Singapore company cancels blue diamond initial coin offering

Mar 06, 2018, 16:56 IST | AP

The event's organizer, V Diamonds, said Tuesday that it would process thousands of refunds for investors who bought tokens for an ownership stake in the ring

Singapore company cancels blue diamond initial coin offering

Representational picture

Singapore: A Singapore-based company has called off a $2 million initial coin offering backed by a 2.08-carat blue diamond that gave investors a chance at a raffle for a luxury dinner.

The event's organiser, V Diamonds, said Tuesday that it would process thousands of refunds for investors who bought tokens for an ownership stake in the ring.

V Diamonds' founder Ville Oehman agreed to buy the ring and dinner from the Russia-based World of Diamonds Group as part of a wider promotion. In November he began selling the tokens for $2 or more.

Investors had a chance to win a lavish dinner on a private jet, enlivened by fireworks. In a joint statement, V Diamonds and the World of Diamonds Group said the cancellation was a "mutual decision."

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