KodakOne Crypto Project Contractors and Developers Yet to be Paid $100,000 USD Owed Allegedly
KodakOne, a crypto project backed by the photography appliances producer Kodak is apparently being sued by contractors and outsourcing agency for unpaid invoices that reached more than $125,000.
TheNextWeb breaks the story that in a series of email exchanges between contractors, outsourcing agency along with its representing law firm, and KodakOne, a group of contractors is filing lawsuits against the company, accusing them of not paying their wages.
The email was sent on behalf of European recruiting agency iFindTech, which helped KodakOne find employees to build its platform t by law firm London Law Practice on October 26.
We can be certain that there is some element of truth in these accusations since a spokesperson for KodakOne said: “All claims are in dispute and these legal matters will only be solved in front of the courts.”
The Journey Of KodakCoin
KODAKCoin is a photographer-oriented blockchain cryptocurrency used for payments for licensing photographs. The initial coin offering (ICO) was scheduled for January 31, 2018, but was delayed for several weeks so that accredited investors could be validated. In May 2018, the company announced that it would offer Simple Agreement for Future Tokens (SAFT) and that investors would not receive tokens until the KodakONE product is complete.
Following the January 9 announcement of the new platform at the 2018 CES in Las Vegas, Kodak's stock price tripled in two days, as its market valuation increased to US$565 million, an increase of more than 300 percent. By the end of January, one-third of Kodak's shares were trading short.
There Is More To The Story
iFindTech is not the only one accusing KodakOne. At least two other contractors have similar issues of uncleared invoices. One contractor has more than $19,000 in overdue payments while another, named Arme Nene says that KodakOne owes them over $36,000.
Nene has a detailed Linkedin post about the story. He claimed that the company had only paid him twice during his 6 months tenure and that when he asked the CIO, Volker Brendel about it, he always “laid the blame” on the CFO, while also confirming that “the ICO was a shamble and no one subscribed to it”.
Even though KodakOne is actively participating in blockchain events across the world, development seems to have halted. Additionally, details around KodakOne’s ICO persists to be vague. After a dispute with the US Securities and Exchange Commission, the firm wants to raise $50 million. Critics have since cast doubt on those claims as well as the success of the ICO.