CryptoSolarTech, a Spanish crypto mining startup will return around $68 million raised during its ICO. On Wednesday, Feb. 20, Spanish IT lawyer Sergio Carrasco, posted a screenshot associated with the official letter brought to investors, on Twitter.
The mining startup seemingly designed to build a cryptocurrency mining facility operated by solar energy in Southern Spain. Nonetheless, it neglected to get a building permit there. The founders from the project promised an extra shot funds within sixty days, citing reasons beyond their control. Moreover, the startup claimed that it really is not liable for any of the tokens purchased after Feb. 19.
It might be noted that CryptoSolarTech released its token, in June 2019 , by an Initial Coin Offering to financ its operations. Interestingly, the mining project raised around $68 million in just a 2 months through summer of 2019 , that is over 6,500% from the minimum investment of 900 thousand euros. Notably, lots of the funds raised has come from Spain and Singapore.
Nevertheless, in several months, yourrrre able to send token allegedly lost the majority of its value. Thus, landing it in the position of the top 10 ICO ‘losers’ in research released late September by cryptocurrency analytics firm Diar.
The Chinese energy company Risen Energy, in October 2019 , declared a partnership with CryptoSolarTech to help you it in developing 300 megawatts (MW) of photovoltaic power capacity. The partnership was also designed help CryptoSolarTech through on engineering and construction responsibilities in the electricity project.
According in to the previous media reports, the sheer number of Initial Coin Offerings in Q4 2019 raised twenty-five percent a lot less than in Q3, while total amount of concluded ICOs increased. Moreover, the quantity of Initial Coin Offerings has generally decreased when compared with 2019 . However, the volume of early 2019 projects is higher than inside the same time period of 2019.