Substratum (SUB) Team Talks of Daytrading ICO Funds
After the project raised doubts about bloated code a few weeks ago, it was hit by news of a desperate attempt to secure more funding.
Substratum (SUB) worried the cryptocurrency social media community, after apparently mentioning the possibility to day-trade some of the ISO funds previously collected. The project outlined its future in a recent video, while mentioning the possibility of trading to increase funds.
ICO startups are facing a harsh reality as Ethereum (ETH) market prices sank, and the market price of most tokens also dwindled to a fraction of their previous trading values.
Substratum held its ICO in September 2017, just as China unrolled its ban on token sales. The project managed to raise $13.7 million in ETH, with an intended cap of $45 million. The bear market, however, wiped out most of the funds. The ICO currently has negative returns, after the token price also slid. The Substratum team expects ETH prices to continue downward, as low as $60, and therefore a portion of the ICO funds would be actively traded in the following days.
Following the suggestion of risky trading, the SUB market price continued its downward slide to $0.039, losing more than 40% in total in the past month. The losses are happening ahead of the token swap, where old SUB would be replaced with a new type of token.
The Substratum project raised criticism with its intention to actively trade the ICO funds, raising doubts about the legality of forms of insider trading in cryptocurrency.
Substratum aims to create a global network of shared computing resources, bypassing even the firewall on the Chinese internet. With that aim, Substratum is similar to shared resource projects such as MaidSafe, Siacoin and others. Supporters of the project see Substratum creating the next decentralized, censorship-free web. Some see the token bouncing to higher prices. SUB reached a peak at $3.25 on January 9, at the peak of the bull market.
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