Status.im Raises 300000 ETH in Three Hours

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Status.im, an open source messaging platform that offers mobile browser payments and smart contracts to friends from within chats, raised 300,000 ETH in less than three hours in yet another massive token raise with over 20,000 participants. The project runs on the Ethereum Network sends encrypted messaging by default and uses a peer-to-peer protocol that doesn’t rely on centralized servers.

Though many got through, many did not and social media is erupting with complaints on Twitter, Facebook, Bitcointalk and Reddit.

The team reacted on Facebook:

Unfortunately the sheer quantity of transactions created a large amount of network congestion, and thus tens of thousands of pending transactions over many hours (to put this in perspective).

In regards to the gas price – this was indeed correct –  but the controvery stemmed from our distribution partners which were outlined here – where this logic was not applied.

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The team is working on a blog post to address the issues soon according to several sources.

Correction. The original article posted stated they raised 275m based on this report at Reddit. 

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