The ICO era: selling access to a future product

Initial coin offerings sold tokens while projects were often still promising to build their products. Buyers had to evaluate what rights the token actually conferred, how proceeds would be used and which restrictions applied. A technical document could describe ambitions without establishing an enforceable claim on a successful business.

Distribution became part of the product

Promoters, bounty campaigns and celebrity endorsements helped sell the story. The SEC's 2018 Mayweather and Khaled settlements document particular undisclosed promotional payments. They do not imply that every ICO or public supporter had the same arrangement.

The recurring analytical questions remain relevant: who received tokens before the public, what they paid, when they could sell and whether the audience saw those terms. A token's intended utility does not explain its distribution fairness or the issuer's obligations.

Read KOL allocations, promotion disclosures and asset identity alongside any historical whitepaper. Preserve the date so an abandoned plan is not mistaken for a current feature.

来源

1. SEC: The DAO investigative report, 25 July 2017
2. SEC: Floyd Mayweather and DJ Khaled settlements, 29 November 2018
3. MASTR: Crypto Survival Guide, four original panels

资料核对日期：2026年9月5日. Historical cases retain the date and legal status of the cited record.