The CEO of DeepBrain Chain, a “decentralized, low-cost and privacy-protecting AI computing platform”, has admitted that his “shortcomings in management” have led to additional funds being required in order to avoid selling tokens to survive. Feng He admitted that mistakes over the last two years, and particularly in 2018, have led him seeking further funding rather than being forced to sell tokens at such a low price in order to continue with the project.
From Hero to Zero
DeepBrain Chain launched on the NEO blockchain with a bang in January 2018, hitting markets at the perfect time and netting ICO investors an in instant 4,000% gain at the peak. Ever since, however, the token has been on a two-year decline:
The team’s end of year report for 2018 foreshadows He’s admission, stating as it does that the project has “suffered pitfalls both in regards to the overall market and also some of our own choices that were less than optimal”. 2019 doesn’t seem to have been much better, with the main chain continually delayed, until the team posted possibly the most publicly destructive tweets in crypto history:
No updates coming. Thanks.
— DeepBrainChain (@DeepBrainChain) December 24, 2019
This announcement, or lack of one, led to some standard insults and genuinely world class memes, as investors quickly understood what it meant:
Dead ?
— JackPearl (@JackPearl_14) December 24, 2019
Pathetic
— Hotwheels (@k_hotwheels) December 24, 2019
— ⬡ ??????? ⬡ (@squatch_crypto) December 24, 2019
DeepBrain Chain Looks for Relief in the Gobi
With the writing well and truly on the wall, it will have come as little surprise to those invested in the project to find out that DeepBrain Chain was in financial trouble, although some may have been surprised by the level of honesty in He’s admission:
Gobi Partners is a VC firm that has already helped DeepBrain Chain get to this stage, but given how things have panned out to this point it is highly unlikely that they will be prepared to throw more money at the project, unless He can somehow convince them that he is the right man to turn the ship around, or a replacement is found.
Either way, many in the space have made their minds up about the future of DeepBrain Chain, and, indeed, it is hard to see them digging themselves out of this hole:
I had big plans back in the day with DeepBrain Chain
RIP $DBC pic.twitter.com/vFOskcb7Ti
— Don Crypto (BTC 50K by May) (@DonCryptoDraper) January 10, 2020
