ICO Gold Rush Memoirs: Some Became Bitcoin Billionaires, Others Now Worth Just $70,000, with Returns Falling Short of BTC and ETH
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ICO Gold Rush Memoirs: Some Became Bitcoin Billionaires, Others Now Worth Just $70,000, with Returns Falling Short of BTC and ETH
From the 10 projects reviewed, these were undoubtedly the brightest stars of their era, effortlessly securing massive investments under the glow of celebrity光环.
Navigating Web3 tides with focused insightsAuthor: Frank, PANews
Golem Network, a project that raised 820,000 ETH during the 2016 ICO boom, has recently drawn significant attention for frequently selling ETH. As of July 8, it has sold approximately 36,000 ETH cumulatively, worth around $114.5 million. This comes alongside EOS’s founding company—one of the largest ICO fundraisers in industry history—still holding 140,000 BTC valued at about $8 billion.
Investors have suddenly realized that many projects they once rushed to invest in have either disappeared or remained stagnant, while those simply holding BTC and ETH have reaped far greater rewards. PANews conducted an analysis of the financial status of the top 10 most popular ICO projects from 2016–2017 and found that none delivered returns comparable to merely holding Bitcoin or Ethereum.
Sirin Labs: Raised $157M, Token Market Cap Now Just $70K
The biggest disparity between fundraising success and current development is Sirin Labs. In 2017, this project raised approximately $158 million via ICO, making it one of the highest-funded ICOs of the year. Its token, SRN, now has a market cap of just $70,000, with a mere $8 in 24-hour trading volume.
Sirin Labs was among the first companies targeting Web3 smartphones. Back in 2017, it attracted $158 million in funding through its blockchain-powered smartphone, Finney. In 2018, football star Lionel Messi endorsed the encrypted phone. However, the good times didn't last. By 2019, Sirin Labs faced reports of poor sales, laid off 25% of staff, and was accused of withholding factory payments. In 2021, its investors were sued for allegedly defrauding over $250 million through the ICO.
Today, Sirin Labs’ social media accounts haven’t been updated in over three years, with comment sections filled only with accusations of being “scammers.”
EOS: History's Largest ICO Created the Richest Block.one
EOS set an unprecedented benchmark for ICO fundraising—a record still unbroken. In 2017, backed by the star power of BM (Byron Kim) and support from Li Xiaolai, EOS branded itself as the "Ethereum killer" and third-generation public blockchain, ultimately raising over $4 billion, making it the largest ICO in cryptocurrency history.
Block.one, the company behind EOS, converted all raised ETH into BTC and at one point held more than 164,000 BTC—surpassing even MicroStrategy in holdings. According to recent data, Block.one still holds over 140,000 BTC, valued at more than $8 billion.
In 2022, the EOS Foundation attempted multiple legal actions to recover $4.1 billion from Block.one and transition EOS into a DAO. In April this year, the foundation launched a new tokenomics model, but the market appears to have completely abandoned this former public chain star—the price dropped nearly 40% since April. Today, EOS’s market cap stands at just $780 million, less than one-tenth of Block.one’s BTC holdings.
Tezos: Foundation Assets Exceed Token Market Cap
Public blockchain Tezos raised $232 million through its 2017 ICO. While rumors suggest the Tezos Foundation holds 17,500 BTC, PANews reviewed the foundation’s March 2024 report, which indicates it currently holds BTC worth $295 million—approximately 5,000 BTC based on prices at the time. Originally, Tezos raised 65,681 BTC and 361,000 ETH during its ICO, assets now worth roughly $4.8 billion. In contrast, the TXZ token’s current market cap is only $740 million—just three times the initial raise and even lower than the foundation’s total asset value of $760 million.
Polkadot: Still Holding 300,000 Unsold ETH
Recently, Polkadot sparked debate due to its H1 financial report—$87 million spent on marketing versus just $1.1 million in revenue, raising community concerns. Ironically, the discussion generated by the report exceeded the impact of the marketing spend itself. As a 2017 star project, Polkadot raised $140 million across 429,000 ETH. On-chain data shows the original ICO smart contract address still holds 306,000 ETH, worth approximately $930 million. Thus, external concerns about Polkadot’s treasury appear unwarranted—this portion of ETH has never been sold.
Bancor: From Household Name to Forgotten Protocol
Decentralized exchange protocol Bancor raised about 390,000 ETH ($150M+) in its 2017 ICO, surpassing The DAO’s fundraising total. That amount is now worth around $1.1 billion, whereas Bancor’s token BNT has a current market cap of only $70 million—an outcome clearly disappointing for early investors.
Golem: Prudent Financial Management, Growing Wealth
Golem Network was one of the earliest ICO projects, introducing the concept of a decentralized computing marketplace back in 2016. By 2024, Golem is better known not for pioneering infrastructure but for its savvy financial strategy. It raised 820,000 ETH in its 2016 ICO—the second-largest ETH raise after EOS. Despite slow project progress, the team refrained from dumping ETH like others, instead gradually selling small amounts over years. Starting from an initial value of $9 million, by June 2019 the remaining 369,000 ETH were worth over $100 million. Now down to 125,000 ETH, their value remains at $390 million. Riding Ethereum’s price surge, Golem’s wealth grew despite continuous sales. One can only wonder what early investors who bought Golem tokens at $11 ETH think today.
TenX: Project Team Cashes Out, Market Cap Falls to $1.64M
Payment project TenX raised over $80 million (245,832 ETH) in 2017. However, the team seemed to lack confidence in the crypto market, beginning to sell most of their tokens through exchanges within a month of the ICO. Today, the PAY token has a market cap of only $1.64 million.
Filecoin: A Still-Relevant Star in Decentralized Storage
As a leading decentralized storage project, Filecoin was also one of the best-funded initiatives in 2017, raising $253 million via ICO. To this day, many crypto investors continue mining FIL using specialized hardware. Currently, FIL has a market cap of about $2.2 billion, ranking second among 2017’s star projects, behind only Polkadot.
Cardano: Raised 100K BTC, a Rare ICO Survivor
Compared to other projects, Cardano has maintained a low profile, avoiding aggressive marketing. Yet, as a former public chain standout, it achieved the longest-running ICO in history—five rounds from 2015 to 2017, raising 108,000 BTC (about $622 million). The ADA token has performed consistently well, maintaining a market cap of $17.7 billion and ranking around 10th globally—making it one of the few truly competitive survivors from the ICO era.
Status: Once Impossible to Buy, Now Lucky to Have Missed It
Status completed a $105 million ICO in 2017, raising 300,000 ETH. Since then, the team has gradually sold portions of its holdings and currently retains 17,000 ETH worth about $54 million. The SNT token has a market cap of approximately $150 million. Status was exceptionally popular in 2017—officials revealed they had to return 347,000 ETH, more than they actually raised. Investors who failed to participate might now feel fortunate they didn’t trade their ETH for SNT.
Summary
Beyond the projects listed here, the 2016–2017 ICO boom spawned countless ventures, many of which have since shut down completely and faded into obscurity. Looking back offers valuable lessons. These 10 projects were undoubtedly the brightest stars of their time, leveraging celebrity endorsements to effortlessly secure massive investments. Seven years later, the promised successors to Bitcoin and Ethereum have changed hands. This naturally prompts reflection: seven years from now, how many of today’s star projects will still be visible? And who among them will fulfill their promises—or merely survive on past funding?
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