Bitfinex and a blockchain project launched by Kim Dotcom have "mutually agreed" to separate, canceling an initial exchange offer (IEO) planned for the controversial Internet entrepreneur.

Citing the current "regulatory context" and the "risks associated with fundraising" for the project, Bitfinex said Wednesday in an article on his blog that it was in the interest of his "community" to do not organize the sale of Dotcom's kimcoin token.

Dotcom was the founder of Megaupload, a file-sharing site closed in 2012 for violating piracy laws by the US Department of Justice. He is still appealing for extradition to the United States from New Zealand where he resides.

The project is a chain-based content monetization network, featured on its website as "providing a full range of advanced services and technologies to manage, protect and sell all digital content".

The IEO fundraising model was launched in 2019 and provides for the creation of exchange platforms offering SEO support and launch campaigns for new start-up tokens. To date, Bitfinex has been selling tokens for the Dusk, Ampleforth and Ultra projects, among others.

Picture via Kim Dotcom / Twitter

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