From the outset, investors have been warned that it’s buyer beware in the world of initial coin offerings. On Wednesday, someone got a $70,000 lesson on the subject.
That’s how much someone lost on their failed attempt to purchase ICO tokens for AirSwap, a decentralized cryptocurrency exchange that started its public crowdsale on Tuesday. The reason the deal didn’t go through is unknown. One of many possibilities: a trade can blow up if the user doesn’t have enough ether to fund the computers that process the deals.