Vanbex Labs Sells Two Products to Hyperion Amid Fraud Investigation

The Forfeiture Office alleges that Vanbex and its partner Etherparty carried out their $22 million ICO FUEL token with the sole intention of pocketing the money. Canadian police froze Vanbex’s assets, as Cointelegraph reported at the beginning of April.

Securities and cryptocurrency exchange Hyperion Technologies acquired two products developed by blockchain consulting firm Vanbex Labs, which is currently under investigation in British Columbia.

Vanbex announced in a post published on its blog on Sept. 4 that Hyperion had acquired Vanbex’s blockchain solutions Rocket and CryptoTaxes.

Scam allegations

According to the office, the company received $22.5 million in the alleged crypto fraud, and attempted to liquidate their assets in response to an investigation by the Royal Canadian Mounted Police. In late August, a Supreme Court judge in British Columbia, Canada, denied the defendants’ motion to set aside the asset freeze.

At the beginning of May, Vanbex also filed a lawsuit against its former contractor for spreading false and defamatory statements about the firm. Vanbex’s founder Cheng told Cointelegraph at the time that the firm knew with certainty that false claims by their former contractor “have created files with several government agencies”, adding that business accounts have not been frozen.

Per the release, Rocket is a product meant to aid in smart contract development and deployment, as well as in the issuance of crypto assets. CryptoTaxes, on the other hand, reportedly simplifies tax filings for capital gains and losses in relation to crypto asset trading. The two products will be available through Hyperion’s platform for the FUEL token which has been launched by the firm in 2017. The exchange’s CEO Michael Zavet commented on the development:

“Acquiring Rocket and CryptoTaxes was a strategic move enabling us to focus on a larger market share, which we are very excited about.”

Firm’s scope expansion

Hyperion said that, with the acquisition, its platform became ready to cover all the needs of companies looking to issue a digital asset, raise funds in the marketplace, and list it on a regulated exchange. Vanbex will continue to operate as a blockchain consulting company with a focus on supporting Hyperion’s growth.

Cryptocurrency exchanges are acquiring companies or products increasingly often. One of the last examples took place earlier this week when Binance, the world’s largest exchange by trading volume, has acquired JEX, a crypto-asset trading platform that offers spot and derivatives trading services.

Spread the love
FacebookTwitterLinkedinRedditMixWhatsappWordPressTelegramVkontakte
Share

Recent Posts

Ethereum’s One Month Correlation with BTC Drops to 68% as $3k Beckons
  • Ethereum News 2

Ethereum’s One Month Correlation with BTC Drops to 68% as $3k Beckons

$3k Possible for Ethereum in the Month of May. Ethereum’s ongoing…

Ethereum 2.0 Deposit Contract Now Holds 4M ETH Worth $10.8B
  • Ethereum News 2

Ethereum 2.0 Deposit Contract Now Holds 4M ETH Worth $10.8B

Ethereum Aims for new ATHs as Options and Futures Expire…

Tesla sold 10 percent of its bitcoins. Cause of concern for cryptocurrency investors?
  • News coin 2

Tesla sold 10 percent of its bitcoins. Cause of concern for cryptocurrency investors?

Tesla released its first quarter 2021 earnings earlier this week.…

Gemini Exchange to Issue Its Own Credit Card for Cryptocurrency Cashbacks
  • News coin 2

Gemini Exchange to Issue Its Own Credit Card for Cryptocurrency Cashbacks

Users of the large cryptocurrency exchange Gemini will soon get…

Iranian government will use mined cryptocurrency to fight economic sanctions
  • News coin 2

Iranian government will use mined cryptocurrency to fight economic sanctions

Iran continues to explore the potential use of cryptocurrencies as…

Ethereum’s Recent High Fees Pushed More USDT to Tron
  • Ethereum 2019 News

Ethereum’s Recent High Fees Pushed More USDT to Tron

Tether’s Market Cap Hits $50 Billion. Mr. Ardoino’s comments were in…