/biz/ - Business & Finance

So comfy right??

Good thing someone did their due diligence:

" Summary: Steve Hyduchak started a cryptocurrency company named Bridge Protocol (https://bridgeprotocol.io/)) early 2018. On Feb 22nd he started to raise funds through an ICO which ended Feb 28th 2018. It is estimated that he raised nearly $14 million through this ICO. Originally, the company website had a management team as shown here https://icodrops.com/bridge-protocol/.. This is important because it seems that he is trying to hide this information as it may expose him to securities law (https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets).). The management team has since changed significantly without much explanation and the company website removed management information. It is alleged that the management team did not act in good faith or if they even performed their duties. It is also speculated that very large salaries were paid but there is no financial oversight or accountability.

On March 26, Bridge Protocol announced an ICO listing with an exchange called Switcheo. Listing on exchanges are also important because it can expose Bridge Protocol to securities law. On May 18, Bridge Protocol also listed on an exchange called BitPaction. BitPaction turned out to be a scam and many investors lost money. In the next couple of months the coin was listed on various exchanges and went through new listings. The current coin is under the ticker BRDG (https://coinmarketcap.com/currencies/bridge-protocol/).).

On July 6th, 2018, the investor community noticed that Steve Hyduchak started an LLC under Grey Water Capital LLC. (https://www.sosnc.gov/online_services/search/Business_Registration_Results)) On July 11, a house was purchased for $1,170,000 under Grey Water Capital LLC and it seemed like Steve Hyduchak was trying to hide this information as it was registered through an generic unknown agent (perhaps Legal Zoom). (Account Summary - 0249096)...

...As time progressed, investors grew more and more concerned about their investment as it fell from a value of nearly $14 million to just around $100,000. It also seemed as if Steve Hyduchak was distancing himself from the project and claiming that it was an “open source” project as this would protect him from securities law and any accountability.

On May 2, 2019, Steve Hyduchak formed a new company called Aver LLC. Aver LLC is a totally separate company owned by Steve Hyduchak and it is alleged that he is filtering Bridge Protocol funds to this new company. Steve Hyduchak has been making appearances with Aver LLC in hopes to build legitimacy.

Obviously, there are many additional details. Bridge Protocol investors are very concerned that Steve Hyduchak used deceptive techniques to raise funds and that the management team did not act in good faith, if at all. There is no financial oversight and it is alleged that Steve Hyduchak is using the funds raised from the Bridge Protocol ICO as his own, personal bank account. It is difficult to find representation for investors or to get the appropriate agencies to investigate (FTC, SEC, CFTC, State of North Carolina).

As the appropriate government agencies continue to develop regulations for the cryptocurrency industry, investors, like the people who invested in Bridge Protocol, have lost millions of dollars as Steve Hyduchak has no accountability. I suspect this situation has occurred often in the cryptocurrency world as the deceptive, if not fraudulent, techniques are commonplace."

>>21465903
Ok now I wanna buy more, it’s hard starting a business while having investors, he’s gonna get this coin to moon just watch

>>21466012

You'd be better off putting your lunch money in the next DeFi scam on Uniswap - but you do you anon, I'll throw you a quarter when I pass you on the street

>>21466137
Dude I sold Xamp at a loss everybody still thinks that shit is a joke and corrupt as fuck. If it’s scammy it has potential moon shot. Anyway 2 gs into a project that new and low market cap it couldn’t at least 5x in a month

>>21465619
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