Michael Clarke’s Crypto Project Global Tech Exchange Ends ICO After $50 Million Fundraising Attempt
The company behind Global Tech, the cryptocurrency startup backed by former Australian cricket captain Michael Clarke, has folded after queries from the corporate regulator ended its plans for a $50 million raised from the public.
Called Global Tech Exchange, the Brisbane-based project announced on its website Monday that its token sale has now ceased after the Australia Securities Investments Commission (ASIC) stepped in.
Global Tech had intended to raise somewhere between 10 and 50 million U.S. dollars in its bid to fund the creation of a cryptocurrency trading platform. The token sale started on Sept. 12 and was originally scheduled to run until Dec. 10.
Notably, the Brisbane-based entity made headlines in August, when it received a Twitter endorsement from Clarke and announced plans to raise $50 million via an ICO.
At the time, Global Tech’s website outlined big plans to build a crypto-education network and launch a cryptocurrency trading exchange.
But Clarke’s involvement now appears over, as do the Global Tech founders’ best-laid plans to raise $50 million from an ICO. In today's notice, the company added that “Michael Clarke is no longer associated with Global Tech Exchange.”
A search of “Global Tech” on the regulator’s website also reveals that “ASIC has received an application to deregister” an entity called Global Tech Exchange Pty Ltd. And Global Tech told that it had “returned all funds invested”, and had wound up operations due to “ongoing negativity” connected with the crypto space.
Earlier this year ASIC announced it had prevented five ICOs from launching in Australia since April. It appears Global Tech has now been added to that list. In ASIC’s September statement, the regulator highlighted a number of criteria which were grounds for an ICO shutdown.