The remainder of employees continued to go unpaid including the entire tech team as well as the business development team.
24 Mar 2023, 08:25
The remainder of employees continued to go unpaid including the entire tech team as well as the business development team.
Where do we go from here?:
-First and foremost, the most important thing is you all the community members. All community members will be made whole. Through either a usdt refund(if our reserves permit) or through a new issuance of tokens that represents equal value to what you held in FBX(don’t worry we’ll go off the value you purchased it at not market price at the time.) Unfortunately KXCO holds a ton of our token and because of this thread I imagine hold quite a grudge. They will undoubtedly dump every token and kill all market activity. We are working on strategies from our end as well as working with the exchanges to ensure that the process is as smooth an easy for you all as we move into next steps.
-We will not associate with any scammer, fraud, etc it’s not who we are it’s never been who we were and we will never be that. All ties to KXCO will be removed. Unfortunately they have our social media accounts so most likely look for us to create new social media accounts, website, etc.
-All original employees who left due to FBX moving to Thailand will return to FBX and assume previous roles.
This is obviously a really shitty situation for everyone involved from the guys who were preparing to move to Thailand or to the community who has believed in us since day one. Once this process is completed, if the community wants it or team feels it’s necessary, I will step down from CEO and appoint someone new or create a DAO structure that gives ownership to the community.
For a lot of you this will be pretty shocking. However I feel this is incredibly important because:
1. The community should never be left in the dark and I think it’s fair that you’re all kept in the loop of what’s happening internally.
2. I believe this is not the first crypto project they’ve done this too or are trying to do it too. I would be keen to see if this is a trend that we can warn the whole web3 space about so no further victims can be hurt.
Same news in other sources
124 Mar 2023, 08:25
Hello everyone,
Unfortunately have some pretty terrible news. Finance Blocks & FBX will no longer continue to be apart of KXCO, Knightsbridge, or any company owned by Shayne Heffernan and will subsequently be delisting from all exchanges including mexc and probit. MEXC has moved FBX to the ST zone and will be delisting FBX officially on Monday.
Since FTX/SBF we feel full transparency is the best way to go about communicating with your community and being real on current situations so here it is:
-In early April we were introduced to KXCO for market making services through a third party. We were looking to minimize our costs as we weren’t focused on building inorganic trading but rather holding price. We had a number of meetings and based on experience, price, and results shown we decided to choose KXCO.
-In August finance blocks hit a major liquidity problem. Bear market had hit hard and the capital commitment for 25 million we received like many other companies never came as the firm never made good on its investment commitments. We were hitting the end of our roadway and fast.
-KXCO offered to step in and purchase FBX giving it a much needed capital infusion. They also claimed to have a number of products able to easily input into our banking product and a blockchain that we should build on rather then polygon or algorand.
The deal included from FBX side:
•All original investors get paid back(not including me)
•Capital infusion to allow us to expand our banking product(we had just completed our pilot successfully in India)
•Relocation to Bangkok and put on a monthly salary to continue to stay and work at FBX/Finance Blocks
The deal included from their side:
•Finance Blocks entities and assets: tokens, platform, etc
•Jake comes to work for KXCO (in august the role given to me on my first trip to Bangkok was viceroy meaning I represent them publicly at conferences and in the public eye.)
-For the first two months (August, September, and even slightly early into October) everything was spectacular. They brought us into 3 additional exchanges, helped provide liquidity to market, salaries delivered, and had me create multiple strategies for finance blocks, FBX, KXCO, etc.
-Late October/November comes around and things completely do a 180. They claim the investors will not be paid back or receive any tokens that they bought, John the admin stops answering my messages and calls only messaging back once every few weeks, they start to ignore salaries of FBX employees and just stop paying with excuses like “exchanges won’t take our wire transfer” or John saying “wires can take 3 months to hit” just really terrible excuses. I won’t say names of employees but it got to the point where I had to cover out of my own pocket so an employee wasn’t evicted from his home.
-Fast forward to on no notice they took over our social media accounts by going into our google email admin account and changing the passwords to our twitter and instagram while also disabling our finance blocks emails.
-At the middle/end of November a Finance Blocks employee and myself were told to stop our focus on finance blocks and shift focus to KXCO which is currently undergoing a 5 million-30 million USD raise. I reached out to a ton of investors. Shared pitch decks, went to conferences(web3 summit & Decentralized), etc really just making every effort to bring in capital. It was at this point we began to become somewhat suspicious.
-In December I was told that I would be coming to Bangkok. Where is my salary would be taken care of as well as all of the original investors who were promised, would be settled with. By this point I was the only original finance blocks employee still left. My love for the project and belief in its future brought me to believe in its potential.
-January-March I was told that I would be moved in Bangkok where I would undergo a transformation of the Kxco office and technology as shayne had said that the previous tech team “scammed” him however it’s now come they were also unpaid.
Hello everyone,. Unfortunately have some pretty terrible news.
Hello everyone,
Unfortunately have some pretty terrible news. Finance Blocks & FBX will no longer continue to be apart of KXCO, Knightsbridge, or any company owned by Shayne Heffernan and will subsequently be delisting from all exchanges including mexc and probit. MEXC has moved FBX to the ST zone and will be delisting FBX officially on Monday.
Since FTX/SBF we feel full transparency is the best way to go about communicating with your community and being real on current situations so here it is:
-In early April we were introduced to KXCO for market making services through a third party. We were looking to minimize our costs as we weren’t focused on building inorganic trading but rather holding price. We had a number of meetings and based on experience, price, and results shown we decided to choose KXCO.
-In August finance blocks hit a major liquidity problem. Bear market had hit hard and the capital commitment for 25 million we received like many other companies never came as the firm never made good on its investment commitments. We were hitting the end of our roadway and fast.
-KXCO offered to step in and purchase FBX giving it a much needed capital infusion. They also claimed to have a number of products able to easily input into our banking product and a blockchain that we should build on rather then polygon or algorand.
The deal included from FBX side:
•All original investors get paid back(not including me)
•Capital infusion to allow us to expand our banking product(we had just completed our pilot successfully in India)
•Relocation to Bangkok and put on a monthly salary to continue to stay and work at FBX/Finance Blocks
The deal included from their side:
•Finance Blocks entities and assets: tokens, platform, etc
•Jake comes to work for KXCO (in august the role given to me on my first trip to Bangkok was viceroy meaning I represent them publicly at conferences and in the public eye.)
-For the first two months (August, September, and even slightly early into October) everything was spectacular. They brought us into 3 additional exchanges, helped provide liquidity to market, salaries delivered, and had me create multiple strategies for finance blocks, FBX, KXCO, etc.
-Late October/November comes around and things completely do a 180. They claim the investors will not be paid back or receive any tokens that they bought, John the admin stops answering my messages and calls only messaging back once every few weeks, they start to ignore salaries of FBX employees and just stop paying with excuses like “exchanges won’t take our wire transfer” or John saying “wires can take 3 months to hit” just really terrible excuses. I won’t say names of employees but it got to the point where I had to cover out of my own pocket so an employee wasn’t evicted from his home.
-Fast forward to on no notice they took over our social media accounts by going into our google email admin account and changing the passwords to our twitter and instagram while also disabling our finance blocks emails.
-At the middle/end of November a Finance Blocks employee and myself were told to stop our focus on finance blocks and shift focus to KXCO which is currently undergoing a 5 million-30 million USD raise. I reached out to a ton of investors. Shared pitch decks, went to conferences(web3 summit & Decentralized), etc really just making every effort to bring in capital. It was at this point we began to become somewhat suspicious.
-In December I was told that I would be coming to Bangkok. Where is my salary would be taken care of as well as all of the original investors who were promised, would be settled with. By this point I was the only original finance blocks employee still left. My love for the project and belief in its future brought me to believe in its potential.
-January-March I was told that I would be moved in Bangkok where I would undergo a transformation of the Kxco office and technology as shayne had said that the previous tech team “scammed” him however it’s now come they were also unpaid.