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Sirin Labs startup has bankrupted

The company that has launched into the market phone based on blockchain has suffered losses because of a long “bear” market. Funds attracted as an investment has been “burned” after cryptocurrency price fatal collapse.

Production sales were lower than supposed. The reason was lowered interest to cryptosphere. The company had to fire approximately 25% of its personnel and survived a series of lawsuits about embezzlement of investors.

The saddest thing is that the price of the SRN token has dropped by 99% (from 3.48 to 0.03 dollars). Neither the $ 158 million collected during the ICO, nor the ambassador Lionel Messi, nor the tangible advantages of the flagship gadget helped.

Nakamotojedi Team Opinion

Probably, the cause is not only in a bear market. In 2016 the company already has had a negative experience of launching an unsuccessful project. Solarin smartphone with a price of 16000$ introduced at a party with Leonardo DiCaprio and Tom Hardy appeared to create no interest. Seems like Sirin Labs has been on this road before))

2 months ago

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