Fetch.ai (FET), one of the best performers in the crypto industry in 2023, seems to be in trouble after such an astounding performance. The firm behind the AI-based cryptocurrency has run into troubles in the United Kingdom after its UK entity was involved in a million-dollar lawsuit that saw it being put into administration.
Fetch.ai Runs Into Problems
According to reports from The Standard, Fetch.ai’s troubles started between 2021 and 2022, when the company took massive losses after the cryptocurrency industry saw prices plunge across the board. The company had reportedly lost 16.7 million pounds during this time and had to write down its assets by 231 million pounds.
Despite the price of FET recovering in 2023, the company continued to be plagued by problems and would eventually be sued by a former contractor. Eventually, Fetch.ai settled the claim by the contractor to pay around $1 million to the contractor, which included interest, as the contractor claimed they were owed $750,0

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