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Giant Investment Area Altcoin Company in Trouble: Token Price Has Melted by 98%! - Coin Bulletin
Neon Machine is facing a serious financial crisis as the value of the SHRAP token declines, and it struggles with a large debt burden and millions of dollars in external supplier debts, along with ongoing layoffs.
The gaming company Neon Machine is under a large debt burden and owes millions of dollars to external suppliers. The number of employees in the company has dropped from 100 to 12 since its peak period. The SHRAP token has lost more than 98% of its value. The company's co-founder is accused of continuous selling.
Shrapnel was a game developed by Neon Machine that promised great hopes. When the game was introduced for the first time at the Game Developers Conference in San Francisco in 2023, it was believed to have the potential to be the crypto world's version of Call of Duty. However, over time, the company's financial issues and operational challenges negatively impacted game development.
In the past, Neon Machine, which received a $20 million investment led by Polychain Capital, had a team of about 100 people at that time. However, the company's number of employees has now dropped to just 12. The game was planned to be released in 2024, but financial troubles and layoffs are making this goal difficult.
Financial difficulties and layoffs
Neon Machine is facing significant financial challenges. According to information obtained from the company’s sources, it owes millions of dollars to external suppliers and has spent between 2 to 3.5 million dollars in some months. In 2024, the company incurred a loss of 11.4 million dollars, and although the annual revenue was 21.7 million dollars, operational expenses reached 33 million dollars. The company may face a deficit of 13.5 million dollars in the first quarter of 2025.
The CEO of Neon Machine, Kenneth Rosman, stated that they are seeking funds to improve the company's financial situation. However, the layoffs and the downsizing of the company are making future expectations even more uncertain.