Atari cuts ties with their "Atari Token" partner

A press release from Atari announced that the company would be cutting ties with ICICB Group. In addition to Atari granting ICICB hotel and casino licenses, the original deal had also resulted in the creation of the "Atari Chain" and "Atari Token" ($ATRI).

Atari Token was described as "decentralized cryptocurrency that was created to become the token of reference for the interactive entertainment industry". It launched in November 2020, tanking in price immediately on release. Despite a brief boom around March 2021, the token has mostly traded below its launch price.

In the press release, Atari wrote, "Atari disclaims any interest in the [...] Joint Venture, currently promoted as Atari Tokens, and related websites, whitepapers and social media channels are unlicensed, unsanctioned and are outside the control of Atari." They also wrote that they would be replacing existing $ATRI tokens with new tokens in the future. Atari wrote that the termination of the hotel and casino agreements resulted in an €11 million ($11.8 million) write-off, but that financial impact of the token changes wouldn't be disclosed until the FY22 report.