Crypto News

Singapore Based Company Terminates Blue Diamond Initial Coin Offering

As on Tuesday, in a move which saw thousands of investors from almost a dozen countries demanding. The Singapore-based organizer of a US$2-million initial coin offering who is associated with a promotion which involves a 2.08-carat blue diamond ring and luxury dinner raffle announced their plan of canceling their initial coin offering.

Back in November 2017, V Diamonds, the Singapore based company initially started their token sale which was supported by the blue diamond ring. They also gave assurance of a one-millionth stake in the ring, set in 18-karat rose gold-plated platinum, for a mere sum of just US$2.

In a perspective to seek out wider promotions, the Finnish founder of V Diamonds, Villie Otman willingly approved the purchase of the ring and dinner from the Russia-based World of Diamonds Group.

As per the pre-sales website stated, As part of the initial plan Otman started began selling the tokens for US$2 and above. To make the coin offering more appealing he also gave an enticing offer where Investors could also win an “ultimate dinner experience” in Singapore with a three-hour yacht cruise, gold-plated chopsticks and an 18-course Michelin star meal on a private jet.

However on Tuesday the companies announced in what was a mutual statement that “The sale of The World’s Most Expensive Dinner by World of Diamonds Group to V Diamonds has been cancelled by a mutual decision of the companies,”  Also further stating “The token sale initially planned by V Diamonds is cancelled, and all the pre-subscriptions regarding the token sale would be refunded to the participants.”. None of the two companies gave any comments regarding this sudden-cancelations.

However, Karan Tilani, director of the World of Diamonds Group, did hint at a relaunch of its dining promotion is definitely on the table with a further option to pay in cryptocurrency also to be made available. He also further added A part of the collected proceedings would be donated to charity,

Now was the origin of the investors revealed neither were any details regarding the total number of tokens sold so far in the Joint statement given by both the companies. Although a record of over 3,000 transactions allocated exclusively with The Associated Press does indicate that the participants involved come from nearly 61 countries which includes Britain, Singapore and the United States Of America from where 1,021 of the total investors are situated.

Regarding Oehman’s token sales, Tilani of the World of Diamonds Group did raise a voice citing concerns, given the recent glitches in the cryptocurrency market and a lack of transparency.

Several attempts were made to reach Oehman which were all unsuccessful. Furthermore, as per a report An anonymous businessman from Singapore, who didn’t want to reveal his identity, claimed that he has already received a US$45,000 refund for 15,000 tokens.

Other than the world of Cryptocurrency, there isn’t any platform providing the same service as no them for initial coin offerings, where investors generally purchase digital tokens which they can hold onto, sold or traded. Initial coin offerings have faced a ban in China and South Korea amidst growing of possible massive financial scams. The Monetary Authority of Singapore has been urged to step with “extreme caution”  given the fact that it acknowledges investments in cryptocurrencies which have not been covered by any regulatory protection.

About the author

Amit Iyer

Amit Iyer being inspired by Raj is also a college dropout. He possesses the skill of quick grasping which has been a great asset to TokenTornado. A true Digital Marketing Prodigy. He specializes in SEO and is also working on many freelance projects. At the age of 18 he is the youngest co-founder at TokenTornado

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