A venture company specialized in blockchain-based technology named “Steve Software” has been sued by LPM, venture capital in Hong Kong.
Mr. Lee, the owner of Steve Software, has disappeared over four months ago leaving their office empty. The investment manager of LPM added that they asked the bank to freeze the invested funds in DBS after they submit the documents to court.
Steve Software is a Korean company, which newly emerged in the finance industry with state-of-the-art technology developed by Ian Jason Lee. Though they were funded by venture capital, Steve Software has not implemented the contract.
Four months have passed since its due date. Steve Software was supposed to develop stock’s spinoff, making it possible to invest with crypto-currency.
Although a lot of venture capital tends to invest in blockchain companies, their return seems to be sluggish.
Hong Kong and Switzerland are facing the quandary of the embezzlement that third parties commit these days. This side effect entails the risk of reduced foreign equity. As a means of keeping the investment effective, encouraging safeguard obligation is needed, the chief of Venture Capital Association in Hong Kong said.
Renata Clack is a reporter for Spruce Tribune. She’s worked and interned at Glboal News Toronto and CHECX. Renata is based in Toronto and covers issues affecting her city. In addition to her severe Cinnabon addiction, she’s a Netflix enthusiast, a red wine drinker, and a voracious reader.