Overview
- SCMP reports a US$500 million ether DAT was shelved, while Coindoo and Bitcoinist describe a US$1 billion plan now on hold.
- Wu Blockchain first reported the cancellation involving Huobi founder Leon Li, HashKey’s Xiao Feng, Meitu’s Mike Cai, and Fenbushi’s Bo Shen.
- Coindoo and Bitcoinist say committed capital was returned to investors, and SCMP notes about US$110 million had been raised before the pause.
- The group had explored acquiring a Nasdaq-listed company to run a public ether treasury, and that acquisition strategy has been frozen.
- Sources point to the October market downturn and a fragile fundraising climate as the reason for the decision, reflecting weaker appetite for mega-scale crypto launches.