# kaal:claim:4015908-001

**Claim.** Even after the ICO boom of 2017 and 2018, many digital asset projects and token launches are designed with the primary focus on benefiting the founding group, which often finds creative ways to cash out of the project after a successful run.

**Type.** failure  **Support.** asserted

**Holds when.**

- post 2018 crypto market cycle
- token launches designed around a founding group

**Source quote.**

> many digital asset projects and token launches are designed with the primary focus on benefiting the founding group, which often finds creative ways to cash out of the project after a successful run.

**From.** Wulf A. Kaal, *Fair Token Launch* (2022), I. Introduction, page 3

**Cite as.** Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

**Verify.** sha256 of source PDF `e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20Fair%20Token%20Launch.pdf

**Failure mode.** Founder cash-out at public expense  (family: fraud-and-misconduct)

**Topics.** tokenomics, securities-law, economics

**Keywords.** token-launch, ico, founder-extraction, investor-harm, crypto-markets

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