# kaal:claim:3117224-012

**Claim.** Token holders typically receive no liquidity preference protecting them if the platform they invested in goes bankrupt or terminates.

**Type.** failure  **Support.** argued

**Source quote.**

> Token holders typically do not receive a liquidity preference that would protect them in the case of bankruptcy or termination of the platform they invested in.

**From.** Wulf A. Kaal, *Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses* (2018), II. Regulatory Concerns, page 5

**Cite as.** Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**Verify.** sha256 of source PDF `83e9ccb9219a217d9fcfc5c098b897229ee7cf85623bee3ae22d2e986548466b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Initial%20Coin%20Offerings%20The%20Top%2025%20Jurisdictions%20and%20Their%20Comparative%20Regulatory%20Responses.pdf

**Failure mode.** no-liquidity-preference  (family: investor-protection-gap)

**Topics.** systemic-risk, defi, tokenomics

**Keywords.** bankruptcy, liquidity-preference, token-holders, investor-protection

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3067615-028

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