MMORPG went on 'pause' after crypto investors bailed out, denies embezzling funds
Phat Loop Studios, the company behind the "Pokemon-like" game Untamed Isles, blamed the crypto market crash to be the reason its investors bailed out.
New
Phat Loop Studios, the company criticized last week for abandoning its Kickstarter game and crypto-funded MMORPG Untamed Isles, is now denying accusations that they lost their backers' funds by investing in crypto.< /p>
The company came under fire last week after announcing a 'pause' of its Pokémon-like open-world video game, with part of the community accusing developers of spending game development funds to bet on markets cryptography.
In a statement on Wednesday, the developers behind the project, which has raised more than US$525,000, or NZ$841,000, on Kickstarter, insisted that all funds collected "were spent by the studio developing the game".
The company said the reason for the hiatus is because "the company has exhausted its available funds" after "several investors" recently pulled out "due to concerns about both the economic market and the crypto market".
According to the initial announcement of the hiatus, the project was headed for an October release. However, Grant said development of the project was put on hold because the company was unable to "financially meet the demands".
Grant said the main reason for this was the changing "economic landscape" for cryptocurrency, which made it difficult to continue with the project which employed "over 70 employees" to work "non-stop for more than two years" to build the project.
“The crypto market crash meant investors who lined up earlier this year pulled out” which were needed to “get to our launch pad,” Grant said.
The game was originally intended to launch with a non-fungible token (NFT) implementation, but plans for that were later scrapped outside of an optional external marketplace.
Phat Loop Studios, the company behind the "Pokemon-like" game Untamed Isles, blamed the crypto market crash to be the reason its investors bailed out.
New
Phat Loop Studios, the company criticized last week for abandoning its Kickstarter game and crypto-funded MMORPG Untamed Isles, is now denying accusations that they lost their backers' funds by investing in crypto.< /p>
The company came under fire last week after announcing a 'pause' of its Pokémon-like open-world video game, with part of the community accusing developers of spending game development funds to bet on markets cryptography.
In a statement on Wednesday, the developers behind the project, which has raised more than US$525,000, or NZ$841,000, on Kickstarter, insisted that all funds collected "were spent by the studio developing the game".
The company said the reason for the hiatus is because "the company has exhausted its available funds" after "several investors" recently pulled out "due to concerns about both the economic market and the crypto market".
According to the initial announcement of the hiatus, the project was headed for an October release. However, Grant said development of the project was put on hold because the company was unable to "financially meet the demands".
Grant said the main reason for this was the changing "economic landscape" for cryptocurrency, which made it difficult to continue with the project which employed "over 70 employees" to work "non-stop for more than two years" to build the project.
“The crypto market crash meant investors who lined up earlier this year pulled out” which were needed to “get to our launch pad,” Grant said.
The game was originally intended to launch with a non-fungible token (NFT) implementation, but plans for that were later scrapped outside of an optional external marketplace.
What's Your Reaction?
