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In a review of documents produced for 1,450 initial coin offerings, the WSJ found 271 (nearly 20%) with red flags that include plagiarized investor documents, promises of guaranteed returns, and missing or fake executive teams.
Recently, the Securities and Exchange Commission issued warnings to investors that many deals in the booming private market for cryptocurrencies could be violating securities laws, and on Wednesday launched a website touting a fake coin offering as an example of what to avoid. Since December the agency has filed civil charges against companies and individuals in four separate cases involving initial coin offerings, known as ICOs. At least a dozen companies put their offerings on hold after the agency raised questions, an SEC official said in February.
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