Table 2.

Comparing disclosed and calculated amounts of funding and number of contributors

	Mean	Median	Min	Max	SD	Obs.
Panel A: Funding
Total amount raised (USDm)	23.12	14.57	1.25	159.28	30.15	74
Implied total calculated (USDm)	26.01	12.72	0.13	240.92	41.02	74
t test for difference in means	1.50	p-value	0.14
Panel B: Number of contributors
Self-reported number of contributors	4687.94	2950.00	500.00	25,000.00	4970.68	32
Implied number of contributors calculated	4220.53	1698.00	505.00	21,297.00	4713.63	32
t test for difference in means	1.24	p-value	0.22

The table compares the actual amount of funding and the number of contributors with the corresponding amounts implied by our analysis of token distributions for 98 ICOs conducted on the Ethereum blockchain (the “investor sample”). We exclude ICOs for which we cannot identify with certainty the Ethereum address from which the tokens have been initially distributed. Furthermore, transfers where the amount transferred is worth less than 50 USD or where the receiving address holds more than 10% of the total token supply are excluded. Contribution amounts are only calculated for ICOs where the average prices for presale and crowdsale are less than 50% apart. The implied total is calculated as the mean US dollar contribution per ICO participant times the number of participants implied by token distributions following the ICO