Initial coin offerings, information disclosure, and fraud

Abstract We study the extent of fraud in initial coin offerings (ICOs), and whether information disclosure prior to issuance predicts fraud. document different types fraud, that fraudulent ICOs are on average much larger than sample average. Issuers who disclose their code GitHub more likely be targeted by phishing hacker activities, which suggests there risks related disclosing code. Generally, we find it extremely difficult predict with available at time issuance. This calls for need install a third party certifies quality issuers, such as specialized platforms, or engagement institutional investors venture capital funds can perform due diligence thus verify project.