Atari Token Plunges 30% After Gaming Company's Shock Announcem | Market Ranger

Atari Token Plunges 30% After Gaming Company's Shock Announcement.

│The gaming company is no longer associated with Atari Tokens, but is promising to release a new token to compensate investors. ATRI fell by 30% in nine hours.


Atari no longer has any affiliation with Atari Tokens, the gaming company has announced. In a surprise news release on April 18, Atari revealed it has terminated a wide-ranging partnership with ICICB Group.

Both companies had teamed up to launch the cryptocurrency, as well as Atari-branded hotels around the world.

This isn't great news for those who own ATRI tokens. CoinMarketCap data shows that, at the time of writing, the altcoin's value has plunged by 30% in the space of nine hours.

Atari insists it "remains enthusiastic about the potential for blockchain initiatives and continues to establish and pursue strategic ventures and partnerships in the space."
In an attempt to make existing token holders whole, the company announced that it plans to "create, distribute and solely manage a new proprietary token with a focus on gaming, community and utility."

A snapshot of all those who own ATRI was taken on Monday afternoon, and an exchange for new tokens is set to take place at a later date.

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