Thor Shutting Down After Raising $1.9 Million ICO Last Year

by

David Chin

Co-Founder & CEO at Thor

April 9, 2019

We are incredibly proud of the groundbreaking work the Thor team accomplished – delivering useful and accessible products for 1099 gig economy companies. 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. We hope that the economic environment in the future will be conducive enough to support innovation and we will have the opportunity to serve you better.


We are sorry to have stayed silent for so long. 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. During this process, we were unable to share Thor’s status publicly for business and legal constraints. 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.


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.


FAQ

  • There is a screenshot circulating where you allegedly private messaged a community member on Twitter and called Thor a "Failed project" due to a "lack of sales." The screenshot also says that you claim the "Gig economy didn't need the solutions that were talked about in the whitepaper." Is this screenshot authentic, and if so, do you have anything to add to these comments?

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.

  • How did Thor burn through $21M dollars in a year?

Some news and ICO sites massively misreported our token sale numbers. Thor’s token sale ended on April 6th, 2018, raising 26,727 NEO, 4,296 GAS, and 1,819 ETH, approximately US$1.9 million at the time. The token sale recap was published a year ago here https://www.gothor.com/currents/thor-token-sale-recap. 7,069,224 THOR tokens were distributed, with 50,000,000 remaining in the company hands, and 42,930,776 tokens burnt. With the cryptocurrency market plunging 90% in a year, Thor ultimately had $1M worth of operating dollars spent.

Github: https://github.com/thortoken

Press: https://neonewstoday.com/general/thor-token-announces-that-it-is-shutting-down/

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