The Story of the Substratum Project: From Raising Over $13 Million to Bankruptcy
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Answer The Story of the Substratum Project: From Raising Over $13 Million to Bankruptcy
Substratum has raised $13.8 million in self-supporting funding over the past two years.
The company appeared and started its work for the first time in July 2017, with the goal of creating a free media platform away from censorship targeting the Chinese and Russian market by trying to create an open and fair Internet and paying users in the project currency in exchange for providing content.
To some news about it recently appeared that the funds raised in the framework of the ICO have been exhausted and that the platform is currently operating from private funding.
The news of the bankruptcy came immediately after the latest update that the company released on September 6thRead:1.4 million GateHub wallet passwords and data leaked
where I spoke Blog On the update and on how to put team members in the face of the option of moving with the company to “Tennessee” while reducing the number of employees, and working to satisfy investors by accelerating the process of issuing the final product after the transfer process at the company’s headquarters.
Users on Twitter reacted negatively to the platform’s announcement of its useful news of moving and reducing the number of employees:
The founders of SUB left this week, are you kidding?? PJ Almon and Dan W….the future is bright??? maaooooooooo
– CmFunk (@winetaster88) September 9, 2019
A member of the project team called Wiebe, when asked if there were scams, especially after 2 of the founders left the project, answered his telegram as follows:
I’ve heard some rumors about the founders leaving the project.
I can say that they have the right not to respond to any rumor or what is going on inside the company by virtue of the contract they are bound by regarding the internal business.Read:Analysts Send Mixed Messages About “Bitcoin Bull Trap” Scenario
Also, their exit was in the case of a rising currency and not reaching zero levels.
Substratum is currently trying to stay on the scene through private financing in order to achieve all of its goals.
Margin trading costs a trading platform manager to lose $80 million in client funds
Transferring more than $26 million in Ripple (XRP) to one of the founders’ wallets
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