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3A blockchain game Abyss World alleges deceit from early investor

source-logo  crypto.news 12 October 2023 19:08, UTC

Blockchain game Abyss World has announced the postponement of the SUI airdrop to Gazer this month, citing a funding crisis and deception by their early main investor, Chainhill Capital.

This becomes another in the list of development teams affected by Chainhill Capital’s failure to pay our funds.

Making amends

The community administrator of the blockchain game Abyss World alleges that the company came across unforeseen financial difficulties that resulted in the non-receipt of the investment funds intended for Abyss World and other projects. Abyss World has found itself in arrears for over six months, and despite their commitment to expanding the team as initially promised, the company depleted its cash reserves beyond initial plans.

The announcement also stated the project’s commitment to making amends for the losses suffered by affected community users and maintaining a comprehensive record of Gazer holders. Facing financial limitations and unable to fulfill market-making obligations, the project has taken the decision to unlock and release all remaining AWT tokens from Gazer and IDO, facilitating a swift exit for investors.

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Additionally, the company will disclose details regarding burning a portion of previously repurchased tokens.

A $100 million valuation

In May of this year, the Web3 game studio behind the game Abyss World announced the completion of a successful strategic funding round, with a valuation of nearly $100 million, citing investors including Brain Holdings, 2moon Capital and Chainhill Capital.

At the time, this funding round was said to greatly expedite the development of the web3 game.

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