$200 Million In 60 Minutes: Filecoin ICO Rockets to Record Amid Tech Issues

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Coindesk | Stan Higgins | Aug 10, 2017

An initial coin offering (ICO) for the blockchain data storage network Filecoin has raised an estimated $200 million from accredited investors despite being beset by technology issues.

The figures add to the roughly $52 million in tokens sold in a pre-sale to investors like Sequoia Capital, Andreessen Horowitz and Union Square Ventures, announced last week. However, at press time, the ICO – which is being conducted via CoinList, a joint project between startup investment platform AngelList and Filecoin developer Protocol Labs – is paused.

The sale halt came just over an hour after it first began at 1 p.m. PT.

Site issues cropped up soon after the sale began, with social media posts showing that some users had problems accessing the site. The Filecoin page on CoinList also displayed problems with the ticker meant to track the total amount raised.

See:  ICOs: New Model of Blockchain Capitalism

Over the course of the first hour, it reset several times, reverting back to a baseline amount despite showing a rising minimum price. (Filecoin's ICO is utilizing a sale model in which the minimum price buyers would need to pay rises as more investors join in.)

Problems aside, the sale has generated a record-breaking level of investor interest.

Just over 30 minutes into the sale, the Filecoin team announced that it had garnered a total of $252 million in investments – a figure which includes the pre-sale figures.

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