Coincheck is blasted with $2 mln lawsuit

132 Coincheck clients submitted a class action lawsuit
01 March 2018   1962

Yesterday, on February 28 132 customers of Coincheck exchange filed a new class action suit of a restitution following the previous one filed on February 27 at Tokyo District Court. The upset clients ask for a mix of 13 types of cryptocurrencies and a small amount of Japanese yen.

At the very least we would like to sell the virtual currency and withdraw it in Japanese yen, but even that will not make it even, we complain because of our distrust of Coincheck.


A 20-year old plaintiff

As the notorious platform seeks for possible resolutions of a crisis, and recently it was reported that a tie-up might be an acceptable option. Although a refund plan allegedly submitted to FSA, according to a resource, the Japanese regulator cannot say with a certainty what form will the restitution plans take. A local news media Jiji Press acquired from an insider that Coincheck is in talks with some investors to gain funds for a satisfactory rate of a refund process.

Coincheck spokesperson have abstained from giving in-depth details on the state of things with a plain commentary:

We have not responded to the presence or absence of a trial or content.

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   1266

The NEM Foundation, a community-sponsored nonprofit organization to promote the blockchain of NEM is planning a massive downsizing of its staff, which currently has 150 people. This is reported by CoinDesk.

It is assumed that these steps are associated with a significant reduction in the budget and the forthcoming restructuring of the organization based in Singapore.

Thus, the newly elected president of the NEM Foundation, Alex Tinsmen, announced plans to send a request to the NEM public fund for the allocation of 160 million XEM tokens (about $ 7.5 million), which should help save the organization from bankruptcy.

Basically we realized we had a month to operate, due to the mismanagement of the previous governance council.

Alex Tinsman

President, NEM Foundation

After the request for the allocation of the specified amount is made officially, all 202 members of the fund will be invited to vote for it. The scale of the cuts will depend on the amount of funding approved, Tinsman added.

According to her, the NEM Foundation spent about 80 million XEM from December 2017 to January 2019 primarily on marketing.

We’ve reduced marketing activities because it doesn’t make sense to market a product [Catapult] that isn’t out yet.

Alex Tinsman

President, NEM Foundation

In particular, Alex Tinman refers to the blockchain engine Catapult. Its full-featured release was announced back in May last year.

NEM developers and users who wish to remain anonymous also state that the organization’s previous president, Lon Wong, used his position to promote questionable ICOs. As a result of these actions, he allegedly undermined community confidence.

According to Tinsman, a very strict budget policy will be respected under the roadmap for 2019. It is assumed that each team will be allocated a limited budget, there will also be requirements for public disclosure of documentation describing the tools they develop for the NEM ecosystem.

It is also planned to monetize the activities of the NEM Foundation by educating corporate users and affiliate marketing. This is expected to help reduce the organization’s dependence on community funding.