A cryptocurrency startup that settled with the US Securities and Change Fee (SEC) over its unlawful token sale has shut down.
Washington-based Gladius Community said last week that it had “ceased operations efficient instantly and has filed for dissolution.”
“Regardless of our greatest efforts, the firm now not has funds to proceed operations. Our code will stay obtainable on GitHub for the following three months. We nonetheless consider within the energy of our expertise, and if anybody within the group is inquisitive about pursuing it we welcome it,” the firm added.
Gladius Community, which helped purchasers battle off cyberattacks, agreed to refund traders in its digital token sale after the SEC mentioned the firm didn’t advise them about potential enterprise dangers.
The firm raised $12.7 million (round 24,00zero ETH) by its preliminary coin providing (ICO) in 2017.
As a part of its settlement with SEC, Gladius Community was required to submit a registration assertion by Might 20, 2019. Nevertheless, the deadline was then prolonged to November 18. It’s not identified whether or not the enterprise really filed the assertion earlier than shutting down.
It was additionally purported to refund investors who participated within the $12.7 million sale.
Nevertheless, a Telegram group full of these claiming to be spurned traders has emerged, with many uncertain the standing of their rightful refunds.
Arduous Fork has reached out to one in every of Gladius’ co-founders to ask whether or not traders have actually been refunded or whether or not there are plans to. We’ll replace the piece accordingly if we hear again.
Printed November 26, 2019 — 11:31 UTC