Abyss World Postpones SUI Airdrop Due to Funding Crisis and Deception by Chainhill Capital
The blockchain game Abyss World has announced that it is delaying the SUI airdrop to Gazer this month. The reason behind the delay is a funding crisis and alleged deception by their early main investor, Chainhill Capital. Unfortunately, Abyss World is not the only development team affected by Chainhill Capital’s failure to provide funds. The community administrator of Abyss World reveals that the company encountered unforeseen financial difficulties, resulting in the non-receipt of investment funds. As a result, Abyss World depleted its cash reserves beyond initial plans and finds itself in arrears for over six months.
Making Amends for Losses
Abyss World is committed to rectifying the losses suffered by affected community users. The project plans to release all remaining AWT tokens from Gazer and IDO, allowing investors to exit swiftly. The company will also disclose details about burning a portion of previously repurchased tokens.
A $100 Million Valuation
In May, Abyss World completed a successful strategic funding round with a valuation of nearly $100 million. This funding round was expected to accelerate the development of the web3 game.
Hot Take: Abyss World Faces Setbacks due to Funding Crisis and Investor Deception
Abyss World’s decision to postpone the SUI airdrop highlights the challenges faced by blockchain projects when dealing with funding crises and deceptive investors. Despite securing significant funding, the unexpected financial difficulties and alleged deception by Chainhill Capital have left Abyss World in a precarious position. The project aims to make amends for the losses suffered by affected community users and plans to release remaining AWT tokens for swift investor exits. This setback serves as a reminder of the importance of due diligence when choosing investment partners in the crypto space.
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