July 2 (UPI) — As of last month, more than 1,000 cryptocurrencies have failed so far this year, while Bitcoin has fallen roughly 70 percent off its pinnacle from last year. Data show that hundreds cryptocurrency projects ranging from abandonware to outright scams have failed in 2018 after emerging through a process called initial coin offering, or ICO.

Companies raised $3.8 billion via ICOs in 2017, but the number this year has already climbed to $11.9 billion. Experts say some of the new digital currencies died because they were scams or jokes.

Digital tokens are considered dead when they are abandoned, scammed, lack nodes and social updates, have too low a volume or developers have walked away from the project. Bitcoin, one of the most popular cryptocurrencies, has fallen in price by nearly 70 percent since hitting a record high of nearly $20,000 last year.

Monday, a single bitcoin carried a value of about $6,600. Mainstream financial institutions and world governments have rejected cryptocurrencies as too flawed and too short-sighted to work as bankable fixtures in world monetary matters.

Cryptocurrency exchanges have also been targeted by cyberattacks. Last week, bitcoin values fell sharply after a South Korean exchange reported it had been hacked. Read more from upi.com…

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