Blockport, an Amsterdam-based cryptocurrency exchange, has been declared bankrupt shortly after its security token offering (STO) failed to hit the soft cap of €1 million (around $1.13 million), The Next Web reported citing the company’s bankruptcy records.

The records show that exchange operator Blockport BV was officially declared bankrupt by a court in Amsterdam on May 21, 2019. Citing the failed STO, the company announced last month that it would “drastically scale down its operations and development.”

“Running our operations and platform as-is without a substantial investment is currently not an economically viable and responsible option,”Blockport co-founder and chief product officer Sebastiaan Lichter said. “The current situation requires us to take the platform offline at the end of this month and the core team of Blockport will focus its resources on developing the platform in stealth mode.”

However, the company intends to restart its operations at some point in the future and said that it is in touch with several interested parties. Lichter said that the future business form or structure has not been decided yet and is subject to ongoing negotiations.

“We cannot share any names or plans before we have agreed on a concrete action plan,” he added. “During the coming months we will assess what exact role Blockport will play in terms of business and development in collaboration with these parties. We expect to provide a more detailed update in Q3 2019.”

Blockport is optimistic about its return and sees “a lot of opportunities in this [cryptocurrency] industry.” Lichter clarified that the filing of the bankruptcy would not affect the company’s efforts to organize a restart of the Blockport platform.

Earlier this week, reports suggested that Polish cryptocurrency exchange Coinroom has vanished with customer funds. The total funds lost in the alleged exit scam remains uncertain at the moment.

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