logo

Space Public Sale Sparks Controversy: $2.5 Million Target Actually Oversubscribed 8-Fold, Team Attempts to Retain Millions

By: theblockbeats.news|2026/01/22 14:00:23
0
Share
copy
ceoceo
icoico
wouldmemewouldmeme

BlockBeats News, January 22nd, according to SolanaFloor, the decentralized leveraged prediction market Space triggered market controversy in its latest ICO round, with the project originally disclosing a fundraising target of $2.5 million, but eventually raising a total of $20 million.


The project team later responded that the $2.5 million was a "soft cap" rather than a "hard cap," in line with Launchpad industry practices, thus allowing for an expansion of the fundraising size in the face of strong market demand. The team stated that $2.5 million would only support the project's "first few months of development" and would not be sufficient to support the construction of a leveraged prediction market infrastructure over several years.

According to the team's disclosure, they plan to retain around $13 million of the oversubscribed funds out of a fully diluted valuation of approximately $69 million, with the remaining portion to be used for liquidity, ecosystem, and market-related purposes.


However, this explanation did not quell the skepticism. Ethos CEO Serpin Taxt stated that the behavior of the project, raising a "nominal $2.5 million, actually raising $20 million, and retaining around $14 million of it," was a malicious operation, drawing parallels to the previously controversial Trove project.


Community discussions believe that this event once again exposed structural issues in some current ICOs regarding information disclosure, fundraising cap design, and transparency in fund utilization.

-- Price

--

You may also like

How to balance risk and return in DeFi yields?

Have these yields ever been reasonable? Have we ever received the compensation we deserve for the risks taken in DeFi, and where should the future spreads be set?

Tom Lee's Ethereum Thesis: Why the Man Who Called the Last Cycle Is Doubling Down on Bitmine

Tom Lee is emerging as one of Ethereum’s most influential supporters. From Fundstrat to Bitmine, his Ethereum thesis combines staking yield, treasury accumulation, and long-term network value. Here is why “Tom Lee Ethereum” has become one of crypto’s most watched narratives.

Naval personally takes the stage: The historic collision between ordinary people and venture capital

Naval personally stepped in as the chairman of the USVC Investment Committee. This SEC-registered fund launched by AngelList attempts to bring top private tech assets like OpenAI, Anthropic, and xAI to the general public with a $500 entry threshold. It is not just a new fund, but a structural experi...

a16z Crypto: 9 Charts to Understand the Evolution Trends of Stablecoins

Stablecoins are evolving from trading tools into universal payment infrastructure, and this process is quieter and more thorough than most people expected.

Refutation of Yang Haipo's "The End of Cryptocurrency"

This may be the true test of cryptocurrency. It's not about whether the price has reached a new high, nor about who will achieve financial freedom in the next bull market, but rather whether, after all the grand narratives have been washed away by cycles, it can still leave behind some simpler, more...

Can a hairdryer earn $34,000? Interpreting the reflexivity paradox of prediction markets

Prediction markets are essentially betting on reality, and when participants can access or even influence this path earlier, the market no longer just reflects reality but begins to shape it in return.
The Joker is back
Bigger pools, auto-play, lucky buffs.
The Joker is backJoin now and grab your rewards.

Contents

Popular coins

Latest Crypto News

09:42

Data: Last week, cryptocurrency exchanges saw an outflow of 16,000 bitcoins, reducing the balance to 2,447,700 bitcoins

According to Coinglass, in the past week, major cryptocurrency exchanges have seen a total outflow of 15,952.91 bitcoins, with Coinbase Pro seeing an outflow of 6,269.08, Kraken 5,734.42, and OKX 4,353.49.Currently, the cumulative balance of bitcoins on cryptocurrency exchanges is 2,447,700.
09:42

Senator Tillis ends months of obstruction, clearing the way for Waller's position as Federal Reserve Chair

North Carolina Republican Senator Thom Tillis stated on Sunday local time that he would support the confirmation of Kevin Warsh's appointment as Federal Reserve Chairman, thereby clearing the last major obstacle for Trump's chosen successor to Powell.Tillis had refused to vote in support of Warsh fo...
09:42

Data: The BTC and ETH short positions of the giant whale pension-usdt.eth are currently at a floating loss of 15.25 million USD

According to on-chain analyst Yu Jin's monitoring, the whale pension-usdt.eth shorted $110 million worth of BTC and ETH at the price bottom with 3x leverage at the beginning of the month, and subsequently, in April, the price rebounded, resulting in an unrealized loss of $15.25 million on the short ...
09:42

Altman announced five principles from OpenAI, stating that future model capabilities may be restricted for safety reasons

OpenAI CEO Sam Altman published five operational principles under his personal signature and stated that in certain future periods, user access to model capabilities may be tightened for safety considerations, in order to strike a balance between empowerment and system resilience.Altman stated that ...
09:42

Data: In the past 24 hours, the total liquidation across the network was 213 million USD, with long positions liquidated at 35.7282 million USD and short positions liquidated at 178 million USD

According to Coinglass data, in the past 24 hours, the total liquidation across the network was $213 million, with long positions liquidated at $35.7282 million and short positions liquidated at $178 million. Among them, Bitcoin long positions were liquidated at $6.0183 million, Bitcoin short positi...
Read more
Community
iconiconiconiconiconiconicon

Customer Support Bot：@WEEX_support_smart_Bot

VIP Services：support@weex.com