Substratum Accused of Misplacing ICO Funds

Substratum Accused of Misplacing ICO Funds
ICO News

Many users on Twitter and Reddit have raised concerns regarding Substratum, an open-source project that strives to create a foundation for the decentralized internet.

Substratum’s team is currently holding a second ICO, this time to fund a new crypto project; an exchange named Amplify. The crypto-enthusiast, Brian Li has expressed his concerns on his personal blog, where he published a post highlighting evidence for Substratum’s missing ICO funds,

“A quick look into various wallet addresses reveals that Substratum’s funding statistics in its whitepaper are not accurate, and the most obvious example is the difference between the reported and actual BCH contribution amounts. Substratum claims it received 602.1433 BCH during its ICO. However, the given BCH wallet address shows that 1304.26123096 were received in total. In other words, approximately 54% of Substratum’s BCH went unreported and unaccounted for.”

In response to the allegations of missing ICO funds, a Substratum moderator explained on Reddit, saying that a chunk of the funds was received after the ICO ended. Brian Li disputed the explanation on his blog which caused an uproar in the Reddit community.

This is not the first time the crypto industry has raised major concerns associated with the Substratum project. Many members of the crypto community were taken by surprise when Substratum announced the launch of the second ICO, considering the fact that Substratum has not presented a working model of their product even after a year in.

The need for a second token sparked a barrage of questions, with many wondering how much reliability is left in the first one [Substratum (SUB)]. SUB cannot be used to fund the new ICO, which explains the creation of Amplify (AMPX).

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