Here’s The Official Statement Of Delchain After Dreamr App Alleged Delchain For Sabotaging DMR Token 

What Happened? 

DMR, the native token of Dreamr App, was scheduled to launch on August 31, 2021. However, it got delayed till September 12, 2021. There were various other complications with the release of additional tokens. Due to the delays, the DMR token lost its momentum, and within 90 days of token release, it suffered a loss of 93% in its value.  

One DMR token was priced around 0.13 USDT on the scheduled launch date. During the delay, its performance was fairly good, and after the launch, it rapidly dropped. 

The Dreamr team says the token released was disrupted, and to regain their capital, they even filed a lawsuit against the organization it believes was responsible for the loss. 

Launched in 2015, the Dreamr app aimed to build an ecosystem where participants empower each other and their dreams.

The app users can share their dream in any media format such as text to start crowdfunding, receive support or collaborate with users to turn their dreams into reality. Graphic designers and Software engineers as app users can leverage new opportunities. 

According to the claims by the Dreamr team, Deltec Bank and Delchain have conspired against it for postponing the release of the token, which led to the loss of over $20 million to the firm. 

Official Statement Of Delchain 

Projects in this space are not always successful. At Delchain, we work to support our clients with a compliant launch strategy and then to provide regulated custody and conversion services. Delchain does not operate any cryptocurrency exchange and cannot control the decision or timing to list any token.

Over one month after the token listing, a press release was issued by Dreamr on Yahoo Finance where Dreamr’s CEO commented; “Thanks to the help of our partners at Delchain we were successful in reaching our pre-listing capital goal”, and confirmed the listing was, in fact, successful; “Having the right partners on our project has made all the difference and resulted in a successful tier-one exchange listing that has provided the company a strong foundation to build upon”.

On the other hand, Deltec Bank argues that they are only involved in this lawsuit as a result of their affiliation with Delchain. They say that these allegations are both “unfounded and unsubstantiated” and “frivolous and vexatious”, given that they are not directly involved in the digital assets/cryptocurrency space.

Meanwhile, Deltec Bank has said they are involved in this lawsuit only because of its contact with Delchain. Further, they called these allegations “unfounded and unsubstantiated” and “frivolous and vexatious,” considering that they do not have any direct involvement with digital asset space. 

A full-service financial firm, Delchain offers a variety of services that builds a bridge between the world of cryptocurrencies and blockchain and the traditional regulated financial world. Digital asset custody, capital markets,multi-currency fiat banking, initial offering advisory, and staking are the services offered by Delchain. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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