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Could be indeed arbitrage. But isn't the ICO price usually higher than the exchange price ?

Last I looked a few weeks ago it was fluctuating between discount and premium - see conversation with @codewithcheese below :)

Ha indeed :) To be honest Im just repeating what I read on the ICO price Vs exchange. Anyway current pricing really hurts :) It even feels it could go deeper what really doesnt make sense...