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Bibox Crypto Exchange Co-Founder Sues Ex-Worker for Extortion, Investre Network Ownership in Question
Bibox Exchange and Co-Founder Sue Former Employee After Alleged Embezzlement and Assigned All Shares to Herself
The cryptocurrency industry is filled with drama and competition, and the recent developments of a newly created platform is the latest point of interest. Bibox Exchange and co-founder Wanlin Wang are taking action against Wei Liu. According to their claims, she made herself the sole shareholder of the platform, working to embezzle over $3 million. However, as anyone would guess, her lawyer is saying that these allegations are not true, and that she is the rightful controller of the project.
Though Bibox Group Holdings Ltd. is primarily based out of the British Virgin Islands, but it has offices in New York. Right now, they are boasting themselves as the first company to bring in artificial intelligence with a digital asset exchange. Based on their information, they allegedly bring in $205 million in trading volumes every day.
Wang, a Chinese citizen that resides in New York, had hired Liu in December to assist with the launch of a crypto management platform, which Wang says that he conceived. The lawsuit names the platform as the Investre Network and says that Wang instructed Liu to created two separate entities, one of which would be a corporate group that owns the platform. Then, she was allegedly told to name Wang and Hanchao Yang as the sole shareholders and managing members. The complaint outlined what happened next.
“Liu ignored Wang’s instruction and surreptitiously named herself as the sole managing member and shareholder. Liu intentionally withheld this information from plaintiffs in order to gain improper access and control of the Investre Network,” it said.
Timothy Pastore, Liu’s attorney from Duval & Stachenfeld LLP in New York, discussed the authorship of the whitepaper, Liu’s control of the private keys for the company’s digital wallet, and the ownership of the website domain as the reasons for Liu assuming ownership. He explained,
“The plaintiffs didn’t do any of that work. All the indicia of ownership rest with her.”
The only claim that Wang has had of ownership is based on his instruction towards Liu to setup the different entities. Those entities being discussed are Save Technology Inc., located in the British Virgin Islands, and Bibox Technology LLC, which is supposed to function within the United States.
Based on the details of the complaint, the plaintiffs managed to raise $3 million from May to July this year, which was meant to be seed money for the Investre Network. However, when Wang decided to fire Liu in July from her performance, he uncovered the entire situation.
During an in-person meeting with between the plaintiff and respondent before the lawsuit, Wang said that Liu then claimed ownership of both entities she was instructed to create. Furthermore, she demanded two months’ salary, plus an additional $500,000, if Wang wanted to see ownership returned to the company.
The complaint continued, saying,
“Believing that she had been terminated without justification, Liu refused to return plaintiffs’ property and asked Wang to meet in person.” When Wang ultimately refused to go by Liu’s terms, she changed the website to feature her own photograph and biography, before titling herself “Business Development Director at Bibox.” She also took Wang’s name off of anything written on the website, and then “falsely described herself as the founder and CEO of the Investre Network.”
Pastore says that Liu has the power to change the website in any way that she sees fit, since she’s the owner of the website. Lawyers from both sides conversed through letters before the October 10th suit was ultimately filed, which are indicative of a stressful and quite unusual battle.
One of Pastore’s letters, dated August 3rd, says, “Please be advised that neither Mr. Wang nor any entity under his direction or control has any ownership in or management rights to the Investre Network. Instead, the Investre Network is the sole property of Save Technology Inc., a corporation that is solely owned and controlled by Ms. Liu.
Along with Wang and Yang as the plaintiffs, this case also involves Yang’s tech services companies, Captain Capital Management LLC, and digital asset investment firm, Blockwater Management Ltd.
Bibox Exchange Opens BiboxLab Incubator For Prospective Blockchain Ventures
The co-founder of the crypto exchange Bibox, Aries Wang, recently announced the launching of its innovative incubator, also known as BiboxLab. The innovation is aimed at bringing together top token funds to amalgamate assets and provide financial support to entrepreneur's startups, branding, technological support, mentorship, office space as well as legal psychoanalysis.
Screening Of Great Projects
The incubator BiboxLab will abide by the firm’s customs when it comes to screening of great start-up ventures in the crypto and blockchain space. This will go a long way in ensuring that the selected projects will have great potentials for investment and incubation. This is instrumental in ensuring that only the deserving projects are brought on board and not just any project that will be a waste of time and resources.
According to Wang, the co-founder of Bibox, the company will only support quality and viable innovative projects with no particular least possible proportions. As long as the projects are able to meet the firm’s criteria for quality, they will not spare any effort to ensure that such projects are assisted to grow and develop to be transforming ventures.
The paramount standards that the incubator BiboxLab will consider is if the project has short-term landing prospects. This is to ensure that it does not take long before the viability of the project is determined. Secondly, apart from having inherent pioneering technology, the project must be in a position of being regulated.
This is mainly because people will only be willing to invest in a project which has a supervisory body to watch over its activities to avoid the pitfalls which have befallen a number of projects in the cryptocurency and blockchain space all over the world. Additionally, the project should also be having disruptive explanations to the conservative industries’ pain points.
With its initial projects being in New York, the incubator will invest in viable projects in North America, where it will act as a one-stop solution for the projects under incubation. From North America, BiboxLab will venture into other places in Asia, Europe as well as other regions where quality projects can be incubated.
According to Aries, the main objective of the project is to support and promote the applicability of the innovative technology in several industries across the globe. Apart from supporting the startups financially, there is the need to offer technical and marketing skills to ensure that the projects eventually blossom.
Bibox Adds Sentinel Protocol's Threat Reputation Database & UPP Token
Bibox Crypto Exchange to be Provided Security With Sentinel Protocol
Sentinel Protocol is a platform powered by blockchain that is focused on providing threat intelligence via crowdsourcing. The platform recently announced its partnership with Bibox Exchange. The partnership involves the deployment of Sentinel’s security layer to Bibox exchange. The exchange is required to officially list the UPP token by Sentinel Protocol.
Bibox is listed among the top 10 crypto exchanges that trade huge volumes. Bibox crypto exchange utilizes artificial intelligence to carry out digital transactions that are encrypted. Bibox-Sentinel transaction will enable Bibox preventing its users from scams and frauds by automatically referring them to the Threat Reputation Database that is decentralized.
Data on threats are carefully collected and passed through the Sentinels and Threat Reputation Database for verification. However, the exact policies have not been set on how the system will work. Basically addresses that are either malicious or suspicious will make the system automatically notify the exchange users. This notification will be carried out via the free API provided by the Threat Reputation Database.
Currently, there are no established frameworks or protocols that are able to secure customers using the blockchain space. Exchanges have been categorized as the number one target for attackers. This is because of storage and transactions involving huge volumes of cryptocurrencies. There has been an increase in the attacks indicating the need for the users of the exchange to be provided with security.
Sentinel Protocol is the first company to initiate an alliance with the cryptocurrency users with the aim of sharing data regarding threats and prevent the use of stolen products. It has formed an alliance with exchanges, the users of wallets and other payment services such as dapps. Leading investment companies and crypto currency investment firms such as XSQ and Hyperchain Capital have supported this initiative. Apart from instantly sharing intelligence data on threats, Sentinel will be able to protect crypto users and organizations before the occurrence of a bad incident. There will be the active distribution of the upcoming products created by Sentinel Protocol. Products such as the Malware Sandboxing built on S-Wallets which will help increase the user’s security and the utilization of the UPP token.
The Loss that Sparked the Inception of the Security Measures
The creator of Uppsala Foundation Patrick Kim went through an unfortunate incident. The incident involved the loss of 7,218 Ether THEFT. This was brought about by the vulnerability of the geth-mist wallet. Patrick acted fast and investigated the attackers and informed the development team at gest-mist. The team initiated the application of security patches that helped contain the situation.
This unfortunate incident helped increase awareness about the importance of security for cryptocurrency users. However, Patrick learned the importance of security measures the hard way. He learned that blockchain cannot be able to guarantee the security of assets on the client’s side. The responsibility of providing securing the crypto assets lies solely on the client's shoulders. Fortunately, Uppsala Foundation and Sentinel have come up with security measures in order to prevent the occurrence of incidents such as theft.