Horizon State shuts down operations: What happens with the investors?

Horizon State, an Australian and Kiwi blockchain-based project, has shut down its operations. The users are now left with a likely worthless cryptocurrency. Horizon State declared they are shutting down their operations using a social media post.

Horizon State was a startup that focused on providing a platform for voting that is secure, anonymous, and incorruptible. It was founded in 2017 by Jamie Skella in Melbourne. Many small investors appreciated the efforts and idea and decided to invest, helping Jamie raise $1.4 million.

The platform was used by the Australian government this year to elect members for a recreational fishing advisory council, and a party from New Zealand used this platform to hold an internal leadership election for their party.

The reason behind this sudden shut down is a legal case that was filed against them about which there is no information available. He mentioned that fighting the lawsuit would’ve caused an eye-watering expense for them, so they had no choice but to shut down the project.

All the investor holdings were stored in Decision Tokens, which started at 7 cents and traded well above $4 for about two weeks in January 2018. During the announcement of the news, the tokens were trading at $7, but after that, they came crashing down to two cents.

A 24 months long association with the firm has finally come to an unexpected end for the people who were involved in the firm. Jamie Skella in a Tweet mentioned that he was not associated with the firm anymore and he had nothing to do with the shutdown or lawsuit.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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