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WTF happened with to the Monkey Capital ICO?
So yesterday August 8th, the Monkey Capital ICO was supposed to start, but it didn’t… The countdown timer they had on their site is actually in the negatives, and there’s no update from the team on when the ICO will be moved to.
Jeremy breaks down what might have happened to the project, and who ultimately dropped the ball on the Monkey Capital ICO. Check out our original Monkey Capital ICO or NO to see more of what Monkey Capital was supposed to be about.
What’s happening with Monkey Capital’s ICO?!
So yesterday was the day that the Monkey Capital ICO supposed to launch….and it didn’t.
The countdown timer they had on their site is actually in the negatives, and there’s no update from the team on where or when the ICO will be moved to.
The more I’m hearing about it, there more it just seems like the token sale was straight up cancelled, last minute. I really hesitate to use the word scam, but Monkey Capital is as close to as scam as you’re going to see.
So some of you may be asking, how exactly is Monkey Capital a scam if they didn’t make any money off of the MNY token sale?
I asked the same question. However, if you watched our video on Monkey Capital, you may recall that it’s value corresponded to the already existing CoEval token, which was supported by both crypto and traditional investors.
One of the conditions of the ICO is that every CoEval token holder would receive 10,000 Monkey tokens for each CoEval tokens they held at the end of the ICO period.
This drove the price of the CoEval token through the roof. The project did everything they could to make the CoEval token as attractive as possible, boasting its scarcity and how they would essentially have to buy CoEval back off the open market to pay dividends, again raising its value.
On July 23, 2017, the price of one CoEval was about $1,400 per token. Today, one CoEval token is worth $60 (two and a half weeks later). For a price change this severe, CoEval wold have to be sold off en masse, plummeting the price. And who had a lot of CoEval ? The Monkey Capital team…
If I had to speculate I’d say that the Monkey Capital project, Daniel M Harrison and Darshan Vyas, designed a Monkey token to boost the CoEval token as much as they could, then sold the CoEval at its highest point.
Now in a response from Mr. Harrison, he goes out of his way to avoid any responsibility for what happened to the ICO and CoEval token. Instead he decides to throw Waves, the platform the ICO was supposed to occur on, under the bus. Then he got in the bus and backed over them.
They blame Waves for manipulating the CoEval price, glossing over the fact that it was Daniel Harrison’s decision to introduce MNY token to the Waves exchange prematurely, basically allowing for this problem to occur, if it even did occur.
There are several inconsistencies in Harrison’s statement as well. He references that the CoEval would have to be burned in order to convert it to the 10k Monkey token. However, in the Whitepaper, it specifically states that your CoEval tokens would not be burned to get the Monkey tokens, but that you’d get the MNY in addition to your CoEval.
Also, I heard some rumors that since they hit their presale limit they canceled the ICO. Yet, in their Whitepaper and the updated version of it, there isn’t even any presale practices outlined. Let alone a statement that a presale limit would cancel an ICO.
So to sum it all up…
They essentially had an ICO creating a new currency MNY that was tied to an existing currency, CoEval. They used the ICO in order to manipulate the price of the existing CoEval token, and then sold off as much of that token at it’s highest point, then cancelling the ICO.
So what’s this all mean? Anyone who invested in Monkey Capital (both in crypto and traditional investors), they are out of their money. So thanks Daniel and Darshan! This is why we cant have nice things.
So let’s take a lesson from this. Stay Vigilant. Always stay skeptical, and know who you are investing in. For future reference, any project with Daniel M. Harrisson or Darshan Vyas is an IC-NO.
ICO or NO covers some of the hottest tokens sales from the coolest projects! Jeremy, though his patented Four Question System*, dissects each project to help you better understand the token sale! Check out more of our ICO or NO episodes here, and subscribe to our YouTube channel for future ones!
*Patent Maybe Pending