Thor token has come to the end of its journey after its founding company announced it was closing on Tuesday.
The news was delivered by Thor Technologies CEO David Chin in a blog post, days after Thor’s Telegram group was disabled and following earlier reports Thor had halved its staff force. “Unfortunately, we did not achieve the commercial success we were looking for,” Chin wrote, noting they had run out of the $21 million raised in an ICO and had failed to secure more funds. In the post, Chin disputes the $21 million figure as reported, saying Thor's token sale had in fact raised approximately $1.9 million.
He also blamed its demise on the “many regulatory challenges” it had faced. In addition, the post issued an apology to token holders for having “stayed silent for so long,” saying the company had been working “behind the scenes” to find a resolution (including a rumoured $10,000 take-over bid).
Thor’s 50 million tokens sought to fix the gig economy by issuing automated payments to contractors but were never listed on an exchange. The company is reportedly registered in the US and sources have told The Block there are questions now about its legitimacy.
"All Thor code and products will remain open source for the community to use, modify, or fork, for its benefit," Chin concluded.