The developers behind the Ethereum-based token Omnitude (ECOM) said that they are closing the operations because the funding on the part of investors is not sufficient to move ahead further.

The team behind the project claimed they are misled by the investors and now they are unable to run operations. Recently, the price of the token is reported to be drop drastically from $0.028 to $0.004. According to Messari, the token lost almost 80% in just a matter of hours.

Cease Operations due to Lack of Funds

Currently, they have decided to shut down the process due to a shortage of funds. But they have also mentioned in the announcement that the development in the blockchain of Omnitude will be resumed only if they managed to secure the funds for further operations.

As per the announcement by Omnitude’s official Telegram channel:

The funding has been delayed even further, with current timelines looking like 3+ months away. […] I feel like we have been seriously and continuously mislead for the past year by the funding […] We have no choice now but to cease operations.

Developers tried but failed

However, the lack of funds seems to be the main reason for this but the team also stated that ‘’signed contracts and constant assurances’’ is another factor that resisted the staff to find any other alternative.

The have also tried to find other ways of avenues as the announcement reads,’’ Over the past few months we’ve explored hundreds of other avenues to try and avoid this, but currently there isn’t any investment appetite for blockchain’’.

Besides the closing operation of Ominitude crypto project, there are other crypto-related companies and firms who are shutting down. Bitmain, the giant company known for making miners for Bitcoin, reported, before the five months of halving, that they are ending the workforce due to halving. Similarly, another crypto project, Lightcurve, kick off 40% of its employs last year.