TechFlow news: Web3 protocol Fetch.ai has published a blog post responding to false reports about its alleged collapse. On January 23, Fetch.ai Ltd (UK) appointed administrators from ReSolve Advisory Limited, successfully facilitating the sale of its UK business assets to Assmbl.ai. A report by the Evening Standard incorrectly implied that Fetch.ai had collapsed following financial difficulties.
The Fetch.ai Foundation is not under administration. The Fetch.ai Foundation and its FET token remain fully operational and retain their value.
Fetch.ai stated that it had announced relocating its operations to Dubai, which required a restructuring process. The Evening Standard journalist mistakenly interpreted this as a downsizing, failing to recognize that the project's global entities remained unaffected. The relocation of the UK entity to Dubai and the distribution of FET tokens were wrongly perceived as signs of bankruptcy.
Fetch.ai reassures the community that global operations will continue seamlessly. The founders of Fetch.ai have personally supported this UK entity, emphasizing that their personal investment makes them the largest shareholder and primary creditor. The restructuring has proceeded as planned, and Fetch.ai's operations remain unchanged.
