More than 600 cryptocurrency projects have long abandoned their duty to update their code, a new study has revealed. The study reviewed more than 2,000 projects, with the shocking results proving that the crypto industry is still rife with scam projects. Some of the projects reviewed have almost no code at all on their GitHub repositories and yet have millions of dollars in market capitalization.
Conducted by CoinCodeCap, the study found that 640 projects have yet to publish a single line of code in 2019.
Out of 2000 token projects reviewed, 640 have not published a single line of code in 2019, despite many still having a market cap.
Lots of bag holding suckers.https://t.co/hIx7Iv5HGE
— HilesFiles and his band of blockchain heretics (@MichaelHiles) September 23, 2019
Out of these 640, 466 last updated their repositories in 2018, with 83 others being last updated in 2017. Shockingly enough, over 50 projects haven’t updated since 2015 but are still listed on some crypto exchanges and still worth millions of dollars in market cap.
Proton Token is the project with the highest market cap that’s yet to publish any code this year. The project was last updated in September 2018. The crypto is listed on a number of top exchanges including Lbank, CoinTiger and BCEX.
Other coins with high market caps that have yet to publish any code in 2019 include BQT, Sprouts, MasterBit, Vestchain and Jewel.
The report found the combined market value of all these projects to stand at over $415 million.
The study also revealed the exchanges that have continued to list these projects, with YoBit being found to list the highest number at 62. Other crypto exchanges that have listed these projects include CoinExchange with 39, Crex24 with 30, Hotbit with 23 and Livecoin with 23.
CoinCodeCap has been listing projects that have little activity on their GitHub repositories under its scam coin watch list. The list includes huge projects such as the Quant Network and ABBC Coin.
Just a month ago, Electric Capital published a report revealing that many developers in the crypto industry had called it quits in the past year. However, it was the smaller projects that accounted for the highest loss in developers, with top projects seeing a 13% increase in the number of full time developers. The report stated that crypto ecosystems were approaching the size of well-known open-source projects such as Apache.
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