Copy link
Increase text size
Decrease text size
Link copied

South Korean ICO project discontinued, to return $7.5M to token holders

Thu, 20 Feb 2020, 10:58 am UTC

South Korean initial coin offering (ICO) project Contents Protocol has announced that it will discontinue its operations and return 26,877 Ether (ETH) ($7.5 million approximately) to the holders of its CPT token, Cointelegraph reported.

The Content Protocol Team made the announcement on its website. According to it, they will discontinue the project due to “regulatory uncertainties in cryptocurrency and lack of business prospect.”

The company raised a total of 29,333.77 ETH through ICO (private and public token sale) and will distribute 26,877.68 ETH to CPT holders as it goes into liquidation.

“Based on the legal opinion and advisory from law firms in Korea and Singapore, we will convert our remaining assets to ETH and distribute it on a pro rata basis to CPT holders who have requested ETH compensation until specified date. The company will go through liquidation process and the CPT we currently possess and collect through this process will be destroyed,” the announcement read.

The project collected consumer data from content platforms like WATCHA and WATCHA PLAY by rewarded the platforms and their users with cryptocurrency (CPT). It then analyzed the data and sold it to content providers to help them create better content.

However, they struggle to find participants due to the negative perception toward cryptocurrency, price volatility, and complex user experience. The team also found it challenging to find content platforms willing to provide data to Contents Protocol. Due to resulting limited capacity in collecting data, it also experienced difficulty in providing helpful insight to content producers.

On top of these, the team feels that the perception and environment for cryptocurrency will not improve anytime soon. Also, it is uncertain as to when the legal and accounting guidelines on crypto will be established.

“In order to overcome these limitations, the team went through numerous trials and errors, but after serious deliberation, we decided that it would be best to put a stop to this business and return our remaining assets to CPT holders,” the team wrote. “Sincere gratitude to everyone who has supported our project.”

Meanwhile, South Korean crypto wallet Bitberry has decided to shut down due to “market deterioration and uncertainty of the blockchain industry”. It will officially close on Feb. 29.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • rachelmillr
  • 2020.02.21 08:27:00
All these binary options and cryptocurrency companies are scams, I lost a total of $196k. Things have turned out good for me, being that I was able to recover my money thanks to a recovery pro. You can reach me if you're interested in finding out how I recovered everything I lost. Rachelmillr4 {at} gmail dot com
  • 0
  • ·
  • 0
  • wilsonborne44
  • 2020.02.20 23:48:30
From my experience, I guess the best way to avoid online scam is by having a very thorough investigation about the subject matter. If i had this advice i would probably have not gone through the ordeal i went through some months past. Binary Options is a blessing to some and curse to many, it almost ruined me. Gracefully, i got in contact with a certified recovery specialist ( CREDITSOLUTION63 ) who helped me with refunds. I can’t say for any other recovery expert but this ( CREDITSOLUTION63 ) came to my rescue and I RECOMMEND ONLY his service.
Contact Below:
Email: [email protected]
You Can Also Text Or Call: +1 9176634684
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $6,857.09 (+1.49%)
  • Ethereum (ETH) $145.24 (+2.15%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $239.04 (+1.19%)
  • Bitcoin SV (BSV) $179.02 (+0.46%)
  • Bitcoin (BTC) $6,857.09 (+1.49%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.