With refunds for initial coin offerings (ICOs) now underway, how much investors can recover has become the next flashpoint between them and cryptocurrency crowdfunders. Two weeks after outlawing ICOs, Shanghai authorities on Friday reported that 90% of refunds are complete. But the dust is far from settled, according to Caixin. Some investors complained the refund process has been slow, while some took to the street and asked for more money to cover their losses. Regulators have not given guidance on whether the refunds should be based on the original purchase price or the latest trading price, leaving issuers to negotiate with investors. While some ICO issuers have offered refunds at prices higher than the market price, others are refunding investors at the original purchase price, which in many cases represents a large cut from recent trading prices.