Crypto firm that raised $12.7M with ICO admits it ran out of money, closes doors

A cryptocurrency startup that settled with the US Securities and Exchange Commission (SEC) over its illegal token sale has shut down.

Washington-based Gladius Network said last week that it had “ceased operations effective immediately and has filed for dissolution.”

“Despite our best efforts, the company no longer has funds to continue operations. Our code will remain available on GitHub for the next three months. We still believe in the power of our technology, and if anyone in the community is interested in pursuing it we welcome it,” the company added.

Gladius Network, which helped clients fight off cyberattacks, agreed to refund investors in its digital token sale after the SEC said the company failed to advise them about potential business risks.

The company raised $12.7 million (around 24,000 ETH) through its initial coin offering (ICO) in 2017.

As part of its settlement with SEC, Gladius Network was required to submit a registration statement by May 20, 2019. However, the deadline was then extended to November 18. It’s not known whether the business actually filed the statement before shutting down.

It was also supposed to refund investors who participated in the $12.7 million sale.

However, a Telegram group filled with those claiming to be spurned investors has emerged, with many unsure the status of their rightful refunds.

Crypto firm that raised $12.7M with ICO admits it ran out of money, closes doors 1
Crypto firm that raised $12.7M with ICO admits it ran out of money, closes doors 2

Hard Fork has reached out to one of Gladius’ co-founders to ask whether investors have in fact been refunded or whether there are plans to. We’ll update the piece accordingly if we hear back.

Published November 26, 2019 — 11:31 UTC

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,613 0.01 % 0.43 % 2.92 %
Ethereum1,876.3 0.57 % 4.47 % 2.03 %
Tether1.000 0.11 % 0.01 % 0.01 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB315.94 0.31 % 3.34 % 9.61 %
XRP0.3972 0.42 % 1.89 % 2.27 %
Binance USD1.002 0.14 % 0.14 % 0.01 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana45.88 0.15 % 5.11 % 7.80 %
Dogecoin0.08029 0.40 % 3.33 % 4.40 %

bitcoin
Bitcoin (BTC) $ 29,560.00
ethereum
Ethereum (ETH) $ 1,877.59
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 314.50
xrp
XRP (XRP) $ 0.396396
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.494295
solana
Solana (SOL) $ 45.62
dogecoin
Dogecoin (DOGE) $ 0.079727