Altcoins
Looks Like the Loom Network Has Thrown in the Towel
Available information seems to indicate that Loom’s future is shaky.
According to available information at press time, sources show a highly uncertain future for the Loom Network, a platform-as-as-service blockchain project.
Cointelegraph investigated a number of Loom Network communication channels, finding no firm proof of a live project.
A May 8 tweet from Bruno Skvorc, owner of blockchain and cryptocurrency education platform, Bitfalls, led Cointelegraph staff down an investigative rabbit hole into the project’s current status. Loom no longer has an active Telegram, Reddit, or blog. The project’s main team has also left, Skvoric said in the tweet. “I’d call it an exit scam if there was anything left to exit with,” he added.
Loom Network no longer
Loom ran its ICO in January 2018, selling its Loom token just prior to the crash of crypto’s largest bull market. The project’s ICO raised over $45,000,000 for its Ethereum-based tokens, ICODrops data showed.
The project’s Telegram group shows a May 9 admin post, stating:
“This channel is now closed. Loom Network has pivoted from blockchain games to enterprise, therefore we’ve decided to consolidate our public channels so our staff can focus on enterprise sales, support, and outreach.”
Other signs of unravelling
Loom’s Reddit forum also looked fairly abandoned, with participants mentioning a lack of updates from the project.
One user posted confusion almost one month ago, expressing a lack of communication from Loom’s brass. “This sub is basically dead,” the user said of the project’s Reddit page. “There have been no updates or anything here for awhile really,” adding that he also stopped receiving emails the team. These were formerly sent out twice per month.
The project also has not posted on its Medium blog since February 21, when the outfit proclaimed the departure of its CEO, Matthew Campbell, in a post titled — “Loom Network Company Update.”The post announced Vadim Macagon, a long-time member of the project, would step in as the endeavor’s new CEO.
The post also included details on the project’s cancelled bounty program, blockchain performance goals for the year, dapp support, and other minor details. One such detail included “providing dev support via Telegram,” although Loom’s May 9 Telegram post shows closure of its current channel.
Stake Capital, a Loom Network validator, also announced plans to transfer over to Matic from the network, calling Loom a dead project in a March 31 tweet.
Cointelegraph reached out to the Loom Network for additional details, but received no response as of press time. This article will be updated accordingly should a response come in.
