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😰😰### Urgent Announcement ##😰😰
-->> Project has been closed due to legal iisue as per Korean govt.
-->> Bounty Also closed immediately
-->> Bounty Hunter will not get token because project stop and there no use of token .
-->> Investor will get refund .
----/// Below is Full Announcement by Maestro team ///----
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(Notice of Full Refund in ETH from Maestro Project’s Token Sale)
Dear Supporters of Maestro Project,
Maestro Project has aimed to build a blockchain-based music streaming platform for
artists and listeners. We have been wrestling to innovate the music industry, starting
from South Korea’s K-pop industry and onto the the rest of world.
Due to the uncertain state of the blockchain industry and legal issues surrounding it,
we have been consulting various law firms regarding Maestro Project’s legality,
specifically whether our token (MAE) is a security token. After weeks of consultation
and much deliberation, we have reached the following conclusions.
First, the South Korean government has announced its policy regarding Korean ICOs,
stating that those that fail to comply by the regulations will be strictly reprimanded.
This has been extended to include Korean ICOs based abroad. Maestro Project, under
Rightchain Labs LLC based in Singapore, also falls under this category.
Second is about the government’s policies regarding security tokens. With our
current whitepaper and token economy, the firm’s advice is that we would have to
revise them in a fundamental manner. Our deepest concern was that we put the risk of
postponing our project not only to us, but to the investors who have already
participated in our private and 1st public sale process.
We, Team Maestro, have regretfully decided to end our ICO immediately in effect with
this announcement.
We will refund all Ether raised through the Private and 1st ICO according to the
funding record on the blockchain. For those who partook in our ICO through NEXT
ICO, we will also return all the funds through the NEXT ICO homepage.
The refund process will take place from today (July 12) to July 27. We will take any
questions regarding the issue on our official Telegram and KakaoTalk channels.
We promise to resolve the matter smoothly and would like to apologize again for any
inconvenience caused by our decision.
Thank you for your support thus far.
Team Maestro
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