NZ teen's $220m ICO venture triggers official warnings

>Despite claims of enormous turnover and traffic, a search showed around only 400 listings in total, many up to four months old.

"A full 10 percent of listings of goods for sale on the site were found to have been placed by Sharma and his chief operating officer and University of Auckland student Dinyar Irani - the company's only two employees - with the pair trying to sell a soft toy and their NCEA schoolbooks.

Alexa analytics, a service providing information on website traffic, shows unusual results for Sell My Good. The vast majority of visitors - 99.96 per cent percent - are reported to have come from only one country: Japan.

Despite this dominance, the site has fewer than a dozen sales listings from Japan, and Google shows the site is only mentioned once in the country's internet domain.

You can't make this stuff up...

I would hope that the market regulator treats everyone as if they know nothing, and forces them to prove things. Not just this guy.

Bleh, I'll just go meditate now. No use in getting angry.

But still, yikes. This is why you have to be careful around ICOs.

The kid is hoping he can lie and scheme his way to success.

Sorry bud but that doesn't work with startups, maybe if you were already an executive at a multinational corporation where you have little accountability and any blame can fall onto the company, but if you lie as a startup founder your reputation and that of all your future ventures will be ruined.

Do we have any proof that Ashutoush has actually raised anything?