Singapore company cancels blue diamond initial coin offering

A Singapore-based company has called off a $2 million initial coin offering backed by a 2.08-carat blue diamond that gave investors a chance at a raffle for a luxury dinner.

The event's organizer, V Diamonds, said Tuesday that it would process thousands of refunds for investors who bought tokens for an ownership stake in the ring.

V Diamonds' founder Ville Oehman agreed to buy the ring and dinner from the Russia-based World of Diamonds Group as part of a wider promotion. In November he began selling the tokens for $2 or more.

Investors had a chance to win a lavish dinner on a private jet, enlivened by fireworks.
 

In a joint statement, V Diamonds and the World of Diamonds Group said the cancellation was a "mutual decision.