Quantstamp Under Fire: Buyers Say Faith Shaken In $65 Million Token

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There, representatives for the San Francisco-based company, registered in Delaware, took heated questions from token buyers.

At issue is Quantstamp's acceptance of U.S. dollars and ether, rather than its token, QSP - which it used to raise a little over $30 million in an initial coin offering last November - as payment for smart contract audits it has performed.

Quantstamp raised the funds under a Reg-S exemption, one that seeks to cover U.S. entities raising funds abroad, according to a December filing with the Securities and Exchange Commission.

Friday's discussion showcases that token owners are beginning to question the degree to which both QSP and the company's own technology have been involved in the 484 audits Quantstamp claims to have completed, according to its website.

"We are concerned that you guys don't need the token to grow in value for your company to succeed as a payment for manual audits," James Chun wrote in the Quantstamp project's Telegram group on June 10.

An open question token buyers now seem to be raising is whether the company's decisions are economically aligned with their interests as well as the project's original design.

From the thread, it seemed that Quantstamp was conducting some of its auditing for "Little to no cost" in the case of cryptocurrency exchange Binance, some in exchange for QSP tokens and some in exchange for dollars or ether depending on the customer.

Apart from Quantstamp's technology and token economics issues, a third complication plaguing the startup is a handful of recent employee departures.

Despite such assurances, the departures have given Quantstamp token holders one more reason to fret.

Following Friday's contentious digital town hall meeting, the price of Quantstamp's QSP token slid over the weekend as part of a broader rout in the cryptocurrency markets.

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