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{"actor":"system:backfill","investigation_id":"5143afe3-d212-407e-97cb-2ae4178d2133","kind":"publish","page_slug":"filecoin","published_at":"2026-05-14T06:02:46.888Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Filecoin","sections":[{"content":"Juan Benet founded Protocol Labs in 2014 and invented IPFS and Filecoin. Y Combinator-backed. Benet is a Stanford CS graduate with credible technical background.","heading":"Founder and Protocol Labs","severity":"low","sources":[{"credibility":1,"name":"Y Combinator: Filecoin ICO with Juan Benet","type":"official","url":"https://www.ycombinator.com/blog/ipfs-coinlist-and-the-filecoin-ico-with-juan-benet-and-dalton-caldwell"}]},{"content":"$257M raised in September 2017 ($52M private presale + $205.8M public ICO), the largest ICO at the time. Used SAFT (Simple Agreement for Future Tokens) structure to comply with securities regulations.","heading":"Record ICO and SAFT Structure","severity":"medium","sources":[{"credibility":2,"name":"Medium: Filecoin ICO Raised $257M","type":"news_article","url":"https://medium.com/@jackleungau/how-the-filecoin-ico-raised-257m-febb0b213da8"}]},{"content":"SEC classified FIL as a security in lawsuits against Binance (June 2023) and Kraken. In July 2024, the SEC removed FIL's classification from the Binance lawsuit. Filecoin Foundation formally rejected the SEC's classification. The SEC's May 2025 staking statement created further regulatory ambiguity.","heading":"SEC Securities Classification","severity":"high","sources":[{"credibility":2,"name":"CryptoSlate: Filecoin Rejects SEC Classification","type":"news_article","url":"https://cryptoslate.com/filecoin-foundation-rejects-secs-classification-of-fil-as-security/"},{"credibility":1,"name":"Baker McKenzie: Filecoin Designated as Security","type":"news_article","url":"https://blockchain.bakermckenzie.com/2023/05/18/add-filecoin-to-the-list-of-tokens-the-us-sec-has-formally-designated-as-a-security/"},{"credibility":2,"name":"Decrypt: SEC Believes Filecoin is Security","type":"news_article","url":"https://decrypt.co/140512/sec-filecoin-security-grayscale-protocol-labs"}]},{"content":"Five of the project's largest miners quit in protest after mainnet launch in October 2020. Miners complained about the economic model requiring heavy upfront collateral. Juan Benet denied reports of a mining crisis.","heading":"Miner Protests at Launch","severity":"medium","sources":[{"credibility":2,"name":"Forkast: Filecoin Miners Strike After Launch","type":"news_article","url":"https://forkast.news/filecoin-miners-strike-after-mainnet-launch-space-race-decentralized-storage/"},{"credibility":2,"name":"Decrypt: Filecoin Denies Mining Crisis","type":"news_article","url":"https://decrypt.co/45529/filecoin-denies-mining-crisis"}]},{"content":"Binance delisted FIL/BNB pairs in October 2024 citing insufficient liquidity and stability, causing a 6.66% price dip within 24 hours.","heading":"Exchange Delistings","severity":"medium","sources":[{"credibility":2,"name":"AInvest: Filecoin Regulatory Crossroads","type":"news_article","url":"https://www.ainvest.com/news/filecoin-regulatory-crossroads-assessing-long-term-investment-viability-market-volatility-2509/"}]}],"sources_used":[{"credibility":1,"name":"Y Combinator: Filecoin ICO","type":"official","url":"https://www.ycombinator.com/blog/ipfs-coinlist-and-the-filecoin-ico-with-juan-benet-and-dalton-caldwell"},{"credibility":2,"name":"CryptoSlate: FIL Security Classification","type":"news_article","url":"https://cryptoslate.com/filecoin-foundation-rejects-secs-classification-of-fil-as-security/"},{"credibility":2,"name":"Decrypt: SEC Filecoin Security","type":"news_article","url":"https://decrypt.co/140512/sec-filecoin-security-grayscale-protocol-labs"},{"credibility":2,"name":"Forkast: Miner Strike","type":"news_article","url":"https://forkast.news/filecoin-miners-strike-after-mainnet-launch-space-race-decentralized-storage/"}],"summary":"Filecoin (FIL) is a decentralized storage network built by Protocol Labs, founded by Juan Benet. Raised a record $257M in a 2017 ICO via SAFT structure. SEC classified FIL as a security in Binance/Kraken lawsuits but later removed FIL from the Binance complaint (July 2024). Miner protests erupted at mainnet launch (October 2020) over economic model requiring heavy collateral. Mining historically concentrated in China. Binance delisted FIL/BNB pairs in October 2024.","timeline":[{"date":"2017-09-01","event":"Filecoin ICO raises record $257M via SAFT structure","source":"medium.com","source_url":"https://medium.com/@jackleungau/how-the-filecoin-ico-raised-257m-febb0b213da8"},{"date":"2020-10-15","event":"Filecoin mainnet launches; five largest miners quit in protest","source":"forkast.news","source_url":"https://forkast.news/filecoin-miners-strike-after-mainnet-launch-space-race-decentralized-storage/"},{"date":"2023-06-01","event":"SEC names FIL as a security in Binance lawsuit","source":"bakermckenzie.com","source_url":"https://blockchain.bakermckenzie.com/2023/05/18/add-filecoin-to-the-list-of-tokens-the-us-sec-has-formally-designated-as-a-security/"},{"date":"2024-07-01","event":"SEC removes FIL classification from Binance lawsuit","source":"beincrypto.com","source_url":"https://beincrypto.com/sec-solana-no-longer-security/"},{"date":"2024-10-01","event":"Binance delists FIL/BNB pairs citing insufficient liquidity","source":"ainvest.com","source_url":"https://www.ainvest.com/news/filecoin-regulatory-crossroads-assessing-long-term-investment-viability-market-volatility-2509/"}]},"v":1}