- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
Earn- More
Space Public Sale Sparks Controversy: $2.5 Million Target Actually Oversubscribed 8-Fold, Team Attempts to Retain Millions
BlockBeats News, January 22nd, according to SolanaFloor, the decentralized leveraged prediction market Space triggered market controversy in its latest ICO round, with the project originally disclosing a fundraising target of $2.5 million, but eventually raising a total of $20 million.
The project team later responded that the $2.5 million was a "soft cap" rather than a "hard cap," in line with Launchpad industry practices, thus allowing for an expansion of the fundraising size in the face of strong market demand. The team stated that $2.5 million would only support the project's "first few months of development" and would not be sufficient to support the construction of a leveraged prediction market infrastructure over several years.
According to the team's disclosure, they plan to retain around $13 million of the oversubscribed funds out of a fully diluted valuation of approximately $69 million, with the remaining portion to be used for liquidity, ecosystem, and market-related purposes.
However, this explanation did not quell the skepticism. Ethos CEO Serpin Taxt stated that the behavior of the project, raising a "nominal $2.5 million, actually raising $20 million, and retaining around $14 million of it," was a malicious operation, drawing parallels to the previously controversial Trove project.
Community discussions believe that this event once again exposed structural issues in some current ICOs regarding information disclosure, fundraising cap design, and transparency in fund utilization.
You may also like
Key Market Intelligence for February 5th, how much did you miss out on?
Wintermute: By 2026, crypto had gradually become the settlement layer of the Internet economy
Tether Q4 2025 Report: USDT Market Cap Nears $190 Billion, Multiple Metrics Reach All-Time Highs
Kyle Samani's about-face, one of the biggest believers in web3, has also left the industry
Bhutan Quietly Sells Over $22M in Bitcoin, Drawing Speculation Over Possible Moves
Key Takeaways Bhutan has transferred over $22 million in Bitcoin from sovereign wallets in the past week. The…
BitMine Endures a $7B Unrealized Loss as Ethereum Dips Below $2,100
Key Takeaways BitMine is facing a significant financial challenge with an unrealized loss of over $7 billion in…
Trump-Linked World Liberty Financial Under Scrutiny Following $500 Million UAE Stake
Key Takeaways A U.S. House investigation is examining a $500 million UAE stake in Trump-related World Liberty Financial.…
Asia Market Open: Bitcoin Tumbles as Asian Equities Reflect Global Tech Retreat
Key Takeaways: Bitcoin’s price plunged by 6% to $72,000, reflecting the spillover effects from the global tech sector’s…
Crypto Firms Propose Concessions to Banks as Stablecoin Disputes Stall Key Crypto Bill
Key Takeaways: Crypto companies are attempting to navigate stablecoin disputes with banks but agreements remain elusive. Industry representatives…
CoolWallet Introduces TRON Energy Rental to Minimize TRX Transaction Costs
Key Takeaways CoolWallet has integrated TRON’s energy rental services, offering users lower transaction fees while maintaining asset security.…
CFTC Officially Withdraws Biden-Era Proposal to Ban Political and Sports Prediction Markets
Key Takeaways: The CFTC has rescinded a 2024 proposal and subsequent 2025 advisory that aimed to prohibit event…
Binance Says Assets Rose Amid Alleged Bank Run Attempt
Key Takeaways: Binance reported an unexpected increase in assets during a community-driven withdrawal campaign, challenging conventional expectations of…
Same Macro Tape, Different Bid – Gold Absorbs Flows as Bitcoin Swings
Key Takeaways: Gold is experiencing significant demand growth, especially via ETFs and central banks, projecting a robust performance…
Crypto Price Prediction Today, February 4 – Focus on XRP, Cardano, and Dogecoin
Key Takeaways Bitcoin is facing significant pressure, affecting the entire cryptocurrency market, including heavyweights like XRP, Cardano, and…
Vitalik Buterin Urges Ethereum Builders to Innovate Beyond Clone Chains
Key Takeaways Vitalik Buterin criticizes the trend of creating copy-paste EVM chains, encouraging developers to focus on truly…
Best Crypto to Buy Now February 4: XRP, Solana, Hyperliquid Picks
Key Takeaways XRP remains one of the top picks for cross-border transactions due to its high speed and…
XRP Price Prediction: Ripple Quietly Unlocks a Billion Tokens – Is a Price Shock Coming in the Next Few Hours?
Key Takeaways Ripple has released one billion XRP tokens into the market, potentially causing a shift in XRP…
Google’s Gemini AI Predicts the Price of XRP, Ethereum, and Solana By the End of 2026
Key Takeaways Google’s Gemini AI forecasts significant growth for XRP, anticipating a price of up to $8 by…
Key Market Intelligence for February 5th, how much did you miss out on?
Wintermute: By 2026, crypto had gradually become the settlement layer of the Internet economy
Tether Q4 2025 Report: USDT Market Cap Nears $190 Billion, Multiple Metrics Reach All-Time Highs
Kyle Samani's about-face, one of the biggest believers in web3, has also left the industry
Bhutan Quietly Sells Over $22M in Bitcoin, Drawing Speculation Over Possible Moves
Key Takeaways Bhutan has transferred over $22 million in Bitcoin from sovereign wallets in the past week. The…
BitMine Endures a $7B Unrealized Loss as Ethereum Dips Below $2,100
Key Takeaways BitMine is facing a significant financial challenge with an unrealized loss of over $7 billion in…
App