A statement from an institutional investor of Uchain on it's underperformance, and why I'll never invest in any project FBG is involved in again

For a long time I have been debating with myself If I should share which role FBG has played directly in several projects Origin X Capital has been involved with. However considering their actions do not only reflect bad on Origin X Capital and the projects we have been involved with their actions have also proven to be harmful to our investor base which I value above anything else. I am not out in this space to make enemies but I do feel it’s important to get the truth out there and name which actors are involved.​Unfortunately, despite heavy discussions with the Uchain team, they chose to place their faith in FBG and their associates for exchange listing and Market Making. For those that don’t know: It’s a public secret that FBG holds equity / are heavily invested in UEX:​https://medium.com/@mvlchain/listing-on-uex-4901c9e559ehttp://industry.caijing.com.cn/20180713/4485642.shtml​Hence why they always try to push projects they are involved with to UEX. A similar situation happened with Eximchain. As well as the empty promises they made to Fintrux about providing them MM services and exchange introductions. I shared my concerns about the potential listing of Uchain on UEX from day one. Even before FBG came involved I shared with them the example of how FBG took control over Eximchain forcing them use their (underperforming) MM and into getting listed on an exchange nobody in this space had even heard of at the time. Regardless of that Uchain still allowed to get FBG to get involved in the project and take lead on it from that day.​Also the fact that Uchain is being sold currently even under pre-sale price makes one wonder what the actual seed terms were and if allocations have not been sold for higher bonuses to succesfully close their raise. Using the current performance of Uchain, I feel obligated to reach out again to the Uchain team and express once more our disappointment. As well as make suggestions to them on how to salvage the situation and help with introductions to exchanges and better Market Makers.​In light of this, we as Origin X Capital are redoubling efforts to curb FBG / Ledger Capital influence in all our future projects and also we will try and steer clear of any whose primary investors are those companies.

Submitted September 19, 2018 at 02:14AM