iKobo refuses its Money Transfer Services

iKobo, US based payment processor has announced about the discounting of its Money Transfer Services. The users of the processor have received the following message:

We regret to inform you that iKobo is discontinuing services. Effective immediately, no further money transfers to your iKobo account will be allowed. Your card issued by Palm Desert National Bank will continue to be active until November 13, 2008. Your card will no longer work after this date. However, the card funds are safe and guaranteed, even after the card is de-activated.

Please use your card at an ATM or to make purchases between now and November 13 to spend down the balance of funds on your card. Any remaining balance as of November 13, 2008 will be refunded to the sender, the US resident, as stated in the bank cardholder agreement (https://www.ikobo.com, link at bottom of page to “US Program Terms and Conditions”).

Basing on this message we can guess that the company had to make this step due to the world crisis. 

However other sources say that such decision was made due to the lead investor's decision to draw back.