Initial price was 1/300 ETH ~ 1.5$ at ICO time, later they gave everybody 10 times more, which makes initial price 0.15$. But ethereum price rise since ico moment, now it's 700$ vs 400-500$ at ICO time. 1/3000 ETH (WAX initial price) now worth 0.23$.
Some correction on this, just to get the facts straight: Presale and initial buy in's ETH was at around $300. Today on Huobi WAX is going for up to $1.25, currently at around $1 (it's bouncing between those two numbers a lot). Today ETH is at (at the time of this post) $606 on Poloniex. So you could have held your ETH and made 2x or bought in to this and done 7x to 20x.
How on earth could someone call this a bad investment? :/
You are not getting it. NO ONE is calling the investment in ICO a bad investment, in fact, because of their misleading Huobi trade, investing in this ICO has to be the best investment ever. The point is how they robbed people, who wanted to invest in WAX after the ICO, in Huobi trading by making it trade at $10-$14 and then at $4-$5, by giving false information (supply was assuming 1x WAX, instead of 10x WAX ICO investors got). That went on a few hours/days, until the market realized the price was all wrong and finally the price hit $0.40 and the bounced to $1s as you mentioned.
So imagine if insiders sold it at those prices, ICO price being only $0.05-$0.23 etc. That is 40x-50x!!
