CEO Humayun Sheikh Reaffirms's Stability in Light of Recent Misreports

Official Statement from
2024-01-313 min

Recent reports of the entity Ltd. (UK) going into administration have been of concern to some members of our community. Those reports were based on several inaccuracies that we would like to clarify here in order to reassure the community of the ongoing stability of

On January 23, Ltd (UK) appointed administrators from ReSolve Advisory Limited, which led to the successful sale of its UK business assets to A report from Evening Standard incorrectly implied had collapsed following financial difficulties. This is not true. Foundation is not in administration. Both Foundation and its FET tokens remain operational and valuable.

How did the confusion arise? had already announced the relocation of its operations to Dubai, which necessitated a restructuring. The journalist at the Evening Standard misunderstood the restructuring, failing to note that the brand's global entities remained unaffected. The relocation of the UK entity's base to Dubai and distribution of FET token (as per the tokenomics paper published in 2018/2019) had been mistaken as a depletion of assets. reassures the community that business operations globally continue seamlessly, ensuring the distribution of tokens with no disruption to ongoing projects, token holders or partners. remains steadfast in its commitment to community ownership.

"As founder of, I'd like to reiterate that recent changes signify the successful completion of our token distribution commitments. The relocation of HQ  to Dubai is procedural, not a shift in dedication," said Humayun Sheikh, CEO of "This transition impacts only the U.K. administrative entity, while our global operations remain robust. is unwavering in its commitment to community ownership, and I extend personal support to the U.K. entity. We are excited about the continued growth ahead. Thank you for your ongoing support."'s founder personally supports the U.K. entity, highlighting personal investment as the largest shareholder, and major creditor. This information is publicly available.

The restructuring has already taken place and as expected there has been no change to the operations of which remains committed to its community, team and mission. We invite you to continue this journey with us.

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