Under Probe $22 Million ICO, Vanbex Sells Intellectual Property

Wilfred Michael 

Wilfred Michael

News reporter

05 September 2019,
21:25
Under Probe $22 Million ICO, Vanbex Sells Intellectual Property

Vanbex Labs, a blockchain startup currently being investigated by Canadian authorities over $22 million ICO in 2017 revealed in a press release on Sept 4 that it has sold for an undisclosed fee its intellectual property to co-startup, Hyperion.

The property in question includes blockchain technology products Rocket and CryptoTaxes, which Vanbex reportedly developed in the aftermath of its ICO.

Hyperion as per the announcement will use the Rocket product as part of its planned security token exchange platform, with the new tool developed to aid the launching of security tokens using proprietary smart contracts.

Also, the company will offer CryptoTaxes alongside a suite of other products, since the solution helps crypto traders to calculate their capital gains and losses from digital asset trading for annual tax filings.

FUEL Tokens Under Investigation

Aside from the IP acquisitions, what catches the eye with the latest deal is that Hyperion has promised to use Etherparty (FUEL) tokens which Vanbex created to raise $22 million in a 2017 ICO as the primary utility token for their platform.

“The token will continue to operate as a utility-based cryptocurrency to pay for [...] services provided in the digital asset ecosystem between Hyperion and the Vanbex blockchain technology products that it has acquired,” the announcement read.

Meanwhile, the records show that the Royal Canadian Mounted Police (RCMP), as well as the Canadian Revenue Agency all, have pending lawsuits against Vanbex.

Authorities alleged that the company’s Lisa Cheng and Kevin Hobbs misappropriated the funds they raised from the sale of FUEL tokens, and also that they’ve failed the deliver on the promise that they made to investors.

However, the Vanbex founders refuted the allegations as well as evidence that appeared to support the claims by the authorities. 

For the time being, though, their apartment is under the custody of authorities, making the latest intellectual property sale and the purported continued use of FUEL tokens a remarkable twist.

 

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