Blockchain technology, ICO’s, and cryptocurrencies are in many ways like the wild west. We are hoping that current and future folks of cryptocurrency will have a better environment and experience and build tremendous ecosystems for humanity.
PHILADELPHIA, PENNSYLVANIA (PRWEB) October 25, 2017
Vancouver, BC based Vanbex Group, a “Blockchain Firm & Cryptocurrency Consultant” is being brought into the light as a complaint has been filed by former client Elev3n, LLC, for the alleged misuse of funds and copyrighted materials to develop its own website (Etherparty.io) and product to launch an Initial Coin Offering (ICO) which is potentially in violation of the SEC rules and regulations for selling securities.
A first of it’s kind lawsuit filed in the United States District Court for the Eastern District of Pennsylvania on September 29, 2017 Elev3n, LLC v. Vanbex Group, Inc., et al, C.A. 2:17-cv-04350-AB, according to court documents Vanbex misrepresented its capabilities as a company, which was founded by Lisa Cheng and whose CEO is Kevin Patrick Hobbs, for failing to disclose material and reasonable facts prior to engagement, including having no employees to carry out the work promised, inflating their capabilities and experiences in developing web/app platforms, failing to provide nearly all of the promised deliverables, receiving funds for services never rendered.
Elev3n, LLC, prior to this suit, engaged Vanbex to help develop business models, prepare an ICO for its upcoming platform, as well as take on the role of Technical Lead in the development of the Elev3n platform. After Vanbex failed to meet the promised deliverables, Elev3n terminated its contract with Vanbex for services paid ($39,000 USD) yet unrendered from October 2016 through December 2016.
As part of the court documents in the Eastern District of Pennsylvania, on September 19th, 2017, Elev3n discovered that Vanbex materially and substantially continued to access copyrighted documents pertaining to ICO’s after Elev3n had terminated its contract with Vanbex (which as part of the termination, Vanbex agreed to remove/destroy said documents and access to said documents). Subsequently, Elev3n learned that Vanbex had been developing its own website to launch its own ICO for etherparty and had already secured $25million in a pre-sale of its own ICO for the Etherparty platform. South Korea and China have already begun to take hard looks at ICOs, and the SEC has taken enforcement action against an ICO it determined was selling unregistered securities and coins.
“Blockchain technology, ICO’s, and cryptocurrencies are in many ways like the wild west,” says elev3n co-founder, Bryan Doreian. “It’s incredible (cryptocurrencies)...it’s this vast largely unexplored environment where everything is possible. The funny thing is, we as humans are still largely the same, it’s just a different landscape. You have people looking to get rich fast, you have people trying to build civilizations properly and collectively, and you have everything in-between. We are hoping that through all of this the truth can come to light, and hopefully current and future folks of cryptocurrency will have a better environment and experience and build tremendous ecosystems for humanity.”
Elev3n is an early stage startup whose focus is on being a gateway for people to learn, find and use holistic health and wellness practices and products by providing simple access to practitioners and providers of services and goods of the highest resonances.
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