727 FinancePANews October 31 news: Recall posted on X platform that the Recall Foundation's board of directors has decided to shut down the foundation. The reason is that after evaluating protocol adoption, operating costs, and growth prospects, it concluded that continued development is commercially unviable, and this was not caused by a hack or security incident. The foundation will burn approximately 359 million RECALL under its control, about 35.86% of the total supply. Token holders will not receive any distribution, redemption, or buyback; the foundation's remaining approximately $3.7 million in funds will be used to repay creditors and pay liquidation expenses. app.recall.network will become read-only starting November 30, and the foundation is expected to complete liquidation in the first quarter of 2027. Separately, according to a Bithumb announcement, because the Recall Foundation announced the end of project operations, Bithumb has designated RECALL as a trading caution item and suspended its deposits starting at 6:30 today.
The Recall Foundation has announced its shutdown and will burn approximately 35.86% of the token supply.
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