newly released Aptos (APT) altcoin Arco Protocol, a cross-chain decentralized finance (DeFi) platform on the blockchain, has been shut down after a failed fundraiser.
Arco, a lending and staking service, was aiming to raise funds in an initial DEX offering (IDO), a form of decentralized crowdfunding, on Oct.
DeFi is a general term for lending, trading and other financial activities performed on a blockchain without traditional intermediaries.
Arco Protocol On Aptos Blockchain Defends Itself Regarding The Crisis
However, Arco Protocol said that more than 300 people have deposited into IDO at the same time, causing network congestion and an unforeseen problem with token demand. The Aptos blockchain had a not so bright start earlier this month.
Arco posted a Twitter poll asking the community whether the funds received would be returned, kept, or transferred to the community itself.
According to the data at the time of this writing, the majority of the voters demanded a refund.
Arco announced that Wormhole and Celer Network have canceled their partnership with them after the bad launch.
Unable to access Arco Protocol website and Discord channel.
The project explained that it came under heavy criticism after the token sale ran into problems, which led to the loss of important partnerships with exchanges and other protocols.
In a statement made on Twitter, it was stated that in addition to all these problems, the project was facing accusations that it was a scam and that the team intended to escape with the funds.
*Not investment advice.
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