AG Files for Insolvency: Another ICO Fail

Written by:
C Costigan
Published on:
Apr/02/2019 AG, a German content website and cryptocurrency effort, has filed for insolvency.


This was hardly a minor venture.  Last year the company sponsored Counter-Strike: Global Offensive team Astralis for $2 million over a three year period. AG, however, was only started in 2017.

It also got mired in a cyryptocurrency initial coin offering or ICO for its Esports Reward Token (ERT), which could be used to purchase planned coaching lessons and training videos from its website, as well as bet on matches.  The betting component was later dropped.  The company claims it raised $5.8 million for the ICO.

eSports Observer also noted the following discrepancy found with the ICO:

Additionally, the ICO funding site initially claimed that the $20M hard cap was reached at the end of the campaign, but the final total was later confirmed to be $5.8M; blamed a display issue for the incorrect sum. AG had also forged a partnership wtih ProSiebenSat.1, a sports business unit of a German media firm.

ProSiebenSat.1 issued this statement regarding the AG insolvency:

“The insolvency concerns AG. ProSiebenSat.1 has no direct business relationship with AG. The joint venture operated jointly by AG and ProSiebenSat.1 Sports GmbH ( GSA GmbH) is not directly affected by the insolvency. Our goal is to continue operating the platform in German-speaking countries as before.

“As we are not part of the insolvency proceedings, ProSiebenSat.1 cannot make any statements on this matter.

“The insolvency of AG has no impact on the eSports strategy and activities of the ProSiebenSat.1 Group.”


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