The initial coin offering (ICO) market relies on the “wisdom of crowds”, ratings given by the collective opinion of crypto experts, to overcome asymmetric information problems in the fundraising process. We investigate the biases of crypto experts in providing ratings in ICOs. We conjecture...

Initial coin offerings (ICO) rely on crypto expert ratings to overcome asymmetric information in fundraising, though experts can provide optimistic ratings to promote ICO fundraising due to their opportunities to act as advisors in subsequent ICOs. Using ratings on ICOBench.com, we find that...