ADVERTISEMENT

Overstock funded Bankorus’s largest investor claims the company has no funds or staff

ADVERTISEMENT

Must Read

Bitcoin rises to $8,000 as Britain reaches a Brexit deal – Bitcoin News

Today marks a historic day as the European Union, and Britain reached a Brexit deal. Many experts and analysts...

BTC.com and Antpool co-discover the same block – Bitcoin Mining News

Bitcoin network initiated a rare event where two highly competitive pools co-discovered the same block. In the end, one...

Infamous Darknet website that sold credit cards gets hacked – Dark Web News

BrainsClub, a well known Darknet website, got a taste of its medicine as a hacker, stole the information from...
Malaki Braydon
Malaki Braydon
Braydon has been into the crypto and blockchain space from the past 7 years. Based in New York City, Braydon has completed his masters from Kingsborough Community College.

The investor who put $1 million in Overstock funded wealth management startup Bnkorus claimed that the company has run out of funds, and all the employees have resigned. Sonic Zhang, in his blog, wrote that all Bankorus has now is a $1 million investment in Lithuania's Rato Credit Union.

Sonic Zhang, who saw the future in the startup, recently claimed that the company has no funds, and all the employees have quit. He wrote in his blog that he learned about the problems from the co-founder of the company, Gregory van den Bergh back in July. According to Zhang, Bankorus ran out of cash because the second round investors pulled their funds. 

Sonic Zhang further wrote in his blog that earlier this year, Greg informed him that everything is going smoothly, and the startup has raised another $10 million in a second equity round. But in July Greg told him that that, the second-round investors pulled out and the company has no cash left. Greg also told him that token holders don’t have any legal claims over this based on the agreements they signed. 

Overstock itself is in deep water as the company lost its CEO Patrick Byrne in August, and the very next month met with a lawsuit alleging securities law violation.However,
Zhang plans to take the startup further.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Bitcoin rises to $8,000 as Britain reaches a Brexit deal – Bitcoin News

Today marks a historic day as the European Union, and Britain reached a Brexit deal. Many experts and analysts...

More Articles Like This