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Game company Neon Machine is in financial trouble, with the project token SHRAP experiencing a big dump of 98%.
According to the Gate.io News bot, Blockworks reports that the game company Neon Machine is currently facing serious financial issues. The company has not repaid millions of dollars in debt to external suppliers. The company has gone through multiple rounds of layoffs, reducing its workforce from a peak of about 100 people to the current 12 full-time employees.
The company's project token SHRAP has dropped in price by more than 98%, while reports indicate that the co-founder is conducting a token sell-off. It is worth noting that Neon Machine previously secured $20 million in funding led by Polychain Capital.