Unruly Technologies, a company specializing in blockchain technology and digital currencies, has filed a request with the Tel Aviv District Court to initiate insolvency proceedings due to severe financial difficulties.
The company, which developed the blockchain platform behind the digital currency Spacemesh, sought to offer an alternative to Bitcoin’s consensus mechanism. Its vision centered on creating an open and accessible system that would enable any user to become a miner. Since its founding, Unruly has raised $24.5 million from investors.
According to the court filing—submitted by attorneys Karen Reichbach Segal, Guy Ido, and Avishai Sender of Gornitzky & Co.—Unruly has accumulated debts of approximately 1 million shekels to…
