There is actually a large number of projects that raised millions from the public years ago and still didn't TGE.
Should be illegal imo.
$SOMO is probably the biggest one, raised tens of millions in April 2024 and has only made meaningless announcements since with no TGE in sight.
The problem is that in such cases the TGEs are just a competition to see who can sell the fastest, nobody cares anymore, all momentum is lost.
Funds are kept hostage and more often than not, teams can burn through the money in the meantime

its 2025 and some people are still waiting for 2023 projects to TGE

Bando

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