Initial coin offerings (ICO) are hot these days. But despite all the excitement and willingness from the masses to invest their money into cryptocurrency, it appears it remains as risky a venture as ever and Filecoin has given us even more reasons to doubt the trend. <\/p>\n
Theblockchain-powered data storage service has resorted to temporarily suspending its ICO after the overwhelming inflow of cash caused its systems to partially break down, Finance Magnates reports. <\/p>\n
The startup, which offers users a chance to exchange its own cryptocurrency for other currencies like US dollars, Bitcoin and Ether, raised $186 million in under one hour and proceeded to report having received investments totalling at over $250 million. <\/p>\n
The sale was paused at approximately 11:10PM on August 10 and continues to be suspended 18 hours later at the time of writing. <\/p>\n
Filecoin has provided a series of updates, the latest one of which says that the ICO will resume with notice. <\/p>\n
For context, Filecoin is hardly the only blockchain-powered startup to go through a dicey ICO. <\/p>\n
Back in June, decentralized messaging app Status raised over $60 million in an ICO, causing its systems to collapse and the Ethereum network to overload. As a result, the company had to deliver the promised coins to their users with a slight delay. <\/p>\n
Read next: Medium's new Claps reaction button lets you applaud authors you love <\/p>\n
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Cryptocurrency service forced to halt ICO after raising $186M in one hour - TNW<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Initial coin offerings (ICO) are hot these days. Continue reading