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Cryptocurrency

So, Thor Token Has Closed its Doors

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You may have heard over the past couple days that the Neo blockchain based payments system, Thor Token, has closed its San Fransisco based doors to the world. The company has done so after months of inactivity and disgruntled investors becoming increasingly worried about their investment. As it turns out, they were right to worry.

The news of Thor Token shutting down probably wont come as much as a surprise to those in the former company’s social loop. I say this as the project owners stated the company was going through reorganisation and laid off 50% of their staff back in February 2019.

Well, it would appear that the aforementioned layoff didn’t provide the all encompassing saving grace the company had hoped for and, on Tuesday 9th April 2019, they announced they will be closing down, for good.

$21 Million… Gone

As you may already know, the Thor Token was a Neo based blockchain project which planned to utilise the nature of blockchain technology in order to revamp the contractor and remittances markets. Their fund raiser managed to raise over $21 million USD and the project was tipped for ‘big things‘, so what happened?

While there are a number of stories/theories circulating (the owners tried to sell the project, exit scam etc.) I think it is safe to say that nobody knows for sure what actually happened to the funding of the project. All that is known for certain is $21 million USD is a lot of money and there will be a number of disgruntled investors as as result of this news.

What About Neo?

This is obviously something which the Neo council can’t have possibly foreseen but it is also something which will shake the confidence held towards the Neo company/brand. To date the platform has struggled with claims regarding its slow rollout of its decentralisation phase and, one of its main differences to its competitor, Eth, was the fact that ICOs are pre-vetted before being allowed to fund raise on the platform.

At present it is fair to say that Neo ICOs, in general, have not done very well with regards to return on investment. A quick search of Coin Market Cap will show you that APH, TheKey, DeepBrain and Switcheo are all roughly 80% down on their ICO price and, with the news of Thor going bankrupt, the Neo platform could be in for a tumultuous time ahead.

In this current market it is hard to know which products are here to stay and, with Neo’s current crop of ICOs seemingly underperforming it would be a good idea to watch this space.

Happiness.

Go to Thor’s official announcement