• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Industry / South Korean Exchange Announces Closure And Returns Thousands of ETH Tokens
South Korean Exchange Announces Closure And Returns Thousands of ETH Tokens

South Korean Exchange Announces Closure And Returns Thousands of ETH Tokens

February 21, 2020 by Ketaki Dixit

Since the coming and going of the 2017 crypto-currency bull run, crypto-businesses, as well as projects, have found it hard to survive if not completely wiped out.

This phenomenon was again put on display when Content Protocol, a Korean cryptocurrency company announced its closure. The Startup focused essentially on content exchange and the lack of business opportunities and regulatory uncertainty killed any chance of its growth. One of the biggest highlights of the shutdown was that the Contents Protocol decided to refund its assets to the investors.

Contents Protocol will refund its investors, distributing just under 27,000 ETH on a pro-rated basis. These were the total holdings of the company before it decided to announce its shutdown. The startup is barely 2 years old and had made news in December 2018 by raising $10 million in Ethereum during a token sale. The official announcement from Content Protocl stated:

“We inform you that due to continued regulatory uncertainties in cryptocurrency and lack of business prospect, we have decided to end our project. Based on the legal opinion and advisory from law firms in Korea and Singapore, we will convert our remaining assets to ETH and distribute it on a pro rata basis to CPT holders who have requested ETH compensation until specified date.”

Contents Project was made to collect consumer data from Korean platforms such as WATCHA PLAY and WATCHA to create a better content ecosystem. In this way, the company plans to rewards the users for its data with its native token Contents Protocol token [CPT].

The US SEC has been involved in the case of multiple cryptocurrency companies. Earlier in 2018, Pantera Capital estimated a quarter of the ICOs it invested in could be sent back to their original backers.

Filed Under: Industry, News Tagged With: crypto exchange, south korea

Primary Sidebar

Recent Posts

  • Cardano (ADA) and Uniswap (UNI) Join Collateral Network (COLT) for Massive Growth Projection From Experts March 28, 2023
  • Bitcoin Bounces Back: Digital Asset Inflows Reach Record High Since 2022 March 28, 2023
  • Binance CEO Addresses Few Key Points On The CFTC Complaint March 28, 2023
  • Shiba Inu L2 Docs Reveal More Details March 28, 2023
  • Bitcoin, Ethereum Enabled In Burger King Paris: Details March 28, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.