According to the latest altcoin news announced by the co-founder of the blockchain project Thor, David Chin; the project is officially shutting down.
The announcement says that the Thor Token was unable to ‘’gain traction and achieve commercial success.’’
Blockchain-based San-Francisco Thor Token was built on Neo. Chin announced that they are shutting it down since the token couldn’t manage to raise enough capital after it was hit with lack of sales. They do hope however that the project will find a new place in the industry where it can gain more resources and benefits.
Chin explained in the announcement that his company was trying really hard to find the right people to give his project. He really wanted the project to continue living and was hoping to find someone who was willing to operate with it. Sadly, Chin was not able to find anyone who as willing to acquire the project. He stated:
“Thor will be ceasing operations in the near future given no other funding or acquisition offers are found. […] All Thor code and products will remain open source for the community to use, modify, or fork, for its benefit.”
In the past few months, multiple blockchain-based projects had the same problem. Eventually, they all got shut down. In December 2018, after the news reached the headlines that the United State-based stablecoin Basis is shutting down operations, the project aimed to return about $133 million in funding. The project raised the funds in a private placement with the investors. However, the project shut down due to regulatory concerns over the token types of Basis.
Also, at the beginning of this year, Bitmain which is the largest crypto mining giant of China announced reduced operations in the Netherlands. The company believed that this move is a way to save costs and it’s a part of the longer-term roadmap.
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Bitmain was basically unprofitable while mining bitcoin which led the company to suffer further.
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