienced and professional investment bankers.
Unfortunately, Kumar wasn’t able to say who these people were:
“‘Approved’ might be a huge word for it. It might be some kind of exaggeration. We did have a law firm based in the UK that ran some sort of audit of our project, and it ranked it, and the rank that we got was pretty high and the risk we got was pretty low. This was an audit by a British firm. This couldn’t be called a fully-fledged investment banking audit, it’s just some firm that was considering investing in crypto.”
The Financial Times confirmed that the “British firm” in question was referring to a Poland-based firm called Memorandum Capital with offices in Kuala Lumpur, Jakarta, Sydney, Zug, Moscow, and a host of others.
On the company’s LinkedIn profile, one can find that its head office is a residential address in Manchester where other companies’ offices are also listed. Contrary to what Kumar reported, it is not a law firm or an investment bank. Instead, it is merely a company focused on developing the bases for other companies to launch their crypto tokens.
Escape to eBay
On the eBay Listing, he says he is looking to attract an “enterprise client,” someone looking to launch an ICO, or even an individual entity looking to start a sponsorship platform.
It seems that up until now Kumar’s eBay listing hasn’t attracted any offers. The listing was published three days, but it looks like no one watched it yet.
It is safe to assume that it will be difficult for Kumar to sell an idea that even he can’t back up. He is still fairly confident about his offering and believes the deal to be a real bargain, as the realistic price should be set at nearly $200,000, according to him.