The HIVE-ICO prides itself on his website as "BEST ICO WINNER 2017", awarded by CoinAGENDA Global. A total of 8.95 million US dollars are said to have been collected by 2,234 participants. It says there: "ICO successfully carried out". But that is not true.

HIVE project

HIVE's business focused on small and medium-sized enterprises. There, these so-called SMEs have particular problems with liquidity, i. e. usable money supply. If a large company pays for goods or services to a small company, the payment period is 90-120 days. During this period, it is precisely smaller companies that lack the means to purchase resources for production or growth themselves in the short term.

Traditionally, so-called factoring companies take over these outstanding invoices. They buy invoices from creditworthy companies at a discounted price and thus provide them with money much earlier, which in turn can be invested in the purchase of resources. Here you notice the disadvantage of traditional factoring systems: They require a lot of manual work and are therefore not very efficient.

A blockchain can change this by tokenizing invoices and transferring them to the blockchain. The entire concept is digitized and completely secured by the block chain. Now it is also possible to add a pool of individual investors with a token, in the case of HIVE the HVN token.

So much for the business idea. At the beginning of September the ICO ended - but not everyone was "successful".

"Hell's breaking out in Slack."

On September 1, the CTO of HIVE, Dejan Jovanovic, reported a glitch in the HVN token distribution system. The token distribution was stopped directly, but the bug provided 119 users with twice as many HVN tokens. A total of 9,023,873.95 tokens of the planned 500,000,000 have been issued to date.

A Friend took part in HIVE's ICO and invested 19 ETH, which at that time was equivalent to almost 6,200€. For him and many others, this ICO was anything other than "successful" - he and many others had to suffer a total loss of their investment, communication between investors and the HIVE team was slow or not at all, he explained.

And what happened to the double tokens? As anyone with some basic knowledge in Blockchain knows, there is no way to recover payments. There were a few who, out of their own conviction, paid back twice as much, but the greater part of them kept their unexpected "happiness".

Meanwhile, panic broke out in the HIVE slack channel. Many users wrote that they could no longer trust the team, others asked the developers to send their HVN directly to one address:

In the meantime, the team has assured to make up for the missing payouts by the tokens that the team was originally entitled to. After some scrutiny and waiting time, however, this plan was apparently not implemented. The user keviu posted the Smart Contract used to distribute HVN tokens (here).

No change

As can be seen in the link, about 43 percent of the tokens are still located at the paying address (0xdb969febe...).

I also have a list of the payouts that show the double payouts:

Were there any reactions from HIVE?

Users who did not receive HVN tokens were reassured by an email announcing that the tokens would be paid out late. But to date, there has been no compensation for those participants who went blank in the token sale.

Meanwhile, HIVE published a blog entry on media that was a slap in the face to many investors.

With minor difficulties now resolved, we are pleased to report that HVN can be traded on HitBTC starting Monday, September 4,2017,[...] on HitBTC!

As our CEO stressed yesterday:"Our future is great! We are convinced that we have the qualities and determination to overcome every hurdle we face - and we will continue to prove that we have earned the BEST ICO 2017 award from CoinAgenda."

I tried to establish contact with the HIVE team to get a response, but after more than a week there is no response from the team. Was that really the "Best ICO 2017"? I know a dozen ICOs that have gone better for investors this year.

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