The decision was announced only a few weeks after the US Department of Justice announced charges against a group of individuals including Chorlian. Chorlian was charged with conspiracy to commit securities price manipulation and wire fraud in connection to an alleged scheme to manipulate the market for the HYDRO crypto token. If convicted, Chorlian faces a maximum of five years in prison.
If you've found yourself thinking "man, I wish I could buy a hundredth of an NFT", you now have one fewer options. Andy Chorlian, co-founder and CEO of fractional NFT platform Tessera — originally called Fractional — announced that it and its sibling company Escher will be winding down. In the announcement, he wrote that it was related to their "financial situation", and that "we wanted to make this decision while we're still in a financial position to do this responsibly".
- Tweet thread by Andy Chorlian
- "Paradigm-Backed NFT Ownership Platform Tessera is Shutting Down", CoinDesk
- Press release by the Department of Justice