Blockport Now Bankrupt

[CryptoBry]

An Amsterdam-based cryptocurrency exchange is facing an uncertain future. Blockport has declared bankruptcy after its security token offering (STO) failed to meet its minimum expectations last month.

Blockport’s STO failed to reach its soft cap of €1 million ($1.13 million) in May. Shortly after, the company filed for and was declared bankrupt, according to recently found bankruptcy records.

In the 24 hours after making the announcement, Blockport’s native token, BPT, dropped in value by over 88 percent. Back in January 2018, Blockport raised over $15 million in its ICO.

Further Read: https://thenextweb.com/hardfork/2019/06/04/blockport-bankruptcy-cryptocurrency-exchange-sto/

I supported this project last year and at that time I saw a great potential of the platform supposed to be one of the best players in the industry and I though that the project has a good team behind it. Well, things are not doing well for the project as it is now considered as bankrupt and could not go on operating as it should be.

Now, I am wondering what happened to the $15 million it got in its ICO run and why for the mere failure to source $1.1 million it is now giving up. Something must be wrong here. I pity all of its supporters who threw their money for Blockport which can soon be gone with the wind. 

[phwizard]

Sorry to hear that.

It seems crypto community could benefit from developing some sort of basic rules (a simplified and blockchain enabled version of what SEC imposes on public traded companies and Companies House etc regulators impose on private limited companies) that would require to file certain updates regarding business plan, accounting and spending on blockchain (or send privately to all investors/token holders).

Then those ICOs/STOs who follow the standard would have a higher change of raising initial and follow-on rounds, resulting in less investors burned and more money deployed towards responsible and hard working ones.

[thehun]

Now, I am wondering what happened to the $15 million it got in its ICO run and why for the mere failure to source $1.1 million it is now giving up. Something must be wrong here. I pity all of its supporters who threw their money for Blockport which can soon be gone with the wind. 

Most likely they failed to liquidate all the crypto they raised when ETH and BTC were at their peak and now the funds are worth a lot less. This same mistake has been made by dozens of companies that raised funds during the bull market.

[elda34b]

What a mess. Raised more than $15 mil and they just stop operating because they can't get $1 mil more. If that's how any ICO project operates, I doubt they'll achieve their goal at all.

Honestly, I personally hope a project like this dies sooner than later. It's better before they run away or claims another meaningless reason for failure except for their own stupidity.