Home News Kim Dotcom Token Sale Postponed Over ‘Regulatory Uncertainty’

Kim Dotcom Token Sale Postponed Over ‘Regulatory Uncertainty’

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In 2017, Kim Dotcom, the founding father of the now-defunct file internet hosting service Megaupload, revealed an identical service referred to as Ok.im that deliberate to provide anybody the power to add information, paperwork, code, movies, and music information and receives a commission in crypto for his or her work. Since then, Dotcom’s crew disclosed there can be an change sale for Kimcoin token on the digital asset change Bitfinex. However, Bitfinex and the Ok.im platform crew say that “regulatory uncertainty” has induced them to postpone the sale.

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Kim Dotcom’s Ok.im Token Sale Delayed Indefinitely

The token sale for the Ok.im platform is being postponed based on a weblog put up from the cryptocurrency change Bitfinex. Ok.im is a challenge that was created by the infamous Kim Dotcom, the New Zealand resident who as soon as operated the favored file-sharing website Megaupload. In 2012, the U.S. Department of Justice (DoJ) seized the web site and charged Dotcom with copyright infringement. Since then, Dotcom has been a popular socialite on Twitter and is well-known for his appreciation for cryptocurrencies like BTC.

Kim Dotcom Token Sale Postponed Over 'Regulatory Uncertainty'
During the crypto bull run of 2017, Kim Dotcom introduced his content material monetization platform referred to as Ok.im.

For occasion, on October 31, the 11th anniversary of the Bitcoin whitepaper, Dotcom tweeted that “crypto is all about freedom.” Over the previous couple of years, the previous Megaupload boss has been engaged on a challenge referred to as K.im, a platform designed so customers can add content material and be rewarded with small fractions of bitcoin micropayments. News.Bitcoin.com was invited to privately demo the appliance in August 2017 however the Ok.im challenge hasn’t been formally launched and folks can solely demo the app.

Kim Dotcom Token Sale Postponed Over 'Regulatory Uncertainty'

Dotcom’s crew additionally used the fundraising platform bnktothefuture.com and raised $1,061,696 from 330 traders. The challenge’s elevator pitch defined that Dotcom’s blockchain platform would intention to supply higher privateness and leverage the BTC chain to connect the inspiration collectively. Additionally, the Ok.im platform and Bitcache would use different blockchain options like storj and maidsafe. In September 2019, the challenge’s whitepaper disclosed that the Ok.im challenge would use a local token referred to as Kimcoin to facilitate entry to the content material held on the community. The whitepaper revealed that Kimcoin was not going to be mined however minted utilizing the Liquid community, a federated sidechain developed by Blockstream. The file-sharing platform would enable customers to make the most of BTC funds however Kimcoin was stated to have extra of a bonus as a result of it’s much less cumbersome. Kimcoin would additionally produce other perks and a rewards program.

Kim Dotcom Token Sale Postponed Over 'Regulatory Uncertainty'

Bitfinex and the Ok.im Team Mutually Agree Not to Hold Token Sale at This Time

Kimcoins had been presupposed to be bought on Bitfinex on October 22 and the coin would ultimately be listed on the change in Q3 2020. However, on November 5, Bitfinex told potential investors that the token sale can be delayed due to regulatory considerations. “Since we announced the debut of Kimcoin on the Bitfinex Token Sale platform, the regulatory environment has rapidly evolved,” the change wrote. “The risks associated with raising funds for the K.im token sale have become clear, and we must put our community’s best interest first and foremost.” The information follows the recent SEC fines given to tasks like EOS and Siacoin. The challenge Igobit and its founder was charged by the DoJ on November 6 for “participation in an investment scheme tied to a purported digital coin offering.” The Kimcoin token sale organizers might have determined to cancel after the domino impact of ICO-based prison expenses and courtroom settlements in current weeks.

“After careful evaluation, we regret to announce that Bitfinex Token Sales and the K.im team have mutually agreed not to hold the token sale at this time,” Bitfinex disclosed. “K.im will defer any decision on whether to create tokens on, or undertake a token issue in relation to the K.im platform until it is fully functional,” Bitfinex added:

In the meantime, the Ok.im platform challenge itself will proceed and it’s doubtless that an equity-based provide will probably be made a while within the close to future to qualifying traders who want to turn out to be concerned at this stage of the challenge.

Kim Dotcom Token Sale Postponed Over 'Regulatory Uncertainty'
Ok.im platform roadmap based on the whitepaper.

Dotcom’s platform has been within the making for a really very long time and has seen fairly a couple of hurdles alongside the way in which. For three years, folks have been ready to see the challenge unfold however now have to attend even longer due to the regulatory opacity. The challenge’s roadmap reveals that with the token sale being pushed off, it could delay different projected accomplishments like Liquid community integration slated for Q1 2020, Ok.im utility companies and prototyping, and the official Kimcoin launch that was presupposed to occur in Q3 2020.

What do you consider Kim Dotcom’s Ok.im token sale delay? Let us know what you consider this topic within the feedback part beneath.

Disclaimer: This article is for informational functions solely. It shouldn’t be a proposal or solicitation of a proposal to purchase or promote, or as a suggestion, endorsement, or sponsorship of any merchandise, software program, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, immediately or not directly, for any injury or loss induced or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.

Image credit: Shutterstock, Independent, Wiki Commons, Fair Use, the Ok.im platform, and white paper, and Pixabay.

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Jamie Redman

Jamie Redman is a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open supply code, and decentralized functions. Redman has written 1000’s of articles for information.Bitcoin.com concerning the disruptive protocols rising at the moment.

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