Byte Power loses crypto consultant, resolves Soar Labs case
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Struggling blockchain business Byte Power has lost its crypto consultant, but says he’s leaving the company in a better place than when he found it.
Warwick Powell was appointed in November to help with implementation and compliance of Byte Power’s (ASX:BPG) proposed cryptocurrency exchange.
The company ran into strife earlier this year when its Singaporean developer SoarLabs allegedly stole $6.7 million of cryptocurrency.
Byte settled the suit against Soar Labs earlier this month.
It received the 49 shares in the company’s subsidiary that had been owned by Soar Labs, which were valued at $US5 million which was the entry price the Singaporean developer paid in June 2017.
The payout totalled $US1.1 million shared between the company and chief and chairman Alvin Phua, 15.8 million soar coins and 172 Ether.
Mr Powell found the company a new developer, Noetic, helped secure an Australian Financial Services License (AFSL) partner, and set up a know your customer/anti-money laundering licence process.
The missing coins sent Byte Power into a $8.1 million half year loss.
It was also referred to ASIC to be investigated for the hasty appointment of Noetic — a company whose website was labelled “naive” by the ASX for a technology company — and over due diligence around appointing SoarLabs.
Stockhead is seeking comment from Byte Power.
Byte Power shares have been suspended since December last year.