Apollon Is Shutting Down Hosting Operations
It is a very hard time for the crypto community as several projects are either shutting down or downsizing. Earlier in January, leaked information revealed that Bulwark and its dev team were exiting the market due to lack of funds. Sadly, one of our Buzz Backers, Apollon is joining the list of crypto projects to succumb to the bear market.
Apollon regrets to inform you that the business has become insolvent and is no longer able to continue. Thank-you to everyone for your support and I'm very sorry that we failed you. RYON Service will end on February 22nd.
Lack of funds is the primary reason for Apollon’s shutdown. Chad noted that he has been personally funding project since inception, and cannot continue to do so since they are losing revenue because of the bear market. He went further to state that they needed 2,000 RYON Nodes to cover base business expenses. However, only 1170 Nodes were up and running.
With regards to refunds for those with credit balances, the company cannot return any balances since it is insolvent. However, records have been kept and customers will be refunded if and when the market becomes bullish.
It is worth noting that other members of the team will be working on a new project that uses XAP, in order to provide some value to the community. While the commercial part of Apollon may be dead, the team and community are still active and continuing development.
Please rest assured the rest of the team is working hard to ensure the service you have come to value will not be going away. It will be operated under a different guise and name but it will still take XAP exclusively as payment and the functionality will largely remain the same albeit you will need to migrate your nodes across.
The good news is that in the meantime your nodes will continue to run when the front end RYON service is closed.