The organizers of the ICO with a blue diamond ring at the center of it have, so far, given no reason for the retraction and no details on the amount of tokens sold, or who the investors are have been released.
The ICO made headlines with its extravagant offering at the end of last year following its launch by Singapore registered blue diamond company, V Diamonds. The aim of the initial coin offering was to give investors the chance to own a slice of a 2.08-carat blue diamond ring named after a former bond girl, as well as winning a trip to Singapore.
The founder of V Diamonds, Ville Oehman bought the ring and dinner from the World of Diamonds Group as part of the promotion that also included a yacht cruise, gold-plated chopsticks and a Michelin star meal on a private jet.
A joint statement by World Diamond’s Group and V Diamonds statement, published by the Associated Press in CTV news read: "The sale of The World's Most Expensive Dinner by World of Diamonds Group to V Diamonds has been cancelled by a mutual decision of the companies. The token sale planned by V Diamonds is cancelled, and all the pre-subscriptions to the token sale will be refunded back to the participants."
The director of World of Diamonds Group, Karan Tilani was not part of the ICO but said that its dining promotion will be launched again and interested parties can pay using crypto-currency with part of the proceeds going to charity.
A report detailing 3,000 transactions and made available to the Associated Press revealed there were participants in the ICO from around 61 countries, including Britain, the US and Singapore. One businessmen from Singapore said that he had received a refund of $45,000 for 15,000 tokens.
The Associated Press report said they had tried to contact Ville Oehman but had been unsuccessful so far.