CryptoSolarTech, a Spanish cryptocurrency mining company that raised $68 million USD (60 million euros) in an ICO fundraise last spring has sent a letter to investors announcing that the company will cease operations and return the money collected in the ICO, Cointelegraph reports.
A copy of the letter was appended to a tweet issued Tuesday by a Spanish lawyer.
Vaya, parece que Cryptosolartech cesa operaciones… #surprise #NOT Al menos dice que devolverá lo obtenido en la ICO. pic.twitter.com/DlWx4uphHv
— Sergio Carrasco (@sergiocm) February 19, 2019
The shut down has reportedly been brought about by factors beyond the company’s control and may have been partially induced after the company failed to obtain permits to build a planned solar-powered crypto mine in Southern Spain.
The company has also reportedly announced that it will not take responsibility for any tokens purchased after February 19th, the day the letter was circulated.
At the time of the fundraising, CryptoSolarTech reportedly raised ICO monies primarily from investors in Singapore and Spain, who were required to lay out minimum bids of 900,000 euros each.
According to data at CoinMarketCap, “CST” tokens debuted on public trading platforms in early September 2018 for around $0.018 USD, peaked twice thereafter at about $0.03 USD and currently trade for around $0.000633 USD.
In Diar’s September newsletter, CryptoSolarTech appeared in the research firm’s list of “Top 10 Losers Against Capital ICO Funding.”
Top 10 Losers Against Capital ICO Funding
Cointelegraph reports that, in October 2018, Chinese company Risen Energy announced it was partnering with CryptoSolarTech, “to develop 300 megawatts (MW) of photovoltaic power capacity and take on engineering and construction responsibilities for the electricity project.”