ICO sale terms are not fixed at launch: promoters can alter the smart contract to change the sales rules mid course during an offering, a risk factor for retail investors that has no analogue in a registered offering.
Source quote, verbatim
Promoters can also alter the smart contract to change ICO sales rules mid-course during an ICO.
Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663
Holds when
ICOs administered through promoter controlled smart contracts
Classification
failuresupport: assertedfailure: mid course alteration of sale termsfamily: investor-protection-gapsecurities-lawsmart-contractsgovernance-designrisk-and-incentives
Related claims
extendskaal:claim:3117224-008 ICO promoters can alter the smart contract to change the sales rules mid-course during the ICO.
supportskaal:claim:3067615-038 ICO promoters should make significant and ongoing disclosures on vesting and lockup periods and should never m...
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