In an official announcement, the company said the reason for the decision was a “sequence of events” that prevented it from “building and maintaining the Algofi platform to the highest standards.”
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“Our faith in the power of Algorand’s technology and pioneering consensus algorithm is unwavering. Obviously, this is not the outcome that anyone on the team or in the community had hoped for from the beginning of the project. This will allow liquidity to be withdrawn without shocks, developers believe. Now the total amount of assets blocked in the Algorand network is $59.03 million. However, in 2023 native cryptocurrency Algorand (ALGO) was placed on the U.S. Securities and Exchange Commission’s (SEC) list of unregistered securities.