EOS Closes $4 Billion ICO, But Nearly Half of Tokens Held on 10 Addresses | News ICORating
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EOS Closes $4 Billion ICO, But Nearly Half of Tokens Held on 10 Addresses

EOS Closes $4 Billion ICO, But Nearly Half of Tokens Held on 10 Addresses

Blockchain platform block.one closed the EOS initial coin offering (ICO) on Saturday, June 2, raising over $4 billion and becoming the largest ICO in history. However, independent research shows that nearly 50 percent of all EOS tokens in circulation are held by just 10 addresses.

Investors from all over the world purchased over $4 billion worth of EOS tokens since the ICO was launched on June 17, 2017. Block.one, the company behind EOS, earned over 2 times more than Telegram, which filed two private funding rounds with the US Securities and Exchange Commission in February and March 2018 for a combined total of $1.7 billion.

Independent research posted on June 3 by Redditor u/Lannisan, who studied “rich list” snapshots released by the EOS authority, shows that 49.67 percent of all 1 billion EOS tokens are held on just 10 wallet accounts. Ten percent of the tokens are held by the EOS Foundation, but the other 9 major holders, accounting for nearly 40 percent, are not identified.

The Redditor acknowledges that the other major tokenholders are most likely wallets on major exchanges, but notes that this is not confirmed and that, taken together, “the Top 10 alone can almost do whatever they want if all 10 of them agree to do the same thing” and whoever is in the Top 1000 “will also have a lot of influence.”

A Chinese cybersecurity firm reported allegedly ‘epic’ vulnerabilities in the EOS source code on Tuesday, May 29, which could allow hackers access to transactions’ private keys. The firm claimed to have fixed this in time for the release of their mainnet.

The EOS token traded at around $12 before the release and rose to about $14.50 afterwards before drifting back down to around $13. The token achieved a peak trading price of over $21 in late April.

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