It has not been an easy period for altcoins and projects initially raising a lot of funds. Omnitude is the latest victim, as its development funds have completely dried up.
It is always unfortunate when crypto enthusiasts lose money.
Omnitude Bites the Dust in the end
However, investing in any project always carries significant risks.
Primarily projects claiming to be the next big altcoin will often fail sooner rather than later.
For Omnitude, things are falling apart pretty quickly.
The funding for the project has been delayed, and the developmental timelines will not be met.
In fact, the development is behind by at least three months, which is unacceptable.
For now, the team will cease all operations.
Either they will acquire new funding, or simply abandon the project altogether.
For those who bought the ECOM token in recent months, there will be no recourse.
The value of this token decreased by over 80% today alone.
The team also cites how “there is no investment appetite for blockchain right now”.
That seems to be a very misleading statement.
Investors will contribute financially but only if the project is worth its salt.
How investors look at Omnitude, is anyone’s guess, but it will probably not be favorable.
Despite labeling itself as a hybrid blockchain, it is another ICO-esque ERC20 token biting the dust.