📉 Fetch.ai's Rollercoaster Ride: A Crypto Saga 🚀
In the whirlwind of the 2021-2022 crypto crash, tech trailblazer Fetch.ai faced a £16.7 million hit due to FET prices plummeting, prompting a £231 million asset write-down. While FET rebounded in 2023, legal storms loomed.
Former contractors sued Fetch.ai, leading to a £1 million settlement. As financial woes deepened, a UK court ordered administration, seeking to salvage the company.
Fetch.ai, post-bankruptcy filing, underwent a sale orchestrated by ReSolve, landing in the hands of Assmbl.ai—a consortium spearheaded by Fetch.ai founders.
Founder Humayun Sheikh reassured jittery investors, emphasizing "business as usual." Sheikh clarified the sale focused on intellectual property, assuring creditors would receive their due.
Navigating the gray areas of UK crypto regulation, Fetch.ai opted for a fresh start in the UAE.
🌐 The Crypto Odyssey Continues! 🚀💼 #TradeNTell #Write2Earn #Fetch.ai #FETCH #FetchAI $FET $BTC $SOL