Linera Founder Says Project Will Stop Operations After Fundraising Falls Short

Linera founder Mathieu Baudet announced on Discord that the project will stop operations immediately after its fundraising efforts fell short. According to PANews, Baudet said token sales on Sonar drew about $900,000 in subscription commitments, but the amount did not reach the minimum required to complete the sale, and all subscription funds have been returned to participants. Baudet also said the team tried to raise emergency funding to keep operations running until mainnet launch, but it was unable to secure the needed capital. He said this ultimately led to the project’s closure. Earlier reports said Linera’s LNRA community round received 848,300 USDC in commitments, below the 1.5 million USDC minimum target, and would be refunded.