Thor Token Shuts Down After Blaming Regulatory Issues, Company Raised $21 Million
It’s a sad day when we see a company closing down. This is what happened to the creators of the Thor token, as the company announced this week that it would cease all activities. The explanation was given by the CEO of Thor Technologies, David Chin. According to his blog post, the company was not able to achieve the commercial success that they thought it would be possible.
Before the announcement, there were rumors that the team had been shrunk by half and the Telegram group of the company was disabled.
The group was able to secure $21 million USD during the Initial Coin Offering (ICO) phase, but the company failed to achieve any other investment and the money was starting to run out. Regulatory issues were blamed for this defeat and the CEO apologized for staying silent for too long.
Chin said on the post that the team has achieved a groundbreaking work, but that the money ran out, despite the companies serving for 1099 companies in total. The regulation was to blame as the company failed to find ways in which it could look for an investment that was compliant with the local legislation.
According to Chin, the code and the products that were created by the company will remain open source, but they will not receive further updates by the company, so users can pick them up and work on them if they wish.
Thor sought to use its tokens to “fix the gig economy” by automating payments, however, its tokens were never actually listed on any exchange. Also, the company has affirmed before that it was fully regulated to operate in the United States, but some sources question the truth in this statement, The Block Crypto recently affirmed on its report about this story.
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