{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/use-of-proceeds",
 "identifier": "kaal:entity:use-of-proceeds",
 "name": "Use of proceeds",
 "termCode": "use-of-proceeds",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/use-of-proceeds.md",
 "sha256": "c0228c0c6b07558ba0a8cb25581875182099dbecd83ecc7b69d8359d63ecca5f",
 "additionalProperty": [
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   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
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   "name": "claim_count",
   "value": 2
  },
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   "value": 1
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2017",
    "2017"
   ]
  },
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   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-018",
   "identifier": "kaal:claim:3067615-018",
   "text": "The 2012 to 2017 ICO model allowed cryptocurrencies to be raised through a token sale without any conditions, landmark requirements, or security measures to protect investors, so that in essence promoters could use ICO proceeds as they pleased.",
   "abstract": "First and foremost, the 2012-2017 ICO models allowed cryptocurrencies to be raised via a token sale without any conditions, landmark requirements, or security measures to protect investors.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "ICO models prevailing between 2012 and 2017"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-039",
   "identifier": "kaal:claim:3067615-039",
   "text": "ICO disclosures should be as clear as possible: promoters should avoid an unclear or uncertain use of proceeds pie chart and should be very clear on plans for converting cryptocurrency into actual company reserves.",
   "abstract": "Moreover, the ICO disclosures have to be as clear as possible and should avoid an unclear or uncertain use of proceeds pie chart and should be very clear on cryptocurrency conversion plans into actual company reserves.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "design",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "ICO issuers seeking to meet emerging good practice standards"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'use-of-proceeds'. Derived node: a roster, not an adjudicated definition."
}