Polybius Token Plummets 75% Just One Week After Initial Coin Offering
After an initial coin offering that valued Polybius tokens at $10 US each and raised $25 million for its creators, token holders have seen the value of their PLBT’s plummet 75% in just under a week. While founders of the organization let contributors know that the funds raised were enough to launch the world’s first regulated crypto bank out of Estonia, that $25 million has quickly diminished to just $6.25 million.
What’s unfortunate about the dramatic price drop for token holders is that administrators and support staff were not answering messages from the 26,805 participants who were either not able to gain access to their coins via PBLT’s wallet or the two exchanges that the coin was to be featured on initially, LiveCoin and HitBTC. Before token holders could make trades, HitBTC had actually listed the token as available for trade on its exchange on July 5th, with the price spiking up almost 500%, even though coins had not been released to the public.
Even today, token holders have still been left hanging with many questions unanswered. Also note that Polybius left more lucrative ICOs out of an infographic wrongfully credited to The Wall Street Journal, a publication that has not recently made any mention of Polybius.
The disappearing act marks the second time this week that a large amount of coins seem to have vanished into the abyss, at least temporarily. Darknet marketplace Alpha Bay, a site accessible via the Tor browser that allows buyers and sellers to trade illicit goods, has left users to suspect that an estimated $3.8 million dollars in cryptocurrency may have been transferred into anonymous crypto wallets for good.
Unlike Alpha Bay however, few suspected the Polybius ICO and the project’s founders to have any ill intentions during the launch of their coin. What’s alarming about the situation however is that the faces of the organization went to great lengths to market the coin at industry related events and via sponsored press releases on NASDAQ.com and CoinDesk.com, neither of which appear to have been vetted by staff members of either site.
Whether or not the ICO and its team is walking away with millions and abandoning ship still remains to be seen, but it’s obvious the PR strategy behind the seemingly dodgy project has indeed succeeded. That’s not just because Polybius managed to raise $25 million. Even social media influencers in the crypto space were convinced the project had merit, namely Suppoman, a Youtuber with 21,000+ followers who provides crypto trading advice.
Perhaps the biggest tell-tale sign of all is the fact that the Polybius listing on ICO announcement website TokenMarket.com, does not provide a link to the coding on a GitHub page, even though the whitepaper is on the site. GitHub is an online community for software development, where coding information and white papers for nearly every reputable coin being launched in the crypto community are routinely critiqued and vetted by users.
As the anxiety, tension and anger among contributors to the Polybius ICO picks up, it appears that the recent drop of cryptocurrency’s market capitalization as a whole may finally be bursting the bubble of some of the small cap coins available on the market today. The dreams of making 4–5 times return on investment for those that collectively dumped millions of dollars worth of bitcoins and other altcoins into the Polybius project may be bursting along with it.