To date, Ethereum‘s process of initial coin offerings (ICOs) has earned token founders an estimated combined profit of $12.8 billion, made entirely of digital assets they created out of thin-air. The research arm of BitMEX has tracked the $24 billion worth of tokens issued by blockchain startups in its history, just, you know, to see where it all went. “Based on our methodology, it appears as if ICO teams have profited by almost $13 billion from this ICO process,” wrote BitMEX. “In our view, this money was made incredibly easily, with very little work, accountability or transparency.” According to BitMEX, this research highlights the…

This story continues at The Next Web