/ News / 2018/12 / quasi-1000-dead-cryptocurrency-projects-identified-by-coinopsy-deadcoins /
About 1,000 different cryptocurrency-related projects failed in 2018, according to DeadCoins and Coinopsy data. Some of them were relatively well-known bear market victims.
Many of the dead cryptographic projects were definitive scams that were orchestrated in the guise of initial coin offerings (ICOs). Included in DeadCoins and in the long list of abandoned and / or fraudulent Coinpsy digital money schemes is BitConnect, which is considered one of the biggest Ponzi scheme fraudsters encrypted in history.
Coinopsy: 483 inactive digital currency projects
Deadcoins, which compiled one of the most complete sources of information on inactive crypts, has revealed that there are at least 934 digital currencies that have now died. In July 2018, DeadCoins reported about 800 abandoned crypto tokens. Meanwhile, Coinopsy has found 483 digital currency projects that are no longer active.
According to Coinopsy, a crypt can be considered dead if its token or coin was abandoned by its founders, it was a scam and / or its website is dead. A cryptographic project can also be considered dead if its currency has no trading volumes or transaction validation nodes to support it, Coinopsy noted. If there are technical problems not solved with software that supports cryptocurrency, such as problems with the wallets used to store it, then the crypto can be considered inactive.
In particular, Coinopsy has classified the dead coins as: ICO Dead Coins, Sete Death Coins, Abandoned Death Coins and Dead Scam Coins. There are currently 113 ICO Dead Coins identified by Coinopsy, which means that these projects have launched an ICO, but they never seemed to have provided a product or updates regarding the ongoing development of their platform. Crypto counters can also be classified as ICO death coins (from Coinopsy) if they were used to perform pump-and-dump schemes or other types of market manipulation, while not seeing any real adoption.
The Wall Street Journal finds plagiarized white papers
A coin of a joke, according to Coinopsy, is any crypto launched with the intention of being just a joke and no serious plan to become a useful digital asset. There are currently 17 coins listed as joke cryptos on Coinopsy. In addition, Coinopsy found at least 40 cryptocurrency projects that were scams and 313 coins abandoned.
Coinopsy explains that a token can be considered dead if it falls below 1000 in terms of market capitalization for 3 consecutive months. Coinops also notes a token whose trading volume is less than $ 1,000 for 3 months.
Recently, the Wall Street Journal (WSJ) also examined inactive cryptographic projects. The latest WSJ research results showed that over 15% of the encryption projects that collected funds through ICO in 2017 and 2018 had plagiarized white papers or only ideas copied from other cryptos. There was also a rather large number of ICO projects that had promised "unlikely returns" and then failed to deliver, the WSJ revealed.