Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Fetch.ai was bought back by a consortium of founders

Fetch.ai was bought back by a consortium of founders

CointimeCointime2024/02/03 03:22
By:Cointime

According to a report from The Standard, Fetch.ai lost £16.7 million during the widespread cryptocurrency price crash from 2021 to 2022 and had to write down its assets by £231 million. Despite a price recovery for FET in 2023, the company was still sued by former contractors. Fetch.ai paid approximately $1 million (including interest) to the contractors who claimed they were owed 750,000 unpaid FET tokens as part of a transaction. The company was plagued by "financial difficulties" and was placed under administration by court order to save the business. Being placed under administration means that a third party unrelated to the company gains control and investigates the financial situation before proposing a way forward. For Fetch.ai, after formally filing for bankruptcy, administrators from ReSolve were appointed to oversee the process.

After entering administration, Fetch.ai made significant progress. The company was listed for sale and eventually bought back by a consortium of Fetch.ai founders after being handled by administrators from ReSolve. According to ReSolve, the entity was sold back to the consortium owned by the founders.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!