Diem, the Meta-backed cryptocurrency project, is considering a sale of its assets and may ultimately dissolve.
The Diem Association began its life as the Libra Association, with backing from some of the biggest companies in the world. Ultimately, Facebook’s backing proved to be part of its undoing, with lawmakers around the world expressing concern over the prospect of Facebook having even more of people’s sensitive data. The project lost the backing of multiple high-profile companies, and ultimately changed its name to Diem.
It appears the project’s fortunes have not improved in the intervening months. According to Bloomberg, sources familiar with the matter have said the association is considering a sale of its assets as a way to return money to investors. The association has even gone so far as to enlist the assistance of investment bankers to help it chart the best way to accomplish this goal, as well as help its engineers find a place to land.
If the report is true, it would mark a major failure for Meta, and comprise one of the worst instances of its reputation for poor privacy severely limiting its ambitions.