Ethereum-Based Altcoin Abruptly Shuts Down Operations, Value Plummets 56%
The Ethereum-based voting platform Horizon State has suddenly shut down, triggering a 56% drop in its crypto asset called Decision Token (HST).
In a post on Facebook, the Australia-based company says it’s being forced to close its doors due to a lawsuit that it can’t afford to fight in court, calling the legal morass “an eye-watering expense.”
“This is one of the most difficult decisions we have had to make in our lives, but we simply have no options available to us to fight this further.
We would like to thank our amazing community who have supported and journeyed with us over the last two years. Without you, we could never have achieved the milestones that made Horizon State a technology pioneer, and put Australia and New Zealand on the map as destinations for blockchain innovation.”
The company has not disclosed any details about the legal action.
“While we can’t reveal many details of the cause, we can at least say that it has nothing to do with the business — which has been taking consistent strides forward to new heights — and everything to do with a recently-served legal case in Australia.”
Horizon State was founded in 2017, with the goal of allowing governments and organizations to implement fair, transparent and verifiable voting procedures based on blockchain technology.
In February of this year, crypto outlet Micky reported that the South Australian government would conduct an official election using Horizon State’s technology.
Co-founder Jamie Skella recently revealed he would return to the company as an advisor, but those plans have been scrapped in the aftermath of the abrupt shutdown.
I didn’t return to the company; I joined their new advisory board. Of course, it makes little sense to form a team of advisors, only to shutter the company days later, so I can only assume this outcome was abrupt and genuinely unexpected by Andy and Nimo.— Jamie Skella (@JamieSkella) August 19, 2019