You are 100% right that if they just refund people over $3m, it is sorted, everything is OK.
However in this case the extension announcement was made after someone dropped the ton of waves I believe?
Do you agree that if they don't refund excess money but want to keep the $4.4 million. Sasha should not release the escrow?
Oh yes for sure! I won't be happy if they don't refund people. They have to otherwise they will have people rioting... thats 50% oversold. That's why im not worrying.... they will sort it.
Looks like they are keeping the money and the Waves CEO is in on it.
As an escrow for Waves, I can assure EncryptoTel investors that the additional funds raised after the ICO cut-off time will be used in an appropriate way by EncryptoTel team. The decision to prolong the ICO for 24 hours was quite reasonable, since the investment target was reached through an appreciation in the exchange rates, and many investors were unprepared for such an abrupt end to the crowdsale. Sasha Ivanov, CEO of Waves and escrow for EncryptoTel
https://medium.com/@encryptotel/an-update-on-the-encryptotel-crowdsale-e2c3739f2b4cWaves is still a great project that should do well but this is very dissapointing.
I don't quite follow the logic why it should be returned. This is a freak accident, but no one is hurt through it. Good project receives more money development and creates a better product.
In any case Encryptotel investors will have an opportunity to vote what should happen to that 1 mil. I personally guarantee that if they decide to return it it will be returned, if they decide to keep it - so be it.