- The $50 million initial coin offering (ICO) of Australian crypto startup Global Tech has been shut down by ASIC.
- The company raised eyebrows in August when it received a Twitter endorsement from former Australian cricket captain Michael Clarke.
- But Global Tech’s website has closed down. A message posed on the site says Clarke “is no longer associated” with the project.
- The company Global Tech Exchange Pty Ltd has also applied for de-registration with ASIC.
Global Tech, the crypto startup backed by former Aussie cricket captain Michael Clarke, is no longer.
The entity has announced that its initial coin offering (ICO) has been blocked by ASIC, the corporate regulator.
In addition, the company Global Tech Exchange Pty Ltd has applied for de-registration on ASIC’s website.
The Brisbane-based entity made headlines in August, when it received a Twitter endorsement from Clarke and announced plans to raise $50 million via an ICO.
At the time, Global Tech’s website outlined big plans to build a crypto-education network and launch a cryptocurrency trading exchange.
However as of this morning, visitors to the address gttrade.io were met with this message:
Clark initially endorsed Global Tech via Twitter on August 8, and he was still making plugs for the entity’s operations as recently as October 4.
That was despite a pretty severe backlash from multiple users on the platform, who viewed the subject of Clarke’s endorsement as dubious at best.
But Clarke’s involvement now appears over, as do the Global Tech founders’ best-laid plans to raise $50 million from an ICO.
A search of “Global Tech” on the regulator’s website also reveals that “ASIC has received an application to deregister” an entity called Global Tech Exchange Pty Ltd.
And Global Tech told the SMH that it had “returned all funds invested”, and had wound up operations due to “ongoing negativity” associated with the Bitcoin space.
In mid-September, ASIC announced it had prevented five ICOs from launching in Australia since April.
It appears Global Tech has now been added to that list. In ASIC’s September statement, the regulator highlighted a number of criteria which were grounds for an ICO shutdown.
Business Insider has contacted ASIC for further comment on the specific cause of Global Tech’s dismissal.
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