Vanbex Sells IP Amid Criminal Probe Into $22 Million ICO

Publicado en by Coindesk | Publicado en

Vanbex, a Canadian blockchain company mired in a criminal investigation and several lawsuits, has sold its intellectual property to Toronto-based crypto brokerage Hyperion for an undisclosed price.

The FUEL token, which Vanbex issued in the initial coin offering at the center of the investigation, will still be used "To pay for transaction fees, API integrations, and services provided in the digital asset ecosystem between Hyperion and the Vanbex blockchain technology products," Vanbex stated.

Vanbex will now operate as a blockchain consulting company "With a focus on supporting Hyperion's growth from its offices in Vancouver," the release said.

A corporate update posted on Vanbex's website June 25 said the company planned to move its tech products to a new company, "Removing all the negativity surrounding Vanbex and its founders."

According to the post, Cheng would become CEO of the new company, and Hobbs would stay with Vanbex and its consulting arm to keep fighting for its reputation.

The Director of Civil Forfeitures claimed Vanbex's founders misappropriated the $22 million raised in the 2017 ICO and failed to deliver the product promised to investors.

Vanbex argued in a court filing that the director of civil forfeitures hadn't proved Hobbs' and Cheng's wealth boost was a result of the ICO; rather, it could be Hobbs' gambling winnings.

The court left Vanbex founders' property under arrest.

Hobbs told CoinDesk the lawsuit is "Another attempt to blackmail" the company, blaming a former employee, Kip Warner, who reported Vanbex to the Canadian police.

Then the police started investigating Vanbex "Independently on their accord," Warner said, but Hobbs figured out who started the fire.

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