On September 3rd, hotel heiress Paris Hilton tweeted to her 16 million-plus followers that she was “looking forward to participating in the new @LydianCoinLtd Token,” noting in a hashtag: #ThisIsNotAnAd. It was a high-profile mention for the Signapore-based LydianCoin Pte. Ltd., which aims to raise $100 million through its still-unscheduled token sale. The endorsement was a boon for the little-known firm -- at least until Hilton deleted her tweet a few weeks later. (After publication, a Hilton spokesperson said she is no longer involved with Lydian.)
While a $100 million initial coin offering is almost run-of-the-mill these days, the LydianCoin ICO is noteworthy for both what it had—high-power celeb endorsement—and what it lacks. Tokens that might be worth investing in typically represent some sort of technological advance, but LydianCoin itself states that its tokens aren’t much more than a way to pre-pay the company for the services of its parent company, ad tech firm Gravity4. And, like many tokens entering the market, LydianCoin faces uncertainty around which types of tokens the Securities and Exchange Commission might rule to be securities, and thus subject to a raft of SEC regulations.
To view the full story: As Founder Faces Possible Jail Time, An Inside Look At LydianCoin, Paris Hilton-Endorsed Cryptocurrency