Satoshi•Fund Team has announced the liquidation of Satoshi•Pie investment fund
Satoshi•Pie investment fund stops registering new accounts and accepting funds for issue of tokens. Satoshi•Fund has made such a decision despite the fact that the project team returned all the funds with the help of hackers from the White Hat Group (WHG), which were saved after the theft of about $7 million from the fund.
According to Satoshi•Pie, since many users still do not realize the risks associated with investing in blockchain assets, and also taking into account the increased risks of issue of tokens (a recent statement of the Securities and Exchange Commission on recognizing The DAO tokens as securities), the fund has decided to abandon the controlled storage of the custom blockchain assets and redirect from the custodian to the software manufacturer.
Satoshi•Pie also declares its intention to fulfill the obligations to manage the borrowed funds within 18 coming months. At the same time, it is noted that in connection with the growth of risks, the cost of management will increase during this period.
Satoshi•Pie transformation plan
In accordance with the decision:
Satoshi•Fund stops registering accounts and accepting funds for the issue of Satoshi•Pie tokens.
Tokens will be reoaid weekly for the next 18 months. They remove the previously planned limit for the repayment of tokens.
The right for priority repurchase of illiquid assets at the acquisition price at the end of 18 months remains with Satoshi•Fund.
On January 31, 2019 Satoshi•Pie will be liquidated. All the un-repaid funds after the liquidation will be spent on charity for communities such as the White Hat Group.
Until January 31, 2019, it is planned to issue an investment product of a new generation with no need to trust the fund as a custodian of private keys.
A commission is introduced for the management of funds at a rate of 0.2% per month for the next 18 months. The trade commission rises to 0.25%.
We’d like to remind you that as a result of vulnerability in Ethereum-purse Parity on July 19, several addresses were compromised, including the address of the contract Satoshi•Pie. In total, about 150,000 ETH (more than $30 million) were withdrawn due to the vulnerability, $7 million of which (almost a third of the fund's assets) belonged to Satoshi•Pie.