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While bitcoin continued its multi-month flat movement, the altocoinhodlers experienced a real hell in August.

Initial coin offerings have come under increasing scrutiny following a wave of hype and fraudulent activity. With some studies identifying up to 80% of 2017’s ICO’s as fraudulent exit scams, Ponzi schemes, and designed to fail startups, the ICO model continues to lose legitimacy and integrity. Following the release of Ethereum, which allowed almost anyone to build and release new decentralized applications and accompanying tokens, hundreds of overvalued startups raised millions of dollars without delivering on products or promises.