Crypto Crowdfunding Platform Koinify To Shut Down On February 15

Koinify, a crypto crowdfunding platform, has announced that it will officially shut down its website on 15th February, 2016. AllCoinsNews reported that the company will cease its operations, deleting all wallets and coin holdings of users who participated in campaigns and did not transfer their coins.

“Following previous notice, please note that Koinify site is officially shutting down by Feb 15th, 2016. AFter that, all Koinify website functions and data, including wallet and any remaining tokens not withdrawn by users, will be completely wiped out and no longer available”, said Koinify founder, Tom Ding, in a blog post.

The homepage of the website now displays the shutdown message and recommends users to withdraw their Gems before the last day to avoid losses. The page also said that Factoids were never stored on Koinify and it does not provide any Factom access functions.

The crowdfunding platform for cryptocurrency projects hosted campaigns for only two appcoin vehicles, Getgems and Factom, before ceasing operations. In December 2014, Getgems raised 2,633 bitcoins by selling nearly 38 million proprietary tokens called Gemz, while Factom raised 2,278 bitcoins in May last year by selling 4,379,973 Factoids to more than 1,500 people.

As both these campaigns were quite successful, it came as a surprise when the company announced last May that it will no longer offer a token sales platform for decentralised applications (DApps), and added that the team has been working on building a new platform. However, there have been no announcements ever since.