An Unusual Case: ICO Project Ditches Blockchain, Buys Back its Tokens

  • While bitcoin and major altcoins are at risk of further declines , a small blockchain project made an unusual announcement that pushed the price of its native token up.
  • The price of the Colu Network Local ( CLN ) token issued by crypto startup Colu DLT is surging after an announcement (it does not include any dates) came out saying the company intends to buy back all circulating tokens, as well as conclude its blockchain project.
  • The surge (that already started in the end of July) in price likely comes as a result of the company saying it will buy back the tokens with ether at the price it was sold for during the initial coin offering (ICO) in 2018.

Read full article: cryptonews.com

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