Regulators may be blamed for nearly every little thing. The staff behind the Thor token is pointing the finger at them for the shuttering of their very own operations.
However, given Thor raised a formidable $21 million for its crypto venture simply final yr, the excuse is falling on many deaf ears.
There was hypothesis that one thing was amiss on the firm earlier than it made its announcement this week. For instance, Thor reportedly locked its Telegram account in order that customers couldn’t make feedback.
Some Thor token holders took issues into their very own palms:
as a result of the primary Thor Channel is muted we’ve opened a unofficial Thor Token Community Telegram Channel to Discuss the Problem, some person already making ready subsequent Steps in opposition to Thor https://t.co/egFwOITeOr
— J. J. (@Kob0L) April 9, 2019
A Little Background
The San Francisco-based firm held its ICO in 2018. It managed to lift $21 million via the issuance of 50 million tokens.
Thor’s objectives have been mighty and included getting down to disrupt the trillion-dollar gig economy via using the blockchain.
Its blockchain venture was to be constructed on Neo to supply gig economic system staff entry to issues like healthcare and retirement planning choices.
It boasted “creating a blockchain-powered smart gig economy for the future.”
The tokens, nonetheless, have been by no means listed on any change to be traded.
Fail, Then Blame Someone Else
Thor’s co-founder and CEO David Chin postured that Thor was wanted to face up for gig staff however regulators obtained in the way in which. The staff got down to ship “useful and accessible products for 1099 gig economy companies.”
He stated regulatory environments have been amongst many different components that prevented it from with the ability to present for these wants.
“Unfortunately, we did not achieve the commercial success we were looking for. Thor ran into many regulatory challenges while operating that prevented us from achieving what we set out to in our white paper.”
When In Trouble, Hide
In seemingly making an attempt to justify why it had gone radio silent in regards to the firm’s standing, Chin stated “sorry.”
“Blame them, not us” forms of feedback don’t go over effectively with buyers. No matter, that is how Chin responded. He stated “business and legal constraints” prevented Thor execs from with the ability to give token holders a heads up that it was going stomach up.
“We have been working behind the scenes to explore all possible options, including finding a way to raise enough capital to face the lack of sales or finding the company a new home where our technology could benefit from more resources.”
Shutting Down The Rumor Mill
Rumors of some nefarious happenings at Thor had picked up earlier than the shuttering announcement.
One specific standout associated to Matthew Lawler, Thor’s different co-founder and former chief design officer. The rumor was the corporate provided him THOR tokens in change for $10,000.
To this, Chin acknowledged:
“Matt Lawler was someone that reached out to us about an acquisition months prior. His response has been to harass and insult community and team members.”
Chin acknowledged he was open to Thor being acquired however argued the venture had “not been able to find the right fit for an acquisition at this time.”
Dean Jeffs of NEO News Today challenged Chin a few screenshot circulating during which the Thor CEO allegedly personal messaged a group member on Twitter, calling Thor a “failed project.” The purpose he gave was merely, it had no gross sales.
Jeffs stated the screenshot additionally exhibits Chin claiming that the “gig economy didn’t need the solutions that were talked about in the whitepaper.”
“Companies’ hesitation and doubts of cryptocurrency had a major effect on sales and adoption. Thor was not able to gain traction and achieve commercial success.”
All Thor code and merchandise will stay open supply. The group will nonetheless be capable of use, modify, or fork for its profit, Chin acknowledged.