The blockchain banking startup has run out money, even after raising $10M from investors. All its employees have left.
Patrick Byrne, the former CEO of Overstock, is facing a class-action lawsuit that accuses him, as well as former CFO Greg Iverson, of securities fraud.
Overstock has filed for a stock registration with the U.S. Securities and Exchange Commission in connection with its blockchain-powered digital preferred stock.
The company’s former CEO has offloaded his 13.6% stake in the company, the entire amount he had held, and is now going to go on a shopping spree.
Online retailer Overstock has reportedly decided to restructure its planned cryptocurrency dividend plans, attributing the restructure to market feedback as well as to provide greater liquidity.
Overstock wants to be clear that they will still be a leader in crypto despite Patrick Byrne’s departure.
Patrick Byrne has resigned from the company over alleged ties to Russian operatives and an investigation into the 2016 presidential election.
GSR Capital, which was set to buy $30 million in tZero tokens, will now exit the deal with just $5 million in tZero equity.
tZero is preparing to launch its own crypto wallet, which will be available for both Android and iOS mobile devices, according to reports.
Medici Ventures, a blockchain subsidiary of Overstock.com has purchased a 5.1 percent stake in Bankorus, blockchain banking platform focused on custody, lending, and exchange of assets on the blockchain.
It is a common joke in virtually all countries that the ruling governments are inefficient and, in many cases, wasteful with their resources.