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400 day ups and downs of star blockchain project: CEO's live resignation at ebb tide

Time : 27/06/2021 Author : k2g74t Click : + -
        "Won't the company make plans in advance and reserve funds?" Although two months have passed, Mr. A, sitting in front of the reporter, is still angry when talking about the TTT project (the token is TTT). Just two months before this exchange with reporters, the TTT project began to lay off staff in mid August. A week later, Zhou Zhengjun, the founder of the TTT project and a former star in the blockchain field, left the currency circle with a live video broadcast. At this time, the time from the highest light of TTT &mdash& mdash; It took only eight months to raise 200million funds in two days, and it was only more than 400 days before the establishment of the initial team of this project.
 
        Unlike many other ICO (blockchain industry terminology: initial coin issuance) projects, TTT is a transformation from an underlying technology service company that initially did alliance chain. "The alliance chain is slow to make money", former employee B told the daily economic news. Therefore, at the end of 2017, Beijing Keepsake Internet registered and established the trustnote foundation in Australia, and began private placement at the beginning of this year. Such an "atypical" ICO project, which claims to be conscience technology flow, has become a typical story of the coin circle from infinite scenery to sadness since this year. [at the beginning of employment, the company said that it expected that the capital would be enough to burn for two years. One month later, it said that it could only last for one year. After another 10 days, it was learned that it could only burn for half a year. After another 10 days, the boss held a general meeting of the whole staff and politely announced the layoff and dissolution.
 
        A week later, the boss also left.]. According to former TTT employee C, the turning point of the company's final decline was when Ethereum fell by 2000, that is, in mid August. "At the peak of the company, there are more than 80 people, and the monthly cost expenditure is more than 2 million. But eth keeps falling. At the beginning of the year, it was changed for 10000 yuan one by one, and now it can only be changed for 2000 yuan. But no matter what the price, ETH fell, so we have to change it. Later (August 20), we laid off staff, left more than a dozen people, and others persuaded us to retreat.". Mr. a joined the company two months ago. At the beginning of employment, the company said it expected that the capital would be enough to burn for 2 years. One month later, it said it could only last for 1 year. After another 10 days, it was learned that it could only burn for half a year; This is not the worst. The worst thing is that after another 10 days, when he walked out of the subway, he was still lamenting such a sunny day, a rare good weather, and just arrived at the station, his ass was not hot. The boss held a general meeting of the whole staff, announcing that the company's funds had been difficult to maintain the expenses of so many people, bowed three times to everyone with tears in his eyes, and politely announced the layoff and dissolution.
 
        After only two months in office, he was facing such a situation. He angrily complained to the reporter of the daily economic news roast: "won't the company make plans in advance and reserve funds?". Less than a week after the announcement of layoffs, on August 25, Zhou Zhengjun conducted a live video broadcast, in which he took out a bill made by himself to explain why there are only more than 10 million left of the more than 200 million raised at the beginning of next year. After the live broadcast, Zhou Zhengjun announced his resignation and retired as a community consultant for the trustnote project. As soon as the news came out, the coin circle was in an uproar. On June 28, 2018 World blockchain conference was officially held in Wuzhen. On July 4, tokensky blockchain Conference opened in Tokyo.
 
        Trustnote also attended as scheduled and delivered a speech. The first is the issue of going to the stock exchange. It is understood that during the private placement of the project, it made it clear that the project would launch coin on, bitfinex, okex and Huo coin before March 2, 2018, but the result was that the time was delayed by nearly two months (April 25) before it was launched on the exchange, and it was a very unknown little bit-z. In June, after three consecutive votes, TTT finally failed to board the okex exchange. The exchange problem is one aspect. The real crisis of trustnote is that the currency price continues to fall.
 
        According to the data, since ttt4 was registered on the bit-z exchange on 25th, it opened at 0.4 yuan, and then hit a high of 1.12 yuan, it fell all the way, and by the end of June, it had fallen to 0.29 yuan. Private equity investors not only failed to usher in a fivefold or tenfold start, but also fell far short of the private equity price of about 1 yuan at the beginning of the year. [compared with the current desolation, the highlight moment of the TTT project has been like an eternity. At that time, the project party raised 200million in two days, and the company had only more than 20 employees. After the financing of the company was completed, an executive directly lamented that "there is too much money to know how to spend".]. Former employee B told the reporter of the daily economic news: "what we just started to do is the alliance chain based on the super ledger. We did the underlying services of the blockchain, which lasted for about four months. We also discussed cooperation with a large public institution, but the alliance chain made money slowly, and then we issued money.
 
        ”。 Therefore, referring to the general blockchain enterprise ICO process, at the end of 2017, Beijing Keepsake Internet registered and established the trustnote foundation in Australia. The founder of the foundation is Zhou Zhengjun, CEO of the project company. Private placement began at the beginning of this year. The price of private placement is 1eth=8500tt. B told the reporter of the daily economic news, "our private placement was very successful, and we raised 20000 eth in two days." According to the price of eth at the beginning of this year, the maximum unit price can reach 10000 yuan, that is to say, the financing price of a single TTT may have exceeded 1 yuan. The project party raised 200million yuan in two days, at an astonishing speed, while the company had only 20 employees at that time.
 
        Analyzing the reasons, B said, "on the one hand, it is because our general manager Zhou has a strong R & D background, on the other hand, he has found a good financial consultant.". According to public information, Zhou Zhengjun, the founder of trustnote, graduated from the Department of automation of the University of national defense technology, and has more than 20 years of experience in product development, strategic planning and project management in multimedia processing chips, video conferencing equipment, mobile Internet, games and other fields. He was a partner of the founding team of ZTE microelectronics and led the team to independently develop a mobile browser, which was successfully acquired by Qihoo 360. Asked about the company's employees' buying money, former employee D said: "at that time, the financing situation was very good. The next stage of private placement was to go public. Internal employees had benefits, 1eth=8500tt, and gifts.
 
        Many people have participated in private placement. Some people bought more than 500000, and at most one employee bought 2million. ". How do employees buy money? D replied, "we all buy eth with cash through the exchange, and then directly call eth into the boss' wallet. A month later, trustnote wallet goes online, and the boss calls us TTT again.". People familiar with the matter told the reporter of the daily economic news that at the beginning of the year, the whole currency circle was hot. For ordinary coin issuing projects, the price of logging in to the exchange increased at least five times. It is difficult to find a single coin for good projects and even ask for agency investment. It is not difficult for employees to buy 2million yuan. According to the official website of trustnote, trustnote is the world's first DAG (directed acyclic graph) public chain that supports mining. It is blockchain 3.0, with an innovative two-tier consensus mechanism, and is oriented to application scenarios such as digital token issuance, games and social networks.
 
        The goal is to build the world's leading public chain platform, build a next-generation network platform for value exchange, and reduce the total cost of social trust. The reporter of the daily economic news had been exposed to the project at the beginning of the year, and had personally felt the popularity of the project company at that time. After the completion of the company's financing, an executive directly lamented that "there is too much money to know how to spend". Like many other blockchains that often claim to have the same world background, TTT project company first needs to prepare for the establishment of blockchain world alliance. Public information shows that on December 28, 2017, the preparatory meeting for the "global DAG blockchain technology alliance" initiated by the Australian trustnote foundation was successfully held and concluded in Beijing.
 
        At the meeting, various capitals and big V platforms shared technology and talked about investment value. It was predicted that the project might become a dark horse in the blockchain industry in 2018. Then, on January 5, 2018, the second meeting of the "global DAG blockchain technology alliance" was held in Beijing. On February 6, the third preparatory meeting of "global DAG blockchain technology alliance" was held at Westin Hotel, Financial Street, Beijing. This time, it is the top media in the United coin industry, with hundreds of people. The section is compact, and the specification is getting higher and higher. Public information shows that on January 23, Zhou Zhengjun, the founder of trustnote foundation, attended the Davos blockchain forum and delivered a keynote speech on "breaking through the blockchain technology bottleneck and building a trustnote public chain technology platform that supports high-frequency transactions and cross platform next-generation blockchain applications".
 
        On April 3, 2018, at the 2018 World blockchain summit successfully held at the National Convention Center in Beijing, Zhou Zhengjun was invited to attend and deliver a speech as an adviser to the conference. On the one hand, it is the high-rise Pinxuan. On the other hand, the wide spread of "candy (TTT token)" is also the local tyrant of trustnote. Whether it's inviting friends, reading official articles, participating in activities, answering questions, forwarding likes, participating in live broadcasts, or celebrating the launch of the exchange, trustnote has made a lot of money, and some have even splashed millions (the private placement cost at the beginning of the year was about 1 yuan per currency). It's all tokens. How do you pay? Former employee C told the reporter of the daily economic news: "we send RMB, and every time we use money, we take eth to the market (exchange) to exchange.
 
        ”。 Former employee D told the reporter of the daily economic news, "in the industry, it is very convenient to use Ethereum and bitcoin. Whether it is to attend international and domestic conferences, invite the media, etc., you can give money directly.". [in the circle, trustnote claims to be a conscientious technology flow, emphasizing its uniqueness and value. But it is obviously meaningless in the face of falling currency prices. Not only investors, but also TTT employees involved in private placement suffered heavy losses.]. Former employee B told the reporter of the daily economic news, "in May and June, the price of the currency fell sharply. The boss has not pulled the plate, and the community complained a lot, which is difficult to maintain.". Former employee a told the reporter of the daily economic news that the company's operation director is also one of the co founders. He pulled his friends to participate in the private placement of the project, and each of his friends lost hundreds of thousands.
 
        Finally, a friend found the operation director and hoped to return the money. The operation director went to the boss, and the boss told him, "is it necessary to find me about this?" part. In the end, the entire operation team resigned, and the co-founder first transferred departments, and then left. TTT former employee d also participated in the company's private placement, and the currency price fell. He suffered heavy losses. He told the reporter of the daily economic news: "after financing, he went to invest in other projects, which was particularly opaque. He didn't have a public account, and the money was in his wallet. The employee asked him for compensation, but he didn't give it. He had so much money, and I don't know how the money disappeared.". The downward trend of currency price can hardly be stopped. Non small data show that the price of TTT continued to decline from 0.29 yuan at the end of June to 0.18 yuan at the end of July.
 
        Investor e said that the internal staff of the first project company told him, "the coin can rise to about 10 times. As a result, the coin began to fall from 1.2 yuan, and has been falling. Jumping off the cliff, it fell to the lowest point, leaving 2 cents. The investment was more than 10000 yuan, and finally my personal account was left with 300 or 400 yuan. When raising privately, the unit price was about 1 yuan. For private placement, it didn't rise to more than 1 yuan. In short, it was cheating." Mr. e told the reporter of the daily economic news that there are not a few people who have invested hundreds of thousands in TTT. Former employee B told the reporter of the daily economic news that in early August, it lasted about half a month. Almost every day, investors came to the door to ask for a refund of money and asked the boss to make trouble.
 
        Does the trouble affect your work? Facing the reporter's question, he said that even if it didn't hinder the work, everyone knows that this kind of influence is like a virus, which makes you unable to do things safely. The biggest influence is the company's atmosphere. It is because of the coin that too many troubles have been caused. Many internal employees hold money. The price drops every day. As soon as they go to work in the morning, everyone is discussing the price and trying to make market value management. This atmosphere is getting stronger and stronger, because prices can't stop falling. At that time, other currencies rebounded, and TTT did not follow. Other currencies fell, and it fell even worse. The lower the price of the coin, the worse the troublemakers. Some people said that the troublemakers were so fierce because they had set a precedent for returning money.
 
        At first, the boss was polite to the troublemakers. Later, the boss's mentality collapsed and he couldn't resist the pressure. He quarreled directly with the troublemakers, and the whole company knew it. Because the currency has been falling, the boss's mind is to try his best to increase the currency price. He is even recruiting some people who used to work in pyramid selling and seeking cooperation with pyramid selling teams to increase the currency price. Although I finally found it, I don't know why it didn't work. It's estimated that the other party's strength is not very good. Former employee B said that there was no way. He had no other way when he was forced to do this. Is it true that you received two major capital investments at the end of July? Former employee C said, "it's true, but it doesn't cost much, hundreds of thousands.".
 
        This kind of strategic mutual investment, that is, currency exchange. Your family's currency is changed into his family's currency. Because they are large institutions, you can use its brand to make some endorsements, but hundreds of thousands of them do not solve the problem. ". "Do you have income?" As for the reporter's question, he said bluntly, "there is no income." In other words, the new generation of world public chain has been selling concepts in the past year.
 
        
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