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The start of the cryptocurrency with VC Zwoop entered into administration.
According to an exclusive report by James Cook of The Telegraph, the board of directors of the company deposited the administration at the end of November last year.
As a result, employees and suppliers all over the world have been left with unpaid salaries and bills, according to sources.
Zwoop, founded by the Italian businessman Alessandro Gadotti, has raised $ 13 million from Robert Friedland, an American-Canadian billionaire and a mining magnate. Friedland is also the founder of Ivanhoe Capital Corporation (a major stakeholder in Zwoop) and Ivanhoe Mines, a Canadian public company listed on the New York stock exchanges NASDAQ and Toronto.
According to its LinkedIn page, Zwoop was developing a "revolutionary e-commerce assistant that will transform the way the online stores world". He tried to exploit blockchain technology, artificial intelligence, machine learning, machine vision and natural language processing to help consumers find the best prices possible
The company would have employed 56 people distributed between London, Singapore and Hong Kong.
According to sources, it is believed that the startup crash led to unpaid bills totaling several hundred thousand pounds.
In particular, it is believed that a marketing agency based in London is due to $53.858 (£ 42,000), while a public relations company was left with an unpaid $ account38.470 (£ 30,000).
A canceled ICO
Like many startups in the cryptocurrency space, Zwoop announced the intention to launch a first coin offer (ICO) at the beginning of August. At the moment, the company he said in a tweet that the pre-sale would go live on August 28th with the public sale scheduled for September 25th.
A week before ICO became public on September 18, Zwoop announced that the sale was "currently suspended until further notice due to an up-to-date legal opinion", apparently providing further details in a now-deceased blog post.
Important pre-sales update: Zwoop's ICO is currently suspended until further notice due to an up-to-date legal opinion. Find out more here: https://t.co/lpIFlRHdhf or ask any questions about our Telegram channel: https://t.co/0YmS3Iyd8k #ICO #ad #prevendita pic.twitter.com/sNMF79XcLJ
– Zwoop (@ZwoopGlobal) September 18, 2018
Reportedly, Zwoop intended to raise another $ 30 million by selling its ZWP tokens. The money would be used to enhance app development and a significant advertising campaign in the UK. The company was also planning to expand its workforce in London, open an office in the capital and hold the global launch of its app in the UK.
Employees and freelancers were initially worried about the slow pace of Zwoop app development. It is thought that Gadotti surprised the workers when he announced that the app would be released in a month, despite employee concerns that it was not ready.
"There's no technology that starts when it's perfect," Gadotti said.
Gadotti, also the former CEO of Powa Technologies of APA (which collapsed in 2016), resigned after the ICO cancellation.
Following the sudden cancellation of the ICO, an employee examined the company's accounts and reported payments for $ 2 million that could not be accounted for.
It is thought that the employees of Zwoop and Ivanhoe Capital faced Gadotti shortly thereafter, with the founder who denied having misused the startup money. He claimed that the disputed amount could be attributed to legitimate payments.
Hard Fork contacted the London office of Ivanhoe Capital for a comment, but no response had been received since the press.
Published January 11, 2019 at 14:07 UTC
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