Here’s another way to get screwed via crowdfunding: A YouTube celebrity in Japan with over 2.2 million fans, Hikaru, sold “shares” in himself on a platform called Valu.
Fans paid cash for tokens on the Valu exchange called VA’s. The fans can trade the VA’s on the Valu exchange and the VA’s are exchangeable for Bitcoin (another valuable commodity?).
As his fans went crazy buying VA’s, the value of the VA’s soared to 0.09 Bitcoin or about $387 per VA.
Then, Hikaru and a buddy suddenly sold all of their VA’s cashing in for about $440,000 and tanking the value of the VA’s to about .0075 Bitcoin.
Fans were pissed and Hikaru’s gig may be over.