OptyFi, a so-called “AI-powered defi” project, announced it would be shutting down for a variety of reasons. First, they blamed their recent failed token sale, in which they had hoped to raise $600,000. They blamed this failed sale on their Discord project being hacked, and on various community members falling victim to a fake token sale link.
However, they stated that the main reason they decided to shut down the project was the “significant and mounting regulatory challenges”, pointing to the recent claim by the BarnBridge defi project that they were under SEC investigation. According to OptyFi, they are concerned that the $OPTY token or OptyFi vault tokens could be deemed securities, or that the OptyFi vaults themselves could be determined to be a “Mutual Fund type vehicle”.
OptyFi promised to refund any tokens purchased during the most recent token sale, but many community members still accused the project team of rug pulling. OptyFi had previously raised $2.4 million in a seed funding round in January 2022.
“OptyFi Project Update”
“Press release: OptyFi raises $2.4M seed round, launches on mainnet”
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