The 20 Million Dollar Project Starring in China During the Bitcoin Bull is Being Closed!

One of the most popular NFT projects in China's recent Bitcoin and cryptocurrency bull has declared bankruptcy and is $80,000 in debt.

Rivermen, one of the most popular NFT projects based in China, announced on Twitter on June 5 that it will be closed due to financial difficulties and all employees will be laid off.

Su Sheng, the general manager of the company, held a meeting with employees on July 1, 2023 and announced that the company was deteriorating. Thereupon, in the e-mail sent to employees, it was stated that the company will not be able to continue its normal activities and all employees will be dismissed as of June 30, 2023. It was also stated that all employees will not be required to come to work as of July 1, 2023.

While the company emphasized that all salaries were paid before June 30, 2023, it stated that it currently owes approximately 80 thousand dollars in compensation to employees.

Rivermen had reached an all-time high in March 2023, with a value of approximately $20 million. The base price of NFTs is currently at 1.2 Ethereum (ETH), which is $4,600, and has now dropped to 0.0075 ETH, which is $28.