MEDX Protocol, founded by MDs now shuttered
Last year (2018) a group of doctors saw Ethereum as a goldmine and started an ICO. They accepted seed round funds and promised funds would be used for development of their Telemedicine platform. They immediately hit a speed bump with the ICO collapse, but continued to promise that the further rounds of investment would take place once they "had clarity regarding the laws regarding fund raising".
Questions arose from investors as to the legality of the platform and regulations, but were always shot down as the founders were "Doctors" and knew what they were doing. Delays continued and founders made Augur bets on minor development goals to "prove things were on track". When challenged with the ethics of using investor funds to gamble and multiply funds, they removed any mention of doing so. Then things continued… delays, excuses, and messages/communication slowed to a trickle.
Fast forward to 2019. In January, major investor revolts started to bubble up in the Telegram group, and user numbers dropped daily. There was 0 trading volume on their own protocol despite claims of activity from the founders. As of March 9th, the founders muted the Telegram group and sent emails to those who invested saying that they "will reimburse investors in the currency of investment".
This reimbursement is based on Ethereum, paid to the founders in 2018 at price highs and now depreciated to less than a 10th of the original value. The founders are licensed medical professionals in the US, US citizens, and are hiding behind a company formed in Malta as a defense for their liabilities. The website for the project is https://medcredits.io/ and the founding partners can be found at : http://medcredits.io/team/
This post is not made to start a mob rush, but to provide a repository of information for those who invested and now have no means of contact. Before taking any action, seek legal counsel, as this will most likely require SEC action and filings.
TL/DR: Freezing the Telegram chat and now "refunding" investors with depreciated
#ETH rather than giving their tokens or the money back. This is after a year's delay following a seed round… @medXprotocol is making a bad situation worse….. #ICO #Shameless
Submitted March 11, 2019 at 10:51AM }
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