Where Did $21 Mln Go? THOR Project Is Almost Broke

The THOR project announced that it is laying off 50% of staff due to the financial difficulties. The project raised over $21 mln via ICO just over two years ago, and since then many investors have criticized management for the irrational use of money.

In January 2017, THOR's crowdfunding was a success, but since then, it seems, little has been done to develop the project, and the THOR token has not yet been listed on any major crypto exchange. In a statement, THOR’s CEO and co-founder, David CHIN, said:

“We’ve needed to correct our cash flow as the blockchain market declined 90% from the time we initially did our ICO. Some of the folks affected in the layoffs may rejoin the company full time in the coming months depending on availability.”

Co-founder Matt LAWLER, which has left the project earlier, released a series of videos explaining what he thought went wrong. He argues that the team is not doing enough to develop and that THOR is becoming centralized. The audience reacts negatively to the news — many wonder what happened to the collected $21 mln, accusing the founders of the fact that the project was initially conceived as a scam.

Image courtesy of CBR