Topic: ICON Foundation Screwed Me: Here's How... (Read 188 times)

Bump...

Really hoping for a miracle, but definitely giving up hope on the whole thing.

The thought came to mind, but I wouldn't even know where to begin... That, and since they did refund my ETH, I the legality of that would be iffy at best. Or much worse...

And yeah, I agree.

Sorry to hear that. I don’t think there’s much you can do apart from reading the source code of their smart contract and trying to “hack” it, which I don’t think would be possible. One of the strengths of Solidity smart contracts is that you can put any rules you want into them. But that also includes rules that centralize and regulate initial token distribution as well as subsequent token transfers. Of course, projects with such rules don't deserve to be called decentralized, but that's another discussion.

So I'm just supposed to ignore the $60,000 USD in profits I should have made? Just write it off? I understand that's probably how it's going to end up, but can you really say you would just ignore that? No, of course you wouldn't. I mean unless you have like hundreds or thousands of BTC lying around, in which case you wouldn't really care.

I invested in ICON because I knew it would boom. It did, and all I get back is my 5 ETH? Come on man.

you really need to know all detail before investing you still got your ETH back is fine though

you got your token refund you can invest at another project where they accept us residents

So when I heard about the ICON ICO, I was extremely excited. This was positioning itself to be the Ethereum of Korea. As you can imagine, I immediately invested upon doing a little further research. These guys were the real deal it seemed.

So I ended up completing the KYC process, only to find out that U.S. residents were excluded from the sale. I was obviously upset about this, as looking on the site, this is all the way on the bottom in the "fine print" so to speak. So my 5 ETH did end up being refunded, and now I have the 12,500 locked ICX tokens mocking me from my ETH wallet...

Here's the problem. ICON tokens are now worth over $5/ICX. That means that my investment would have given me current holdings over over $60,000 USD. Yet despite completing the KYC process and to my knowledge, doing everything that is required to make it "legal" in my jurisdiction, I have still been deprived of my investment into this project. Yet I could now buy a very small amount for the amount of my initial investment, at a massively inflated price simply because they decided to exclude my country. And in all honesty, they didn't even say that U.S. and Singapore would be totally excluded, just used the words "generally", so obviously an exception could be made.

"So what's the problem? They refunded you! You didn't actually lose anything!"

Yes I did. I put the last my ETH into this project knowing it would be big. They held on to my funds for several months and generated the tokens that were supposed to go to me. Now, they decide I'm not allowed to be part of the project? "You know what? We've made millions of dollars from this, but meh, you're excluded. Here's your measly 5 ETH back that you couldn't invest into anything else because we were holding onto them. Tough luck dude."

There is no world where this is the right thing to do. Worse off, you think these tokens are gone forever? I doubt it. Whether they go in someone's pocket or into marketing, the whole project is being bolstered by people who were arbitrarily rejected. People like me. They're profiting off our investment despite refunding it, make no mistake.

I want my 12,500 ICX, and that's that... Call me a complainer all you want, but if you were in my situation and were being essentially robbed of $60,000, you'd be fuming too...