Qubetics Halts L1 and VPN Development, Burns 68.09M TICS, Plans to Open-Source Code
- —Development of the L1, chain abstraction and VPN halted; Antier contract terminated
- —68.09 million TICS burned — 5% of supply, leaving 1.294 billion tokens
- —Treasury still holds 667.28 million TICS, or 51.6% of supply
- —Code to be published on GitHub after the Antier handover
Why it matters: The project raised $18 million in a presale but failed to deliver; TICS holders get no management rights and no clarity on remaining funds.
Source: The Holy Coins