Banger
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Banger was a Madrid-based blockchain gaming platform founded in 2019 by Borja Villalobos, giving users an array of play-and-earn possibilities. The venture-backed company raised about $11.6 million, with its last tracked round in 2022.
02 / Banger FAILURE REASONS
Failure factors supported by the current evidence
ADSLZone reports that after Banger's June 2023 token listing (relaunched as QWAN), the token lost about half its value in 20 minutes and was worth practically zero days later, after which the company had less than €400,000 on the books, staff disappeared from social media, and the website was taken down. The article also records investor 'SCAM' accusations; those remain allegations, not a court finding used here.
The article says the QWAN token lost about 50% in the first 20 minutes of trading and was worth practically zero days later.
ADSLZone states that by the following summer the company had less than €400,000 remaining and the website was disconnected.
03 / EVENT HISTORY
Events in the structured record
- Liquidation
Madrid BORME of 27 July 2026 records a 14 July 2026 order in concurso 558/2023 (Madrid Commercial Court No. 5) concluding the insolvency after the liquidation phase, extinguishing BANGER GAMES SL and closing its commercial-register sheet (inscription 20 July 2026, H M 716629).
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Blockchain gaming platform with earning mechanics
- 02
Madrid, founded 2019; raised about $11.6M
- 03
Last tracked round in 2022
- 04
Liquidation recorded 2026