A French crypto banking startup known as Hush has up and vanished following the failure of its initial coin offering (ICO).
Founded in Toulouse, France by Eric Charpentier – also founder of the banking startup Morning – the organization was a self-proclaimed “neo bank” that sought to utilize cryptocurrencies and digital tokens when creating a service system that would give customers complete control over their finances.
Crypto Has Paved the Way for Strange Behavior
Unfortunately, the bank came with a touch of controversy, primarily due to its founder Charpentier. Two years ago, his other startup, Morning, saw its operations suspended by financial regulators who believed the company was mishandling customer funds. Later, the venture was acquired by the French bank Edel, who operates it today.
Following the opening of Hush’s doors, Eric announced that the company would engage in an ICO project that sought to raise anywhere between $17 and $23 million. Hush allegedly had a team of recognized advisers backing it up, and it was garnering solid rankings for its ICO prospects. Sadly, with the crypto arena losing wind fast and most major currencies in the red, the company only sold about 245 of its coins, garnering just over $600,000 in the end – only a small fraction of the intended goal.
Three months later, Hush has seemingly gone completely silent, and is nowhere to be found. Several consultants involved with the project have not been paid, while the company’s Medium account no longer exists. In addition, Charpentier has deleted all his tweets regarding Hush and has expunged his LinkedIn account. He has also deleted his Telegram account.
Hush community manager Max Massat is claiming:
“Eric is now taking the time to manage his projects far from the pressure of his networks. We have decided not to justify ourselves. We work in silence. The real investors in the project know. We leave the fantasies for others.”
At the time of writing, both Massat and Charpentier have disappeared from the public eye. There have been no further public comments regarding Hush, while the company’s Telegram channel remains inactive. Charpentier is allegedly facing legal issues from those hired to consult on Hush, who say they have not received fair compensation.
Who Wasn’t Paid for Their Work?
One such consultant is Sebastien Bourguignon, who states:
“I didn’t have any news from Eric Charpentier since [the middle] of June. He didn’t pay me for the advisory [work]. I am in litigation with him.”
Do you think Hush is simply working behind closed doors, or do you think something strange is going on? Post your comments below.
Image courtesy of Shuttershock
The post French Crypto Banking Startup Disappears After Failed ICO appeared first on Live Bitcoin News.
Source: Bitcoin News