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After Staking $1 Million, Investor Accuses ‘Libra Fork’ Propounder of Dumping Project

Forked Facebook Coin Libra Classic

A Chinese investor has accused the propounder of the new Libra Fork “OpenLibra”, Lucas Geiger, of dumping Wireline, a 2018 ICO project.

Andrew Lee, founder of Web3Journal, alleged on Twitter that he and his friends invested $1M in Lucas’ ICO in 2018, but have not seen any tangible move made by the creator.

He further said that before they were lured to invest in Wireline, Lucas and the project advisor Sizhao Yang made lots of false promises.

According to Andrew, Lucas has not responded to messages for some months now. Andrew claimed Lucas said the creator of OmiseGO would lead their marketing.

As well, Andrew alleged that Lucas also promised that Ethereum Community Fund Network (ECF), an open network of funds, would invest in the idea.

The allegations were let out once Lucas announced at the Ethereum developer conference Devcon that nothing less than thirty different blockchain firms are planning to fork Facebook’s Libra project to invent a permissionless project christened OpenLibra.

Lucas Geiger, who founded Wireline in 2018, said OpenLibra is to serve as a stablecoin pegged to Libra digital currency.

For Open Libra, there won’t be any token sale, no equity and won’t be centralized. Danish Red Cross, Democracy Earth, Web3 Foundation, Cosmos, among others are behind the initiative.

Well, there is a possibility the original Libra is not launching any time soon due to the stiff regulatory bureaucracy faced by the cryptocurrency.

Experts like the CEO of Ripple, Brad Garlinghouse, have said Libra remains a whitepaper and that the cryptocurrency is not going to come out in the next 3 years.

Brad said Facebook unveiling Libra currency now is like Boeing announcing the launch of a Double-decker aircraft during the 737 max crisis.

His reasons are that Libra’s idea is not clear to governments across the globe and also to the backers of the proposed digital currency.

In the same lien, Brad said Facebook could have cleared air regarding the trust problems it has with governments and users before venturing into the cryptocurrency idea.

Before Garlinghouse’s conclusion, central banks and some other regulatory authorities are condemning the Libra digital currency for trust, AML, and KYC reasons.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Olayode Yusuff

Olayode has made meaningful contributions to Huffington Post, Thrive Global, Oracle Times, The Independent Republic, Forbes, Washinghton Post and a host of other news magazine.

He’s a blockchain enthusiast covering news on notable cryptocurrencies and seminars from far and within.

Email: olayode.yusuff@newslogical.com

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