Insurance Blockchain start-up InsureX has halted its crowdsale two days after starting it due to security attacks.The London-based insurance block
Insurance Blockchain start-up InsureX has halted its crowdsale two days after starting it due to security attacks.
The London-based insurance blockchain start-up had launched the opening of its ICO crowdsale on July 11.
However, on July 13, the company announced that it is stopping its crowdsale in an attempt to defend their system from security attacks.
“This action is not taken lightly but is necessary to protect existing IXT holders and stakeholders of InsureX. We have been working around the clock to keep the token sale open, but the sheer number of attacks is now overwhelming. The safest course of action is now to simply close the crowdsale in order to maintain safety and security of all funds“, as InsureX wrote on their website insurex.co.
“The levels of funding we have received are enough to successfully execute our roadmap and we would like to thank each and every one of you for your contribution.”, as the company added on their website.
The token sale was reportedly designed to help raise funds for the development and launch of the platform, as a recent article of cryptocoinnews.com explained.
Speaking to the online media at the time, Ingemar Svensson, CEO, InsureX, said:
“Blockchain technology presents an exciting opportunity to disrupt the insurance industry. At InsureX we want to set a new precedent for the way products are bought and sold through a blockchain-based marketplace that will add greater speed and security to the process.”
Yet, the investors of InsureX may be concerned about the security attacks. The company hasn`t released any further information specifying the nature of the security attacks. However, this inconvenience didn`t prevent the company from earning the funds for their roadmap.
As cryptocoinnews.com wrote, InsureX seems determined to produce a streamlined platform, where individuals can access a range of products and lowered commissions.