A cryptography company that raised $ 12.7 million with ICO admits it ran out of money and closed its doors – Tech Ballad

A cryptocurrency startup that has arranged with the US Securities and Exchange Commission (SEC) for its illegal chip sales has been closed.

The Washington-based Gladius network said last week that it had "immediately halted operations and demanded its dissolution."

"Despite all our efforts, the company no longer has the funds to continue its activities. Our code will remain available on GitHub for the next three months. We continue to believe in the power of our technology and we welcome it if anyone in the community is interested in exploiting it, "added the company.

Gladius Network, which helps customers fight cyber attacks, has agreed to reimburse investors when it sells digital chips after the SEC said the company did not inform customers of potential business risks.

The company raised $ 12.7 million (about 24,000 ETH) as part of its initial offering of coins (ICO) in 2017.

As part of its settlement with the SEC, Gladius Network was required to submit a registration statement no later than May 20, 2019. However, the deadline has been extended to November 18. It is not known whether the company actually filed the declaration before closing.

It was also expected to reimburse investors involved in the sale of $ 12.7 million.

However, a group of telegrams gathering those who claim to be despised investors has appeared and many of them are unsure of the status of their legitimate reimbursement.

Hard Fork has contacted one of Gladius' co-founders to ask if investors have been reimbursed or if it is planned to do so. We will update the part accordingly if we receive an answer.

Posted on November 26, 2019 11:31 UTC

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A cryptography company that raised $ 12.7 million with ICO admits it ran out of money and closed its doors - Tech Ballad