Closing SocialX

Dear Community

Unfortunately we have to close down the SocialX company and stop proceeding our idea of creating a decentralised social network.

Let us explain why

After raising the ICO in January 2018

The money run out around January 2019 due to ETH dropping quite substantially. Despite numerous attempts working with the banking industry, we were not able to open a bank account due to strict regulation in the crypto segment. While we have been very vigilant with our spending, the significant reduction of ETH has depleted our cash rapidly. As a result, we had to lay off all employees as we weren’t able to sustain our operation.

The core team stayed together and continued searching for new investors. We found a promising investing company which was interested to buy a part of SocialX and inject new cash into the company to keep it operational for the next years.

After lengthy negotiation, a Term Sheet was signed with intention to further proceed with the deal in the coming weeks on 21 May 19

Due diligence phase which was intensive and completed successfully. We came to an agreement which was ready to sign for the last 2 months. So we had all paperwork ready to sign by both parties. Licensed Escrow agents and corporate lawyers were also involved and appointed throughout the whole process. The potential investors signed also the purchase of the shares in Singapore.

Late November we had then a final call with the parties involved and we had a verbal green light to sign the deal before December 2019 means, placing our signatures as well on the signed purchase of the shares and lodge them with ACRA in Singapore and meet in Dubai for the kickoff meeting.

Unfortunately, during the last process, the investor has suddenly withdrawn his whole offer which let us no choice than closing the company.

IF you have any questions feel free to ask them in Telegram — we will leave the Website running for the next 3 months, along with the emails.

Our multisig wallet can be seen here:

https://etherscan.io/address/0xe804ad72e60503ed47d267351bdd3441ac1ccb03