BitMEX CEO: 2019 Will Be Year of Reckoning For SAFTs

[kreslik.news]

One of the co-founders of crypto-derivatives exchange BitMEX launched a scathing attack on some major tokens that have yet to launch this Thursday. Writing in a BitMEX newsletter, Arthur Hayes, who is also the exchange’s CEO, said that many of these tokens are worthless.

Most of the tokens were sold through so-called‘simple agreements for future equity’ (SAFTs). These are similar to an initial coin offering (ICO) except that the coin or token hasn’t even been launched. In effect, an investor is betting that, when a token is launched, it will be more valuable than the ... (read more)