# kaal:claim:3067615-038

**Claim.** ICO promoters should make significant and ongoing disclosures on vesting and lockup periods and should never manipulate the smart contract to change ICO sales rules mid-course during the offering.

**Type.** design  **Support.** asserted

**Holds when.**

- ongoing ICO sales governed by smart contracts

**Source quote.**

> Moreover, ICO promoters should include significant and ongoing disclosures on vesting and lockup periods, should never manipulate the smart contract to change ICO sales rules mid-course during the ICO.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), V. Red Flags, page 21

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**Verify.** sha256 of source PDF `164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Initial%20Coin%20Offerings%20Emerging%20Practices%2C%20Risk%20Factors%2C%20and%20Red%20Flags.pdf

**Topics.** smart-contracts, governance-design, disclosure

**Keywords.** smart-contract-governance, vesting, lockup, disclosure, promoter-conduct

**Related claims.**

- supported_by: https://wulfkaal.github.io/claims/3606663-013
- supported_by: https://wulfkaal.github.io/claims/3117224-008

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.