The ambitious crypto startup, Hush, which was aiming to develop the first participative, regulated, tokenized and cryptocurrency friendly bank has crumbled after a failed ICO earlier this year.
According to LiveBitcoinNews reports, the crypto startup seems to have vanished after they failed to raise enough funds through ICO. Launching their ICO in early 2018, Hush was all prepared to become the first cryptocurrency compatible bank.
The project had made preparations to raise around $30 million for the ICO, directing the funds towards building the crypto bank concept, as per ICOMarks. The project also received a ranking of 6.7 out of 10 on the ICO ranking website.
Reports indicated that the ICO only raised $600,000, way lower than the hard cap of $30 million. The downturn in ICO participation from the bear market could be a major reason behind the ICO fundraising failure, which has resulted in a total demolition of the project.
The consultants who contributed to building the projects have not been paid. One of the consultants, Sebastien Bourguignon said, “I didn’t have any news from Eric Charpentier (founder) since June. He didn’t pay me for my advisory. I am in litigation with him.”
Furthermore, the website of the company has also been taken down, along with its Medium account. The founder of the company has deleted all his tweets related to Hush, and even his LinkedIn account.
These signs indicate the failure of ICO and lack of funds to clear the payment of advisers and staff, or just a convenient exit scam?