Equi Token, an Ethereum-based cryptocurrency founded by Scottish entrepreneur Baroness Michelle Mone, has been rebranded after raising only 785.53 ETH (Approx value at sale end: $455,300) in the public sale despite an ambitious initial hardcap of $80 million. The new business has rebranded to EQUI Global.

Mone, who gained her wealth and popularity from Ultimo, the highly successful lingerie company she founded, has so far been unable to replicate the company’s success in the crypto world despite proclaiming herself a cryptocurrency and blockchain expert:

Michelle Mone cryptocurrency expert

The Ethereum-based cryptocurrency, which was touted to revolutionize the venture capital investing sector and according to Reuters was expected to raise $80 million – with each coin going for $0.50.

According to a spokesperson for Mone, a huge social media campaign involving over a 1,000 promoters on Youtube, Facebook and Twitter, was carried out throughout the pre-sale and public offering of the currency, which began on 1st March.

As reported in the London Times, Doug Barrowman, the co-founder of the crypto project and partner of Baroness Mone, explained that they had successfully raised $6 million in the pre-sale offering via a consortium of private investors who are known and work directly with members of the EQUI management team. The public offering raised only 785.53 ETH.

Investor Funds Returned

According to Equi Capital, since the public sale failed to raise a substantial sum, a total of 57.8 ETH was returned to public investors who requested a refund. $6 million has been pulled from the private sale investors as they reassess the project and the development of Equi Global.

The online bloggers (bounty hunters) and promoters of the project were, however, upset about not being paid more. However as the bounty community only raised $2,000 their contracted 2% reward equated to only $40.

The company responded on one of their forums, insisting it had adhered to all terms of their contract. According to the Times, a post by Equi Capital in their digital currency forum stated “Which part of the contract has Equi not stuck to? You are all so stupid.”

A spokesperson added that:

Overall [the bounty hunters] managed to raise $2,000, which means, as per terms of the signed agreement, they were due $40. However, as a gesture of goodwill Equi Capital decided to give them $10,000.

The same spokesperson disagreed with the notion that public sale was a failure. Mone and Barrowman have rebranded the project to Equi Global after Steve Wozniac, co-founder of Apple,  showed interest in becoming a part of it. However his official involvement has not yet been confirmed. The new Equi Global will be launched at the end of September 18.