{"id":238712,"date":"2024-01-31T06:27:47","date_gmt":"2024-01-31T00:57:47","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=238712"},"modified":"2024-01-31T06:27:47","modified_gmt":"2024-01-31T00:57:47","slug":"fetch-ai-claims-business-as-usual-amidst-opposing-reports-of-insolvency-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/fetch-ai-claims-business-as-usual-amidst-opposing-reports-of-insolvency-crypto-news\/","title":{"rendered":"Fetch.ai claims \u2018business as usual\u2019 amidst opposing reports of insolvency – Crypto News"},"content":{"rendered":"

Crypto AI firm Fetch.ai said on Jan. 30<\/a> that it continues to operate as usual despite earlier restructuring proceedings. It said:<\/p>\n

\n

\u201cAs part of [our move to Dubai], Fetch.ai has been through a restructuring process which has included the administration of \u2026 \u2018Fetch.ai UK Ltd.\u2019 This was a factor of the restructuring and has not affected any part of our operations, including our network and token, which remain unchanged. It\u2019s business as usual for the Fetch.ai team.\u201d<\/p>\n<\/blockquote>\n

That official statement comes alongside competing reports suggesting that Fetch.ai is in fact financially troubled. The Standard, the U.K.\u2019s third-largest newspaper, quoted<\/a> Fetch.ai\u2019s advisors in a report today. Those advisors said that the firm experienced financial issues in late 2023 and appointed administrators to obtain rescue capital and secure a sale of its shares, business or assets.<\/p>\n

Simon Hunt, the author of The Standard\u2019s article, noted the difference between statements from the company and its administrators. In an X post, he wrote: <\/span><\/p>\n

\n

\u201c\u2026 Why did your administrators tell us Fetch.ai<\/span> needed to \u2018find urgent rescue capital\u2019 because you \u2018ran into financial difficulties\u2019?<\/span><\/p>\n<\/blockquote>\n

Fetch.ai has not responded to Hunt\u2019s comment.<\/p>\n

Fetch.ai has been sold to consortium<\/h2>\n

An insolvency notice from the U.K.\u2019s official public record indicates that<\/a> Fetch.ai appointed administrators from ReSolve Advisory Limited on Jan. 23.<\/p>\n

ReSolve told The Standard that it has \u201cachieved a sale of the business and assets of Fetch.AI.\u201d The report indicates that Fetch.ai has been purchased by Assmbl.ai, a consortium consisting of founders from one of the firms, though it is unclear whether those founders are members of Fetch.ai or ReSolve.<\/p>\n

The Standard also commented on Fetch.ai\u2019s native token, FET<\/a>. It said that Fetch.ai saw losses of \u00a316.7 million ($21 million) and wrote down its assets by \u00a3231 million ($293 million) as FET lost value in 2021 and 2022. The Standard added that the token is not owned by Fetch.ai and is unaffected by restructuring.
\n<\/span><\/p>\n

Current market data indicates that FET has a market cap of $516.4 million and is up 1.5% over 24 hours. It is among the 110 largest crypto tokens by capitalization.<\/p>\n

The post Fetch.ai claims \u2018business as usual\u2019 amidst opposing reports of insolvency<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto AI firm Fetch.ai said on Jan. 30 that it continues to operate as usual despite earlier restructuring proceedings. It said: \u201cAs part of [our move to Dubai], Fetch.ai has been through a restructuring process which has included the administration of \u2026 \u2018Fetch.ai UK Ltd.\u2019 This was a factor of the restructuring and has not […]<\/p>\n","protected":false},"author":2,"featured_media":238713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-238712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=238712"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238712\/revisions"}],"predecessor-version":[{"id":238715,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238712\/revisions\/238715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/238713"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=238712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=238712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=238712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}