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Beat the System: That Floyd Mayweather-backed cryptocurrency is another sign of a bubble bursting

If even Floyd Mayweather can’t turn a cryptocurrency launch into a knockout, is the party coming to an end?

The “initial currency offering” from Hubii, an online publishing venture, has fallen far short of its ambitions, despite a high-profile promotion last month by the boxing legend on Twitter.

Hubii had hoped to bring in up to $50 million in its two-week fundraising campaign, but by the close had raised barely $7 million.

Not only is that a fraction of the targeted maximum, it’s barely above the minimum level that the founders had admitted they needed just to get by.

“We will be setting a minimum target of $5m,” they wrote in their white paper — a type of prospectus — just before the fundraising.

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