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- Contents Protocol Team announced that they are shutting down their project.
- The holders who have opted for an ETH compensation will be paid in ETH until a specific date.
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CPT has added that they would announce the detailed information regarding the ETH distribution within a couple of days.
In a blog post today, Contents Protocol Team announced that they are shutting down their project. The reason behind this shut down is continued regulatory uncertainties in cryptocurrency and lack of business prospects.
After taking legal advice from law firms based in Korea and Singapore, Contents Protocol Team has decided to convert their remaining assets to ETH. The ETH will be distributed on a pro-rata basis to its CPT holders.
The holders who have opted for an ETH compensation will be paid in ETH until a specific date. The company will be going through a liquidation process, and any CPT that the company has or receives will be destroyed.
CPT has added that they would announce the detailed information regarding the ETH distribution within a couple of days. They have also warned that all the official communication would be posted on the official webpage Upbit Announcement and Contents Protocol Official Announcement Telegram channel.
The users must not pay attention to any other sources as they may be scams. The company has revealed that it has raised a total of 29,333.77 ETH through ICO (including public and private token sales).
The CPT holders will receive a total of 26,877.68 ETH through the distribution process. Each individual would receive payment in ETH on the basis of CPT they own.
At the moment, 3,193,326,669 CPTare in circulation. This means that the value of 1 CPT is 0.000008416826443 ETH or 0.84 ETH will be given to the owner of 100,000 CPT.
The project started by CPT was aimed at collecting consumer data from content platforms like WATCHA and WATCHA PLAY, the platforms, as well as the users participating in this program, were to be paid in CPT.
However, there were numerous challenges that made it difficult for the project to work efficiently. The team concluded that society’s perception and business environment for cryptocurrency would not be improved in the short term.
The legal guidelines were not clear, and it made the project even riskier. The team tried to come up with different options to circumvent these obstacles, but were unsuccessful and shutting down was the only option left.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
