More

    Aphelion Decentralized Exchange (DEX) Shuts Down; Bag Holders Left With Useless APH Tokens

    Cryptocurrencies starting up and amounting to nothing isn’t really uncommon. As more of the world learns of cryptocurrency, its “get rich quick” nature will make people try their luck.

    Sometimes, it happens to relatively successful coins as well, as is seen by Aphelion. Aphelion is both a cryptocurrency token and a NEO-based DEX. They’ve announced that they were taking steps to close their platform down. As a direct result, their own crypto coin has dropped so much in value that it’s virtually worthless.

    The public announcement was made via twitter, but they give a bigger one via Telegram.

    Within this statement, they cite their utmost disappointment that their ‘groundbreaking’ DEX and their project as a whole are taking steps to close down. They stated that, while having had two years of successful business, the market has taken its toll on the organization. They cite a general lack of trading within their DEX and NEO based assets in general.

    The Telegram post stated that they’ve been operating for all of 2019 with a loss. This was after they even raised the capital to incorporate the heavyweights of the crypto industry, Bitcoin and Ethereum, into their DEX wallets. They cite their diminishing token value as a final reason, before wishing the crypto community and industry, as a whole, the best of luck.

    Aphelion’s Start

    Aphelion’s token sale was very second ever to be held on the NEO blockchain, ending in December 2017. Within the public token sale, 170 million APH tokens were made available for purchase. This token sale aimed to garner up an impressive $34 million in funds for the platform. However, according to various token tracking sites, Aphelion raised only about $4.7 million to $6.7 million in funding.

    Backlash

    The Aphelion coin itself was simply used as a way to pay fees on Aphelion’s DEX platform. With the DEX going under, the coin is all but useless. It’s already dropped 99.99% and is still in complete freefall. The token will more than likely just fade into obscurity.

    As Aphelion announced they were shutting down, there was a very substantial amount of backlash against the medium. Many people now consider Aphelion to be nothing more than a sham. The implication being the company pulling in as many funds as possible before killing their operation when they deemed it had run its course.

    The implications of such an accusation being right is a sad thing indeed. Many people have done similar scams on more conventional formats, and have succeeded very nicely in the process. The laws with cryptocurrency are still somewhat vague, and changes from country to country just like anything else. Hopefully, this will be the last of such events.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Ali Raza
    Ali Raza
    A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,290FansLike
    2,762FollowersFollow
    4,138FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    TRON (TRX) Price Analysis (February 23)

    • The trend of the coin looks bullish in its medium-term while the short-term outlook is in a range-bound. • Patience is required at this...

    Block.One’s Beta Launch Of EOS Based Social Network Voice Raises Privacy Alarms

    Block.one’s Facebook asking for tons of personal data to jo Voice beta More concerning than privacy alarms is the use of data to...

    Criminal Assets Bureau Confiscates Over 6,000 Bitcoin But Unable to Sell Them

    The Criminal Assets Bureau (Cab) has confiscated 12 online accounts, wallets containing 6,000 bitcoin of a drug dealer who had €55 million (over $59.6...

    Top Medical Firms Set to Develop a Blockchain Solution to Prevent Counterfeit Drug Supply

    Top medical firms partner to develop a blockchain based solution to combat counterfeit drugs in the market. The MediLedger blockchain aims to verify...

    EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise

    This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the...

    New Jersey Introduces Bill For Crypto Firms To Obtain Licenses From State Authorities

    A New Jersey lawmaker introduces a bill to regulate the cryptocurrency and digital assets industry. The bill states each virtual asset company must obtain...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.