Phat Loop Studios, which was fired last week for abandoning its Kickstarter-funded MMORPG game and cryptocurrency Untamed Isle, is now denying allegations that it lost money from supporters investing in cryptocurrencies.
In a statement on Wednesday, the developers behind the project raised more than NZD $841,000 (US$525,000) on Kickstarter, asserting that all the money raised was spent by the game development studio.
The company claimed that the reason for the disruption was the depletion of available capital after several investors withdrew recently due to concerns about both the economic market along with the cryptocurrency market.
According to the initial announcement of the hiatus period, the project is aiming for release in October. However, Grant said that the development of the project was halted because the company was unable to meet financial needs.
The game was originally designed to launch with NFT implementation, but plans for this were later canceled.
About a year ago, I was approached by @UntamedIsles (a Pokemon inspired MMO-RPG) to help oversee and design their combat system. I think what we came up with is REALLY interesting and a fresh take on the genre, and I'm so excited for everyone to be able to play it.
— Wolfey (@WolfeyGlick) August 5, 2022
This has led many to angrily question the legality of using the collapsing cryptocurrency market as an excuse for the failed project.
It’s unclear if the project actually plans to integrate cryptocurrencies into the project, however, Grant said that they will have to freeze the project for some time until the cryptocurrency market situation is resolved.
the reason i believed in this game was because you said GAME FIRST, CRYPTO SECOND which meant it was independent of crypto. So why is crypto being used as an excuse for not having any more funding?
— zach yonzon (@blackmoonfable) August 19, 2022