Byte Power takes fight for ‘missing’ crypto coins to court
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Cryptocurrency play Byte Power has started legal proceedings against a Singaporean developer it is alleging stole an unspecified amount of digital coins from the company.
Byte Power (ASX:BPG), which is trying to build a cryptocurrency exchange, told investors last month that it had to sack its developer, Soar Labs, amid allegations that it had taken Byte’s SOAR tokens.
In an ASX announcement issued today, Byte power stated that on Friday, the Singapore High Court froze Soar Lab’s assets, including bank accounts and “e-Wallets” which are used to hold digital currency.
“This prevents Soar Labs from dealing with, transferring, encumbering, diminishing or otherwise disposing of the Soar coins, withdrawn by Soar Labs from the e-wallets of [the Byte Power] plaintiffs on 1st January 2018,” Byte Power’s company secretary said.
Stockhead is seeking comment from the company about the timeline of the steps leading to the asset freeze, and how many coins were allegedly stolen.
Stockhead is also seeking comment on whether the crypto exchange is still on track.
The exchange would provide “a safer and smarter method to trade cryptocurrencies for non-technical users” and would allow “a seamless trading process to convert traded cryptocurrencies such as Bitcoin, Ethereum and Soar Coins to Australian dollars”, BPG told investors in October.
The last communique on the issue was January 4, when the alleged missing coins were revealed to the market and CEO Alvin Phua said it was on track to launch in April.
Byte Power shares have been suspended from trading since late December after the ASX questioned whether a move from energy into digital currencies constituted an unauthorised change of business activity.