Thor Token To Shut Down Its Functions

By Rishma Banerjee

The token, Thor, led by CTO Matt Moravec and CEO David Chin, announced on 9th April that it will be shutting down its functions. This comes after a series of speculations in the last few days, with Thor locking its Telegram to comments and alleged reports of a former employee being offered US$10,000 for the company and its 50 million tokens.

At approximately 5:30 pm, the Thor website uploaded a post saying, “We are incredibly proud of the groundbreaking work the Thor team accomplished – delivering useful and accessible products for 1099 gig economy companies. Unfortunately, we did not achieve the commercial success we were looking for.”

The post goes on to cite “regulatory challenges” as a key hurdle that prevented the company from achieving its goals. It also mentioned that the company has been trying to raise additional capital from different other avenues as well.

Two months earlier, Thor had laid off 50% of its staff to “correct cash flow” and consolidated its contracts. Unfortunately, it still could not match the sales target to the extent where it’s the only way out is shutting down.

Former chief designer Matthew Lawler had posted a series of videos criticizing the staff layoffs and its tendency to not properly emphasize the token but more on the business platform.

Aphelion, the only exchange to trade THOR tokens, delisted THOR shortly after with CEO Ian Holtz stating: “Our understanding is that they have abandoned the token, if that changes so can their listing status.”

In the months following Thor was faced with immense tension among the crypto community.

Ultimately on Monday, the @goThorTech Twitter account was deleted

Several questions from the community and other explanations were addressed elaborately in the statement.

Among all the ventures and deals that Thor proved to be unsuccessful in many as far as sales and revenue were concerned.

Finally, Thor’s token sale ended on April 6th, 2018, raising 26,727 NEO, 4,296 GAS, and 1,819 ETH, approximately US$1.9 million at the time. 7,069,224 THOR tokens were distributed, with 50,000,000 remaining in the company hands, and 42,930,776 tokens burnt.

Former staff members who were laid off in February, Ben Lambert and director of communications Reggie Clodfelter have joined the community Telegram channel to answer questions about Thor operations. Both maintain that Thor was a legitimate startup that had a working product at the time of their firing but ultimately ran out of funds before the company could achieve all of its goals.

Some members within the community have indicated plans to file a complaint against Thor with the SEC.