The Innate Sins of ICO

I have a friend. He doesn't want to disclose his name. Let's call him Steve. Steve is the founder of a SAAS company whose headquarters is in Shanghai with business in both China and the US. Last year, he started exploring opportunities in the blockchain space and finally decided to have his company launch its own token project last month. In the first 2 weeks, he received tremendous interest from token funds and individual investors, most of whom were in China. However, rathe