With some analysis, it's not hard to see the truth. Here is a deeper look at the dispute between OKCoin and Roger Ver! Let’s get past the basics quickly to the juicy bits!
- Contract_v7 was signed between Roger Ver and OKCoin in Dec, 2014.
- OKCoin pays promptly, in bitcoins, to Roger. No problems so far.
- Safello, ANX and other parties beg to advertise on bitcoin.com, all turned down. Well, OKCoin did pay to have control, and have the right to turn down “things” they didn’t like. Fine.
- Feb 17, CZ resigns from OKCoin, citing “differences in direction”, whatever that means.
- In the following weeks, most of the International team resigns. Jack Liu stayed and is now Head of International
Here comes the interesting bits:
Important, OKCoin (Jack Liu) received, reviewed and discussed with Roger Contract v7, specifically the termination
- Feb 23, Roger emails the signed copy of Contract_v7 to Jack Liu at OKCoin, the new Head of International. (Star Xu was also CC’ed on the email)
- Same day, Roger responds to Jack in the email body “OKCoin is required to pay a minimum of $10k per month for 5 years regardless of the advertising revenue, as long as I don’t choose to end the contract”. Jack even complains about it, but didn’t seem to cause any issues or surprises.
at this date, after CZ publicly resigned. Handover process seems to be complete and smooth.
- OKCoin continues to pay Roger till April. So far so good.
- April - The game starts. No more BTC transfers from the world’s “largest” bitcoin exchange, only bank transfers.
- Actually, no bank transfers either, as paying Roger Ver is viewed as illegal (in OKCoin’s own interpretation), but Jack still offered to pay Roger through a different account. Possible money laundering offense? Not sure.
May 13 - Turning Point
- OKCoin (Jack Liu) says they will pay $20,000 “by Monday”, “today”. Then…
- “Rest assured we can find a way to make good on the current outstanding balance of $20,000 (through May) owed to you.” - by Jack Liu, May 13, 2015
Guess what, OKCoin never made good
. Classic, in the same email, OKCoin (Jack Liu) swiftly went back on his own words:
- OKCoin can’t pay Roger due to Ripple fines and “rumors”.
Excuse 1. Rumors affects your payment on a contract?
Wow, just wow!!!
- OKCoin lawyer “views this contract as null”, Excuse 2.
- “We do not have a company entity name OKCoin”. Excuse 3.
Denying your own existence? Have you looked at your own website? https://www.okcoin.com/about/index.do
“OKCoin was founded in 2013 and received a US$1m Angel Investment from Ventures Lab and Silicon Valley Venture Capitalist Tim Draper.
- “It is thus unclear which company is obliged to pay”.
Excuse 4. Which entity did you use to pay before?
- “Star (cc’ed here) has himself not seen it [the contract] prior”.
Wait!!! but you have, Jack!
On Feb 23, 2015, Jack wrote: “Hi Roger, Star passed this over to me to arrange with you.” Man up, Head of International, take responsibility!
- From Coindesk, “In an interview, OKCoin VP Jack Liu confirmed the company was investigating Zhao for wrongdoing”.
Hello? Shouldn’t the company be investigating Jack Liu for wrongdoing
instead, or Star himself?
From Jack Liu
- “Would your lawyer be able to communicate in Chinese?” Excuse 5.
May 14 - The King Appears
From Star Xu
- “Can you … send email to CZ?”
Wait, CZ doesn’t work for you anymore. He resigned 3 months ago.
Wait, wait, wait! No! You told Jack!
- “I remember I have told Changpeng…”
If you can’t remember, almighty King, here it is again:
On Feb 23, 2015, Jack wrote: “Hi Roger, Star passed this over to me to arrange with you…” Please remember Feb 23, guys! After CZ resigned! You read the contract. Hello? They just seem to keep forgetting this.
Mr. King, if you have to find someone to blame. Jack is probably a much easier escape-goat than CZ. Jack probably doesn't know how to use PGP to protect himself. lol
May 15 - Fake Lawyer Appears
- [email protected] Says a bunch of non-sense in Chinese. And reaffirms “This contract is null” (using Jack’s translation)
Interestingly, the non-English speaking lawyer signs the email not with a Chinese name, but with an English name.
People on Reddit points out the writing style of this mysterious lawyer is suspiciously similar to Star Xu’s writing style.
This mysterious lawyer has an OKCoin email address, but OKCoin has no in-house legal counsel.
A search on the Beijing government official lawyer database turned up only one lawyer with a matching name in pronunciation. This guy: http://www.bjsf.gov.cn/publish/portal0/tab196/?itemid=10942850
According to his firm’s page: http://www.jingzecn.com/info/chn/20121220/20121220152747.shtml
He is a Partner at his firm, and specializes in agriculture and land. It is highly unlikely that he is the lawyer for OKCoin, or even suitable for it.
Would any licensed lawyer agree to practice law in a language they don’t understand using Google Translate? Now, has Star Xu or Jack Liu impersonated a lawyer?
In addition to forging a document?
Well, I think we can safely assume it won't take long for Roger’s Chinese speaking lawyer to verify this.
May 15 - Let’s Re-Confirm the Lawyer, Just One More Time
From Star Xu
- Reaffirms “Yajun is lawyer work for us”.
Great, we got that.
From Li Yajun, the OKCoin "Lawyer", a simple and powerful response!
- “We don’t agree. Feel free to take any legal action you think is effective.” (Translated).
Does this sound like a King talking?
May 17 - Star Xu, the King, Steps Back In
From Star Xu:
- “I am glad to show the contract and our email to the world”.
Now he is eager to show the world again.
- “I think you [Roger] and Changpeng lied to me for the contract terms.”
No King, the only person who could possibly lie to you about the contract terms is Jack, or yourself. Important Note: this is BEFORE Contract_v8 dispute appeared.
Star is already accusing Roger and CZ of lying, and/or colluding.
- “And I pay … every month”.
No, you didn’t! That’s how we got here.
You turned down ads yourself, while maintained footer link to OKCoin.com.
- “I want to help the Bitcoin industry…”
Okay, enough! You turned down Safello and ANX, who are willing to be paying customers. Why? Just because they are also bitcoin exchanges?
Two emails later, still from the King.
- “He [Yajun, the lawyer] don’t know the details in our company.”
So now, the in-house lawyer with an OKCoin email address does not know the details of the company anymore?
- “All the world know We are a Chinese company and don't have any entity in SG which is called okcoin”.
What??? CEO of OKCoin, have you seen your own website. “OKCoin.com is operated by our Singapore company…”
- “Our employee just set up a company personally in SG … to get a bank account in SG”
Damn, I can’t count how many problems there are in that one statement. Your employee setup a personal company? Just to get a bank account, for OKCoin? Sounds like an end-run on the banking regulations in SG. Is that legal? I am sure Roger’s lawyers would be happy to check on that for you.
- “we are also open to negotiate new contract”.
So now you want a new contract?
- “it is very simple and not necessary to ask the lawyer to join this talk”
Why would you need lawyers when negotiating contracts?
- “We don’t have any entity which is called OKCoin, and we don’t know which company has to pay for it.”
I think we covered both of these points before. But keep repeating that! Very soon, it will be true!
Coming of CEO of OKCoin, you should resign
, right now! Which CEO in history claimed their company do not exist? It's one thing coming from Jack, but very different coming from a CEO.
- “We do not want to publicly reveal the reason”.
So, now you don’t want to go public. Understandably yes. But, you still went public first, with your pathetic blog post.
May 20, King Becomes the “small bitcoin guy”, When He Forges a Document?
Does this make sense from a psychological point of view? Trying to be small after you commit a crime? Honestly, I am not sure. I am not an expert.
From Star Xu:
- “I am a small bitcoin guy. Roger - you are ‘bitcoin jesus’.”
But then proceeds to make a threat a few lines later:
- “we don’t do this [go public] because we don’t want to hurt Roger’s reputation in the industry.”
Now, that's a very credible threat, and very considerate of you for Roger's reputation. OKCoin did go public first! Roger’s reputation seems to be just fine.
- finally, we just found something new which is very interesting”.
Oh now, you finally
find a different version of the contract. New
is the key word here. Because it is indeed a brand NEW version of the contract you just created. It sure is interesting, for you.
- “my assistant has the copy”.
So your assistant had THE copy the whole time? And you didn't know? Nice assistant! Or did she just bring it over to you from the printer?
- “OKCoin may cancel the contract by givin Roger 6 months advanced notice.”
Now, isn’t that convenient for you? You suddenly have a way to cancel the contract now.
In the entire contract, there are no spelling errors. In the last new statement, “givin” is spelled wrong! Typed it up in too much of a hurry?
- “I believe there can only be two reasons to explain the difference.” [1 Roger used an old version, or 2. Roger and CZ signed different contracts.]
OMG, do you take all of us as idiots? No, there is an obvious third, and only reason. You forged it
, Mr. King.
You really like claw backs, Mr. King? Not going to be easy to claw back this one. This is not your shady futures exchange
anymore. Wake up!
May 22 - Photoshop Time
Still from Star Xu:
- “the document is send to our collage by changpeng Zhao”
Collage? Colleague? Did you just finish searching for a photoshop software, and the auto-correct remembered it?
- “we are glad to show this to the public!”
Now you want to show again? Eager to show off your new photoshop project to the world? I thought you wanted to protect Roger’s reputation?
May 23 - Hello Digital Signatures
Oh damn! Fk! Sh!t! You didn’t see that one coming, did you? Suddenly, your little pet Collage project doesn’t look so hot anymore, does it?
Pretending to be a CTO turns out to be harder than pretending to be a lawyer, huh? CZ PGP signs emails he sends out. Try forging that, you liar!
Same day, From Star:
- “I am finding a way to talk to changpeng zhao”
Oh dear, where is CZ when I need him the most, to take the blame!
- “This is all between you [Roger] and changpeng zhao”.
So, let me get this straight. You are saying: “Roger and CZ signs a contract in Dec. CZ then stays at the company for 3 more months, after OKCoin makes 3 payments. When CZ resigns on Feb 17th, CZ leaves a signed Contract_v8 with your assistant in physical form, while Roger emails a signed Contract_v7 in digital form to Jack Liu (and yourself) to check on Feb 23rd. Less than a week after CZ left."
You think Roger was colluding with CZ on this one to screw OKCoin. That makes total sense, doesn't it?
And for a contract that’s worth only $10k/month? For those two guys? Give me a break! I think they have better things to do.
- “CZ, what’s the problem…?”
Now you need him!
- “I just get this 2 version 5.19!”.
You sure did just get the 2nd version. But you got one of them, v7, at least on Feb 23. If you didn’t read that, which you certainly will say so. Check the email from Jack Liu. On May 13 “Our lawyer reviewed the contract…” “Our lawyer views this contract as null …”
Shouldn't you be asking "Jack, my new Head of International, what's the problem?
- “CZ … Why Roger said I forge the document?”
Wait, you still owe him $40k USD in salary
? WTF? And expects him to do what for you? Lie? Oh sorry, I forgot you are the KING!
Now, I am beginning to understand the differences in direction
Roger reminds Star he emailed the contract to “you [Star] and Jack back in Feb”.
Star Xu back in King mode:
- “Roger, I am very busy. We have a lot of business, This is a small thing in our company. … it’s very strange and waste a lot of my time”
Sure, Mr. King, if forging documents and faking to be lawyers are small things in your company, then I don't know what you are busy with. It certainly is strange.
ICO Update – Jul 2 2017 Here is the progress of the Initial Coin Offerings that we are following. Please go to https://urbancrypto.com/ongoing-icos/
for a full list of Ongoing ICOs.
Giga Watt ICO Update – Jul 2 2017
The Giga Watt ICO moves along ith slow contributions coming in. They have issued 12,579,633 tokens and the current rate is $1.05 per token. So, they have raised over 12 million dollars which in itself is a huge accomplishment. The ICO period is one of the longer ones we have seen and we will see how far they go with 29 days left for this Blockchain-based Mining Solution
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FUND YOURSELF NOW ICO Update – Jul 2 2017
Fund-Yourself-Now, a blockchain based crowdfunding platform launched its ICO on June 17th with a period of 46 days. Their hard-cap is 7.5 million FYN tokens or about 65,000 ETH which at current market prices is approximately 22 million dollars.
FYN already has a pipeline of upcoming ICOs to be launched on their platform and we will be detailing them shortly.
Here is the progress so far: Contract Overview | FundYourselfNow ETH Balance: 4,506.062166217484335852 Ether ETH USD Value: $1,314,778.82 (@ $291.78/ETH) No Of Transactions: 817 txns
To read more about the Fund Yourself Project Now click here. https://urbancrypto.com/fund-yourself-now-crowdfunding-platform-profile/
Corion ICO Update – Juy 2 2017
Corion’s goal is to be a multifunctional Platform for businesses and individuals to join and build a worldwide decentralized network, based on mutual benefits, simplicity, security, cost-effectiveness, speed and a stable means of payment. Corion launched its ICO on June 18th, 2017. There was no minimum or maximum cap set. The sale has not generated a lot of contributions in the past 24 hours. The Crowdsale has raised $1.3 million dollars so far.
To read more about Corion, click here: https://urbancrypto.com/corion-platform-stabilized-cryptocurrency/
To follow the Corion ICO click here: https://www.corion.io/
Polybius Bank ICO Update – Jul 2 2017
Polybius Bank states that they will combine features of modern banking, IoT, Big Data and Blockchain-based technologies while also meeting security and UX requirements.
They opened their crowdsale on May 31, 2017. The terms are that each PLBT token will cost $10 and the maximum number of tokens to be sold is 20,000,000. That leaves the possibility of them raising up to $200 million dollars. They have already raised around $26,000,000 dollars as per their website.
The ICO will come to an end in a couple of day, to read an update from our friends at BitcoinChaser click here: http://bitcoinchaser.com/ico-hub/polybius-ico-update
To follow the Polybius ICO click here: https://polybius.io/
DAO Casino ICO Update – Jul 2 2017
In on-line gaming the biggest issue that all parties involved have to deal with is trust, the DAO Casino platform directly addresses this issue and removes the need for any trust from the parties involved.
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The ICO was off to a quick start and continues to raise funds. The sale has a hard cap of $25,000,000, As of the time of this publication they have raised around 13 million dollars.
To have a look at our complete profile, click here: https://urbancrypto.com/dao-casino-blockchain-gambling/
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Upcoming Initial Coin Offerings
We have updated our list of upcoming ICOs and it is extensive. We have added links to the companies websites and whitepapers where available. For a completely comprehensive list click here: https://urbancrypto.com/upcoming-icos/
We anticipate uploading Profiles on the following upcoming ICOs in the next few days: Populous – Invoice and Trade Finance OpenAnx – Decentralized Exchange PrimalBase – Distributed Workspace for Tech Community MyBit – Decentralized Asset Management OmiseGo – eWallet Platform
If there is an ICO that you would like to see a Profile that we have not listed, please let us know and we will do our best to provide it ASAP.
ICO Update – Jul 2 2017
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