While ICOs from 2017 have mostly turned out to be disappointments, one of the most painful cases is that of Gladius, which started off strong, raising over $12 million in its token sale, pitching a decentralized DDoS protection network which can also serve as a CDN, where users can lend their spare bandwidth to earn GLA tokens.
However, not only did the project fail to deliver, the founders, Max Niebylski, Alex Godwin, and Marcelo McAndrews self-reported themselves to the U.S. Securities and Exchange Commission earlier this year, when the regulatory body started cracking down on the illegal sale of securities via ICOs.
It appeared that the project would return funds to investors, as directed by the U.S. SEC, but the founders kept delaying and getting extensions, the last of which was set to expire on November 18, 2019.
Now, it appears the founders have filed for dissolution and abandoned the project claiming that they’ve run of out funds.
Today, co-founder Alex Godwin posted on Gladius’ Telegram:
To the Gladius Community,
We regret to inform you that Gladius Network LLC has ceased operations effective immediately and has filed for dissolution. Despite our bes...