It exposes that it was a money grab unless they need the money to pay for the manufacturing of the EOS machine lol. Why would you trash the price of the asset upon which you funded your ICO? It would make sense if you actually had a product competing with ETH but you have internet text and nothing else. So as businessmen they seem to want piles of money NOW while crapping on those who invested in there ICO (I did not) and trashing the market. It is just a stupid move for any ICOs to dump. Common sense would be to slowly sell what you need to move forward with your project so one should question if they give a crap about there product at all.Long John wrote:https://cointelegraph.com/news/startup-darling-eos-cashes-in-millions-of-eth-as-ico-scorn-continues
This article points to transactions showing EOS selling mass amounts of ethereum raised in its ICO, which so far has raised $200 million worth. Now, I don't know what they were supposed to do with all that excess ETH, if not sell it. ETH was just the currency used to raise money. The article seems to imply greed and impropriety, if not outright say it. I suppose if I had bought EOS and seen the price action, I might feel some of that.
At the least, though, all these ICOs raising hundreds of millions of dollars worth of ETH have caused the currency to be overbought, and the selloffs result in the price drop.
Maybe they are clueless to the fact that anyone can see what they are doing on a public blockchain.