After registering 40,000 ETH in contributions from its pre-sale, the founders of gaming and video streaming platform Refereum have cancelled their public sale which had been due to begin this coming Monday.
Notifying interested stakeholders by email as well as social media, the news means that majority of the 150,000 whitelist are set for disappointment in missing out on one of the most eagerly awaited ICOs of the year so far.
One Million ETH in Pledged Contributions
The total amount pledged by those wanting to get in on the project is thought to have amounted to a staggering one million ETH, the equivalent of just over $800 million at current Ethereum prices.
Leaving aside the success of the funding round – the pre-sale itself closed in just four minutes – the project team’s main sale cancellation is thought to have been motivated in part by a desire to avoid the potential for potential scams and hacks during the initial coin offering main sale.
Stating that they had gone through “a manual process of reviewing every customer through the whitelist, surveys, and personal interactions, to make sure they would use our product as intended,” the team also expressed a preference for holders of its tokens to be end-users of the platform rather than investment speculators.
The Refereum ICO is yet another sign that, despite more general tumult within the crypto markets, interest in ICOs continue unabated.