[eganist]

Correct, and the USG does not. IRS guidance calls all cryptocurrencies property.

[palakchokshi]

I'm not a fan of cryptocurrencies myself but I am trying to argue the spirit of the transaction which considered ETH as a currency.

Legally I am with you 100% that the investors are out of luck. That's the price of "investing" in a highly speculative vaporware "currency".