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Space Public Sale Sparks Controversy: $2.5 Million Target Actually Oversubscribed 8-Fold, Team Attempts to Retain Millions
BlockBeats News, January 22nd, according to SolanaFloor, the decentralized leveraged prediction market Space triggered market controversy in its latest ICO round, with the project originally disclosing a fundraising target of $2.5 million, but eventually raising a total of $20 million.
The project team later responded that the $2.5 million was a "soft cap" rather than a "hard cap," in line with Launchpad industry practices, thus allowing for an expansion of the fundraising size in the face of strong market demand. The team stated that $2.5 million would only support the project's "first few months of development" and would not be sufficient to support the construction of a leveraged prediction market infrastructure over several years.
According to the team's disclosure, they plan to retain around $13 million of the oversubscribed funds out of a fully diluted valuation of approximately $69 million, with the remaining portion to be used for liquidity, ecosystem, and market-related purposes.
However, this explanation did not quell the skepticism. Ethos CEO Serpin Taxt stated that the behavior of the project, raising a "nominal $2.5 million, actually raising $20 million, and retaining around $14 million of it," was a malicious operation, drawing parallels to the previously controversial Trove project.
Community discussions believe that this event once again exposed structural issues in some current ICOs regarding information disclosure, fundraising cap design, and transparency in fund utilization.
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