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THOR has announced that it is 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, and many investors and observers are criticizing the way it has been managed since then.
Not to be confused with VeChain Thor, 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 has some major success. Since then, it seems to have gone the way of many ICOs from the last couple of years. Little work appears to have been done to improve the project, and THOR is still not listed on any important exchanges.
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In an official statement, THOR CEO and co-founder David Chin claimed that "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".
Our token holders have been our #1 priority from day 1. We’ve been going through some changes we describe here. https://t.co/FxmRp00sQq
— Thor (@GoThorTech) February 6, 2019
Ousted co-founder Matt Lawler released a series of videos explaining what he thought went wrong with the project, claiming that the team wasn't doing enough to help those contractors it set out to help, and that THOR was becoming too centralized. In one video he even (unconvincingly) breaks into tears when reflecting on his departure from the project.
David chin for the life of him can’t stop spewing lies in nearly every sentence. 🔥 https://t.co/eCcQ4TLSwE
— Matthew (Raw Law) (@iconartus) February 6, 2019
The Tears Came Today — Raw Law E3: https://t.co/XcoplhcB4S $THOR
— Matthew (Raw Law) (@iconartus) February 6, 2019
Observers are responding negatively to this news, with many questioning what happened to the $21 million. There are accusations that the whole project was some kind of a scam, with people calling for the arrest of the CEO, and even suggesting that Lawler's actions may be part of the ruse.
Moment of silence for the $21m that lasted 10 months
— CryptoBitcoinChris (@CryptoBTC_Chris) February 7, 2019
Thor team abandoned their project, & laid off their employees.
Thor (https://t.co/fiTyRULFbE) raised $21,100,000 in April 2018, never listed officially anywhere and told they are building infrastructure and now the big news.
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