MAS-Licensed Sparrow Took Investor Cash for ICO That Never Happened
Seasoned investors have filed a police report against Singapore-based crypto exchange Sparrow for not going to market with their initial coin offering (ICO) despite issuing tokens.
Sparrow Exchange had offered investors tokens in 2018 for an ICO that never made it to market. In their whitepaper dated 20 February 2018, the exchange stated that "Sparrow Tokens will be required to pay for transaction fees, withdrawal fees, and platform listing fees. Incentives and rebates will be paid in Sparrow Tokens."
Some 1.4 billion tokens were planned to be in supply. Its private sale had a minimum contribution of $10,000 with a hard cap of $5 million, offering 30% of contribution in bonus tokens. Pre-sale had a hard cap of $20 million with a minimum contribution of $1,000.