TechFlow reported on January 22 that the prediction market project Space (@intodotspace) has sparked controversy during its ICO. The project initially stated a fundraising goal of $2.5 million but ultimately raised $20 million, with the team announcing they would retain $13 million, resulting in a fully diluted valuation of $69 million.
Regarding the significantly higher-than-expected funding, the Space team explained that the $2.5 million figure was merely a "soft cap" rather than a "hard cap." They stated that $2.5 million would only sustain operations for "a few months," representing merely the minimum required for initial launch and insufficient to support the multi-year development of leveraged prediction market infrastructure.
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