On August 24, INX launched a token initial public offering, or IPO, which has been approved by the SEC. The company describes its mission as “structured digital asset opportunities for institutions and private investors”.
The next day, multiple influencers apparently tweeted advertising data about the company and its token. Stefan Jespers, known on Twitter as WhalePanda, compared INX code to Binance’s BNB:
Jespers and Lopp are both radicals in Bitcoin – a group that some consider negative towards altcoins and token offerings. Her testimony left much perplexed, with some suggesting that the Twitter accounts in question may have been hacked. Ultimately, however, there was a more realistic explanation for this unusual behavior. According to a tweet from CobraBitcoin, a longtime Bitcoin.org official, those involved were given INX options for $ 0.01 per token. He claimed that this would allow them to have a profit of 90 times during the IPO:
Other prominent members of the bitcoin extreme camp have also worked as advisors to the companies, including Alina Franova, founder of SatoshiLabs, and Samson Mow, Blockstream’s chief strategy officer. All parties except Mow are listed on the company’s website. Neither Franova nor Mao has tweeted about the exchange or its public offering.
Business advisors are often given various stock options to pay for their assistance. However, some might find it hypocritical that the same people who accused others of selling “snake oil” are now promoting a symbolic offer without providing the correct information.
Blockstream CEO Adam Buck recently compared several of the biggest altcoin projects to Ponzi. However, he doesn’t seem to mind the Mow position at INX.