Project Thor Token is closed due to the inability to gain momentum, and its CEO, David Chin, denies rumors that the project has spent $21 million
As you know, the cryptocurrency ecosystem is developing in a harsh and unrelenting struggle for its place under the sun. Many projects are started by developers who have big dreams and aspirations, but not everyone of them comes out the winner, or even reaches the stage of completion. One such project, which has experienced difficult times, is a Thor Token, and now the project team has officially announced its closure.
Thor Token and its problems
The project was created to provide some stability to those who take part in the organization of concert activity.
Thor, based on the Neo network, according to its creators, could not overcome the “normative” requirements in the United States, therefore, forced to close down.
The official announcement reads:
“During operation Thor has faced many regulatory issues that have not allowed us to achieve the goals set out in our white paper. We hope that the economic environment in the future will be sufficiently favorable to support innovation, and we will be able to resume work. We regret that we waited so long. We worked on a study of all possible options, including attracting sufficient capital to cope with the lack of sales, or to find a company with more resources, which could benefit from our technology. During this process, we could not publicly declare the status of the project due to business and legal constraints. Ultimately, it became clear that the only course of action is to close the project. Thank you for your support over the last year. All code and products Thor will remain open and the community can use and modify them for their own benefit”.
The statement concerning the funds raised via the ICO
Thor noted that they were counting on support of foreign investors, but to no avail:
“We studied several options for Thor and wanted the project continued to develop with the help of a major investor or organization. Sorry, currently we were unable to find a willing to purchase the project.”
One of the contentious issues is that Thor allegedly collected $21 million during its ICO, which ended on 6 April 2018. CEO David Chin says that the published figure is extremely inaccurate, and that in the course of ICO is, in fact, attracted $1.9 million in cryptocurrency (26 727 NEO, 4 GAS and 1 296 189 ETH). Chin added that 7 069 224 THOR tokens were sold, and 50 million remained with the company. 42 930 776 tokens were burned. 90% of the decline in the cryptocurrency market in 2018 led to the fact that the company actually had for the operating work of the entire $1 million of funds.
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