Twitter Facebook LinkedIn Flipboard 0 The founder of Nebulous firm Hypernet Labs, Ivan Ravlich, confirmed through his Twitter account that “the hypernet labs have reached the end of its journey.’’ He further explained why the company had gotten to the edge. He said that while their team built a “very strong base layer”, they needed to transition to a “more product-focused team that was better positioned to grow the broader ecosystem.” Hypernet was impacted by the same market headwinds that have affected millions around the world since May. “Unfortunately, the treasury was also held in Ethereum, which disproportionately exacerbated the bear market’s impact on our balance sheet”, he wrote. Sharing some sad news for Hypernet Labs. Posting now because we needed to share the news w/employees, token purchasers, community first. Grateful to all who were in this with us. Here’s the full letter shared w/our community. pic.twitter.com/ZnjZLLlQBp — Ivan Ravlich (@ivanravlich) July 8, 2022 What he didn’t mention was the lawsuit that had just been filed against the company, by investors who alleged that Ravlich and his co-founders lied to investors and never created any usable product or service. Investors claim to have lost millions in cryptocurrency, and one alleged that Ravlich and his compatriots used a shell company in the Cook Islands to make it harder for him to recoup his losses. Hypernet initially promised to create a system for renting unused computing power, and in 2018 raised around $20 million in an initial coin offering (ICO). In late 2021, Hypernet “pivoted hard” into NFTs, which one investor stated was a “knee-jerk reaction to the flavor of the day” and a “last-ditch attempt to find a non-existent market for a non-existent product”. Who is Hypernet Lab’s Ravlich? Ravlich, whose father is a New Zealander with a family still living in Auckland, enjoyed a meteoric rise from Kerikeri High School, where he was headmaster and doge in 2007. The following year he went to the University of Auckland to study Chemical Engineering and Materials Science on a scholarship. The young tech genius then traveled to the renowned Stanford University in California, where he completed a master’s degree. In a radiant alumni profile on the University of Auckland website, Ravlich said he founded Hypernet with the aim of making the startup “the connective tissue between all the world’s computing resources.” While studying for a Ph.D., he founded and became CEO of a startup company called Hypernet Labs in 2017 with fellow Stanford graduates Todd Chapman and Daniel Maren. The first Hypernet product was called a Galileo, which Ivan had the vision of reaching out to researchers who undertake simulations. One of the initial investors said that when Hypernet charged people for Galileo, it accepted payment via credit card, not its own crypto token, which the investor believes appears never to have been used as intended. Ravlich was named one of Forbes magazine’s “30 Under 30” in the science category in 2020 whereby his profile on the Forbes website said Galileo had been used by government agencies and a space propulsion company. “Starting Hypernet is one small step to further all sectors of science and technology with our mission of realizing ethical, ubiquitous computing”, the tech entrepreneur had intimated back then. He is also, a multi-instrumentalist musician who likes ballroom dancing, where he learned the benefits of risk-taking. “My dance teacher at Stanford taught me a lot about experimenting, going with the flow, and taking risks.” In his University of Auckland profile, Ravlich said starting Hypernet was the first step to spreading computing power around the world. Related News Why Zuckerberg Kills Off Novi Crypto Wallet but Still Loves NFTs BlockFi Liquidates Three Arrows Capital as Market Dumps Further How to Buy Bitcoin – Beginner’s Guide Battle Infinity - Latest Metaverse Game Our Rating Presale Sold Out Early - battleinfinity.io Upcoming Listing on PancakeSwap Fantasy Sports Themed Games Play to Earn Utility - IBAT Token Powered By Unreal Engine Solid Proof Audited, CoinSniper Verified Learn More Twitter Tweet Facebook Share Email This article was written for Business 2 Community by Nancy Lubale.Learn how to publish your content on B2C Author: Nancy Lubale Follow @NancyOmanga Nancy has four years experience writing news coverage across finance, stocks, forex, cryptocurrency, blockchain tech and the investing field, previously a content writer for Kraken and Nairobi based site KryptoTrends. Nancy’s latest work has been published in various websites including Vauld Insights, Coingape, Forexcrunch, InsideBitcoins and Economywatch. Her personal interests lie … View full profile ›More by this author:Splinterlands Is a Huge Crypto Game – Battle Infinity Will Be Even BiggerMoonpay Is Hiring From Its Crypto Payments RivalsCEEK VR Price Prediction: CEEK Rises 13.7% to $0.37 – Too Late To Buy?