With the death of CEO, the project Findora began to collapse, but it is still raising $21 million
Crypto venture capital firm Polychain Capital is currently the leader in the eight-figure funding round for the DeFi Findora blockchain project. Aside from this good news, however, the sudden departure of most of Findora’s founders has created concerns about two individuals still staying at the company. And it is not clear who is exactly behind the upcoming ICO.
John Powers passed away in July of this year, then the Stanford team began to resign, and they were sued by Lily. Wu obtained another indictment, alleging that Lily conducted a round of private placement in China and credited millions of dollars into her personal Binance account.
— Wu Blockchain (@WuBlockchain) December 28, 2020
Foxconn’s Polychain and Jack Lee sponsor Findora, but there are so many strange things surrounding this open finance project
The Findora project was created to create a DeFi infrastructure for users who want to demonstrate a specific value without revealing the exact details of a given transaction or the identities of the parties involved. concerned. The project describes itself as a transparent public blockchain aimed at building decentralized financial applications. The project uses a zero-knowledge proofs algorithm, allowing high privacy protection transparency.
The Findora Foundation says DeFi is one of the main focus areas for budding projects and claims to address issues like lack of financial inclusion around the world, overload, and lack of interoperability. and scalability.
However, according to Wu Blockchain, with the CEO’s death, the project is beginning to collapse but is still trying to raise $ 21 million.
The project CEO, John Powers, passed away in July this year. Soon after, the Stanford team began to resign, and they were sued by Lily Chao, a Chinese girl in her 20s. Wu obtained another indictment, alleging that Lily had conducted an ICO in China and received millions of dollars in her personal Binance account. Announced Wednesday, the private funding has had the participation of major investors. These include Allchaineed, Krypital Group, Axia8 Ventures, Cabin VC, Powerscale Capital, and Jack Lee, Foxconn’s FNConn financial platform founding partner. The investment amount was not disclosed but is predicted to be in the tens of millions of dollars.
But, most of them are token funds of unknown Chinese origin. Findora has announced this news for a public offering that begins on the 28th. Polychain has invested around the US $ 5 million in 2019.
The accusation claimed that Lily appropriated tens of millions of dollars to express a personal relationship with Jack Ma, wife of Jack Ma and Ma Huateng. She also uses the company’s funds to buy pianos, wine, airline tickets, hotels, and shop on Taobao.
Findora claims that the information in the indictment is completely untrue. Binance accounts are corporate accounts. Stanford employees did not contribute to the company’s technology implementation. If you log into Findora WeChat and the Telegram community, you also see that there are a large number of robot accounts. Findora claims that there are MOU agreements with partners and communities that are also real users. But reality does not show that ….
- IOTA Founder David Sønstebø Reveals Contradictory Details Split With The IOTA Foundation But Insists It Is Not Broke
- The 1inch Made A Profit For Many Traders When The Price Was Up By 16% But There Were Also Those Who Missed $ 1.8 Million