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The founder of Wikipedia believes that ICO can be "absolute fraud"


Jimmy Wales, founder of Wikipedia expressed his opinion on the modern financing of business projects using ICO, calling such methods "fraudulent." In an interview with the American CNBC television channel, he said that he believes that many projects that use ICO to finance their projects by selling their tokens are "absolute fraud". There are quite a few of these primary placements of coins, which, in my opinion, are absolute fraud, and people should be very cautious about things happening in this area, said Jimmy Wells.

Nevertheless, he said that the underlying technologies behind such proposals are "extremely interesting," and added that the blocking company will be "with us for some time," CNBC reports.

These comments by the founder of Wikipedia, a resource that only functions on voluntary user contributions, echo the statements of officials who have an impact on the industry, including those made last week by Jay Clayton, chairman of the Securities and Exchange Commission USA, which stated that most of the blocking start-ups tend to abuse the "scheme of pampas and dumps", that is, they resort to manipulating prices in the market.

In July, the SEC noted that some digital tokens could be considered securities, and under certain circumstances "fall within the scope of the requirements of the federal securities law," and a number of other regulators have issued similar statements in recent months.

Unlike the US, other governments, such as China and South Korea, have resorted to a complete ban on the use of this funding model.

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