Bye Bye Falcon Coin

For those of you following me, you may recall I did a post 4 months ago about 2 ICOs that I was following. Falcon coin and Cyber Miles

https://steemit.com/ico/@bjt34/current-ico-s-falconcoin-cybermiles

I then did a follow up post comparing both of those in more detail once I'd had a chance to spend some more time really understanding each.

https://steemit.com/cryptocurrency/@bjt34/battle-of-the-ico-s-how-you-can-pick-a-good-one

Unfortunately - 4 months later and after many really positive signs, the owners of Falcon coin have shut down the site and taken off with all of the money raised into the platform. Something in the order of $12 million.

I did flag at the start that I saw a lot of red flags in the platform, but what I am surprised about is that it appeared as though the site was on the way up.

Anyway - Im not surprised, although I am dissapointed I wasn't able to get some of my money back out of the site before it ran away, however I was well aware that was a big risk and possibility when I put it in there.

This may be the final nail in the coffin for lending platforms as there is a lot of people that have been burnt by this, Davor, Bitconnect, etc.