ICO News: Indiegogo cancels first ICO after raising $5.2 million

Investors who contributed toward the $5.2 million raised during the crowdfunding firm’s very first venture into blockchain via ICO (initial coin offering) will reportedly be refunded in full.

ICO News: Indiegogo cancels first ICO after raising $5.2 million

The company was forced to cancel its ICO thanks to what it called a lack of formal guidance from the SEC (U.S. Securities and Exchange Commission); Indiegogo sent the below correspondence to its investors.

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Indiegogo's statement

“Thank you for participating in the FCFL pre-sale.

If you have been following the crypto and ICO markets for the last 6 months you already know that the regulatory environment has been rapidly changing.

The SEC has provided multiple comments regarding security and utility tokens, but has not provided formal guidance or a compliant framework on how to conduct these offerings.

During this time, your investment was not distributed to the company.

This was done to ensure that MicroVentures navigated through the regulatory climate prior to finalizing the offering.

While we believe the initial path taken was compliant, we have decided the best way to ensure compliance is to unwind the investment opportunity and return investor capital.

We are beginning the return process today.

You may hear from someone on our team if we need to verify return instructions on how to return your investment capital to you.”

About Indiegogo

About Indiegogo Curiosity powers innovation, innovation powers Indiegogo.

Pioneering the crowdfunding industry, Indiegogo has helped hundreds of thousands of entrepreneurs to go from idea to market since launching in 2008.

Today, Indiegogo's diverse community of inventors reaches millions of backers and buyers, creating the ideal place to launch and discover innovative products.

From live campaigns to the newest, ready to ship tech, Indiegogo is a global marketplace for ingenuity. Indiegogo is headquartered in San Francisco, with offices in Los Angeles and New York.

  • Website: http://www.indiegogo.com
  • Headquarters: San Francisco, CA
  • Year founded: 2008
  • Company type: Privately Held
  • Company size: 51-200 employees
  • Specialties: Crowdfunding, Campaigns, Fundraising, Online fundraising, and Crowdsourcing

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