The South Korean ICO draft Contents Protocol will reimburse CPT 26 877 ether (ETH) chip holders ($7.5 million in press time). Both legal obstacles and business challenges were cited as the cause of the closure.
Details can be seen on the modified project homepage, first registered on February 19. The public ICO ended in December 2018 and raised nearly 7,000 ETHs, which was its financial target. The remaining 22,000 ETHs came from private chip sales.
The project was combined with a content platform developed by Watcha, the company behind the token. The idea was to reward the users of the platform with a CPT token for their interaction with the platform and for giving up the data.
Finally, the team mentioned 'uncertain legal and accounting risks' as another reason for deciding to close the platform, which required 'serious consideration'.
The team revealed that it spent about $1.5 million in its year of operation, most of which on legal and agency fees. Another 1,500 ETHs are also classified as agency fees, probably a commission for running an ICO.
The team remained with almost 27,000 ETHs, of which about 2,000 came from a successful ETH/Bitcoin (BTC) transaction. Initially, the company sold 20,000 ETH for 500 BTC and was able to buy more than 22,000 ETH for 490 BTC.
Under the project, the funds will be returned to each CPT token holder based on a ratio of 0.84 ETH for 100,000 CPT.
