In a statement released Monday by former video game giant Atari, The company says that, effective immediately, it has terminated all license agreements with its joint venture partner ICICB Group and its subsidiaries. Previously, the two jointly created the Atari Chain and the namesake Atari token (ATRI). However, the company has changed its mind about the deal, announcing that it is giving up its interest in the joint venture, stating that “ICICB is not authorized to represent Atari or its brands in any way.”
“Atari disclaims any interest in the […] joint effort, currently marketed as Atari Tokens, and related websites, whitepapers, and social media channels are unlicensed, unsanctioned, and beyond Atari’s control.”
Looking to the future Atari plans to exclusively create, distribute, and manage a new proprietary token focused on gaming, community, and utility. But it looks like there will be some kind of respite for ATRI investors. As reported by Atari, the company has made a snapshot of the ATRI supply as of April 18, 2022, at 18:00 CET. Atari will then implement a future exchange of a new token for ATRI tokens held by that date.
“Only tokens present in wallets and amounts equivalent to the time of the snapshot will be eligible. Tokens purchased after the snapshot will not be eligible,” the company said.
Atari has been an active player in the cryptocurrency space, with a large focus on the development of non-fungible tokens. At press time, the “legacy” token ATRI is down 9.47% in the last 24 hours, bringing its market cap down to $26 million.
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