NEM cryptocurrency foundation "nearly broke"
Cryptocurrency NEM (XEM) announced it is "nearly broke" after blowing through 80 Million NEM tokens (valued at ~$4 Million USD at time of writing) in just a little over a year, which was used to advertise vaporware. Layoffs and restructuring are in the works in an attempt to save the organization, according to newly elected foundation president Alex Tinsman, and the group is begging the community for double the amount of tokens (160 XEM, ~7 Million USD) to avoid imminent doom. Ms. Tinsman promised that none of the funds would be used for marketing, though she believes scummy affiliate marketing tactics can help monetize the foundation and avoid future bailout requests. The foundation currently consists of around 200 members who pay an annual $50 fee and must dox themselves in order to vote. (archived)
Tags: News, Cryptocurrency, Lulz
