[Xangle Briefing] 'DigixDAO', the first-ever Ethereum-based ICO, decides to return $62.5M USD to investors after a token holder vote.
- Like a voluntary delisting in the traditional equity market
- Plans to return the entire net value of it’s market cap
https://xangle.io/project/disclosure/DGD/5e267bdf6af61e6aab448b9d
[Jan 21, 2020] DigixDAO, the world’s first ICO to utilize smart contracts, revealed through Xangle that they will return all of its 386,000 ETH (approx. $62.5M USD) to DigixDAO token holders. This is much like a voluntary delisting in the traditional equity market, made by token holders through a smart contract. The decision highlights one of the key characteristics of blockchain, where token holders have authority over the project operators. 52 votes participated in the decision.
DigixDAO’s founder went on record to state that Digix Gold Token (DGX), a gold-pegged token issued by the same operators, is a key buisness that will not be affected by this decision. DigixDAO had been designed to support the trade & transaction of DGX, and the team plans to return all the relevant Ethereum tokens within 90 days starting January 25th.
According to Xangle, the team had issued 2 million DigixDAO tokens in 2016, selling 1.7 million. DigixDAO’s price was at 959% of the ICO price at the time of the announcement.