In a statement issued on Oct. ?tta, Sonic Zhang said that most recent funding deals for Bankorus had fallen through and your all its employees buy resigned.
The largest aktieninhaber in Overstock -funded blockchain wealth management startup Bankorus has claimed the fact that firm has no money allowed.
Zhang: Bankorus “has run out to cash”
Because a contributor of more than $1 million the particular company, Zhang said that he / she learned of the problems from its co-founder, Gregory van den Bergh, in July.
“Bankorus has run out of actual cash, because the second round internationally pulled their funds, ” Zhang wrote.
Overstock STO fails to restore fortunes
Earlier mentioned known as MICAI, Bankorus seen tried to launch an initial coin offering ( ICO ) present in 2018, just before the market on this funding method crashed.
Then, tZero, Overstock’s security token platform, offered commodity and a changover to some security token offering,, STO .
According to Zhang, as of anticipatory 2019, the transition was most progressing successfully, but surprising teething problems drastically weakened the operation.
All Bankorus has now, this person added, is a $1 million obtain in Lithuania’s Lapso Credit Union. Zhang special:
“And the token holders doesn’t have any legal claims a lot more than this, based on the agreements these guys signed. ”
The debacle will arrive amid the problems for Overstock itself. As Cointelegraph reported, the famous Bitcoin-friendly retail created abruptly lost its PRESIDENT Patrick Byrne in August. From September, a lawsuit alleging securities law violation added to its misfortune.