Behind the thriving prosperity of the currency circle, the controversy surrounding the uneven distribution of interests among investors, cryptocurrency exchanges, project parties, and financial institutions has become more apparent.
Because of the dispute over the currency valuation, Sequoia Capital chose to file the money in court and tried to protect the rights through the law. The Nuclear Finance App found that today, the currency has issued a statement that the court has heard that the currency has been lifted and the two parties will continue to resolve the issue through arbitration. In the digital currency market where rapid wealth accumulation can be achieved, any institution or individual wants to participate in a share. The entanglement between the currency and Sequoia Capital is only a microcosm behind the cryptocurrency market boom.
The valuation is growing too fast and forced to go outAccording to the statistics of the Appreciation of Finance and Investment, on March 26 and April 22, Sequoia Capital applied to the Hong Kong High Court twice for prosecution, and was approved by the Bank of Communications to be unable to take over the trading ban of other venture capital institutions. Due to the failure of the investment transaction, Sequoia Capital chose Zhao Changpeng to go to court. According to documents from the Hong Kong courts, Zhao Changpeng and Sequoia Capital began negotiations on the investment currency exchange in August last year. The deal will allow Sequoia Capital to acquire a nearly 11% stake in the currency, which is valued at approximately $80 million in the transaction.
Negotiations have continued in the coming months. During this period, the price and transaction value of cryptocurrency soared to the highest level in history. But in mid-December, when the bitcoin transaction price was close to $20,000, the negotiations broke down. In the context of the overheated cryptocurrency of the currency security exchange, the trading initiative was quickly grasped. In the rumor that “the currency is one day, one year in the worldâ€, the valuation in August is obviously not comparable to the market valuation that has been overwhelming in December.
On December 14, Zhao Changpeng’s team told Sequoia Capital that the existing shareholders of the Dollar Exchange believe that the proposed transaction underestimated the value of the exchange. At the same time, another venture capital firm IDG Capital also contacted Zhao Changpeng and proposed a quotation. It plans to inject capital into the currency exchange through two rounds of financing, and the valuation of the two rounds of financing of the currency security exchange will be They reached $400 million and $1 billion, respectively.
Zhao Changpeng previously said that the Currency Exchange does not require external funding. He is only interested in working with venture capital firms that can help exchanges and regulators and obtain operating licenses.
The prosperity of the cryptocurrency market has brought a lot of wealth to Zhao Changpeng and Qian’an. He once said that the value of the currency exchange is conservatively estimated to be about $3 billion. The company’s second quarter revenue was $200 million, but he refused. Disclosure of the exchange's financial statements or personal wealth certificate.
Whether the violation of the agreement is the key to dispute between the two partiesThe focus of the current incident is whether the negotiations between Zhao Changpeng and IDG violated his exclusive agreement with Sequoia Capital. Although Sequoia Capital and Zhao Changpeng are planning to resolve disputes through arbitration, after the Sequoia Capital successfully applied to the Hong Kong High Court for a ban on Zhao Changpeng’s negotiations with other investors, the contradictions between the two parties were made public. The court said on April 24 that it is necessary to conduct further hearings to determine whether Zhao Changpeng is at fault.
In today’s statement of the currency, the court has already lifted the previous ban on Sequoia’s application through the hearing of the parties, and the parties will continue to resolve the dispute through arbitration.
(Coin Ann issued a response statement today, followed by a statement)
Sequoia Capital China (SCC) did not notify Mr. Zhao before the end of December 2017 and obtained a unilateral ban. After the legal representatives of the two parties attended the hearing in April 2018, the Hong Kong High Court has now ruled that the injunction should not be approved because the ban has been improperly obtained and constitutes abusive procedures in China. On this basis, SCC was required to pay Mr. Zhao's litigation costs.
Mr. Zhao denied all allegations of SCC related to the current dispute.
Since the substantive issue of dispute between the two parties is a confidential arbitration procedure, Mr. Zhao will not further comment.
Zhao Changpeng tweeted counterattack "can't understand digital currency"
The Nuclear Finance App found that the prosecution of Sequoia was exposed by the media yesterday. Zhao Changpeng made a speech on Twitter on the 25th. By borrowing a white paper from Bitcoin, he insinuated that Sequoia had no courage to invest in such a company as Bitcoin. There will be any rational venture capital fund that invests in a “created by an unknown single founder and plans to quit within a year. The white paper document is only 9 pages, most of which are mathematical symbols, no marketing plan/budget, and Are you ready to achieve a market value of $200 billion in 10 years? This group of mortals is doing this, and we have done it. Zhao Changpeng added after "borrowing the ancients": Of course, I am not saying that everyone is going to find such a project to vote. But this shows how much the power of the masses can be achieved, accumulating over time and gathering sand into towers. The so-called experts and purely profit-oriented investors can't do this.
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