Thor token closed its doors! Blames regulatory issues ​

11 Apr, 2019 | Updated: 11 Apr, 2019
by Joeri Cant
Thor token closed its doors! Blames regulatory issues ​

THOR Technologies CEO David Chin announced the shut down in a blog where he blamed regulatory issues, following earlier news that Thor had to lay of 50% of its staff.

Co-Founder & CEO at Thor, not to be confused with VeChain Thor, said that he is incredibly proud of the groundbreaking work the Thor team had accomplished, but that it was unfortunate that they did not achieve the commercial success they were looking for.

'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, and will be shutting its doors', the blog reads.

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The CEO apologized to token holders for having stayed silent for so long, while pointing out that the company had been working behind the scenes to find a resolution, however to no avail.

'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' he said.

The CEO further blamed their final exit on the many regulatory challenges the Thor project had faced.

'Ultimately, it has become clear that the only course of action for Thor is to shutter its doors. Thank you for your support over the last year. All Thor code and products will remain open source for the community to use, modify, or fork, for its benefit.'

In February 2019, Chepicap reported that THOR had announced that it was getting rid of half of its workforce amidst major financial difficulties. The project raised over $21 million in an ICO just over 2 years ago, however, has now ran out of those funds.

The THOR token was developed as a way to improve the growing gig economy, helping to provide benefits for temporary contractors, and its January 2017 token sale had some success, however, since then little work appears to have been done to improve the project.

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'We are extremely sorry about the outcome of the Thor Token project. Our time, effort and hearts went fully into this project. Gig workers everywhere need companies like Thor to stand up for them and provide solutions for their needs. Due to regulatory environments among many other factors that have been described in our blog posts, we could not provide for those needs', the CEO added.

Ousted co-founder Matt Lawler previously released a series of videos explaining what he thought went wrong with the Thor project, claiming that the team wasn't doing enough to help those contractors it set out to help.

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