On February 7, onchain neobank Hurupay confirmed its public token sale on MetaDAO closed without reaching the $3 million minimum raise, triggering full refunds to participants.
The failed sale has reignited debate over whether the ICO model is still viable, as Hurupay entered the market with revenue, users, partnerships and a live product yet still fell short.
Hurupay launched the uncapped ICO with a $3 million minimum and $5 million target, but despite last-minute commitments that pushed contributions above $2 million, the threshold was not met.
The company said it would process refunds promptly, a move observers said reinforced credibility after confusion caused by a late $1.1 million contribution.
Hurupay disclosed that it processed more than $36 million in volume over the past year, generated over $500,000 in revenue and serves more than 30,000 users globally, none of which translated into sufficient retail demand.
The sale also exposed friction around MetaDAO’s evolving mechanics, after Hurupay removed overflow refunds that had previously encouraged participation by reducing downside risk.
Market participants said weak conditions, fatigue from underperforming recent ICOs and shifting retail psychology suggest the traditional ICO model may no longer align with current crypto market realities.
At the time of reporting, MetaDAO price was $3.79.