Ervin U. Kovac: Introduction & roadmap

blockchain

Respected members of the Cofound.it community,

I have been tasked with the wind-down of Cofound.it and the redistribution of its assets. My duty is to protect the interests of Cofound.it token (hereinafter “CFI”) holders throughout the process to the utmost extent possible. I will 1) settle all remaining liabilities and liquidate all remaining assets, 2) return them to CFI token holders (in ETH), 3) regularly provide updates through established communication channels (Medium) and 4) prepare the final report and close the company.

Steps I have taken so far

  • Effective immediately, I have taken over the management of Cofound.it
  • I have taken over the control of the companies assets, including digital assets
  • I have prepared a rough overview of Cofound.it’s assets and liabilities (see below)
  • As of today, all contracts have been terminated with the shortest permissible severance period
  • Established a communication channel with exchanges that list CFI, in order to mitigate any unforeseeable technical events
  • Cooperated with exchanges to stop the trading of CFI.

Steps to take

  • Consolidate and return all liquid assets (> 90% at the time of writing) within 30 days
  • Consolidate and destroy all CFI not in circulation
  • Perform a second due diligence review
  • Ensure all liabilities to Cofound.it are paid in full
  • Repay all liabilities
  • Consolidate, liquidate and return all remaining assets in a way that ensures the best possible outcome for CFI token holders
  • Provide regular updates on the wind-down process
  • Prepare the final wind down report
  • Close the company.

I have been made aware of what appears to be unusual CFI trading activity in the last couple of days. I take these comments very seriously. I plan to conduct a thorough investigation into trading activity, involving exchanges, law enforcement, securities agencies and other pertinent authorities. Should any irregularities be discovered, reparations will be pursued to the maximum extent permissible by law in both the criminal and civil courts.

Redistribution dynamic

The redistribution dynamic follows the dynamic of the Cofound.it ICO. Buy and sell options have already been disabled on all major exchanges.

The redistribution will happen in stages, based on when assets are available (digital assets will be redistributed first, other assets will be converted and redistributed at a later stage). The total amount of assets will be divided by the amount of tokens in circulation, and as a token holder, your part is claimed by sending CFI tokens to a CFI destroy address that will be available on a dedicated website within 7 days (please note: the CFI destroy website will be available within 7 days. This is not a deadline — you will be able to claim your assets for 12 months from the time the first batch of ETH are redistributed or until the wind-down is completed).

ETH will be redistributed to the senders’ addresses proportionally in ETH periodically as more and more assets are liquidated. Please do not send CFI from addresses you do not hold private keys for (such as exchanges).

First stage of redistribution will be executed within 30 days (>90% of all Cofound.it assets).

Time plan:

  • Dedicated CFI destroy website; within 7 days
  • First repayment of the majority of assets (>90%); within 30 days.
  • Redistribution process; for 12 months from the time the first batch of ETH are redistributed or until wind-down is completed.

First financial estimate

Cofound.it holds different types of assets, including several types of digital assets and a significant amount of FIAT. The following is my first approximation of assets and liabilities. Please note that due to current high volatility of the digital asset markets values expressed in USD can vary significantly:

Assets (on 14.09.2018 at 11:00): $14.404.659

Liabilities: $350.980,50

Please note that the actual amount of liabilities and costs incurred can change during the wind down process as the final due diligence review will be performed. The above number is the current worst-case scenario.

How does this affect you

There is no need for any immediate action from you as a CFI token holder. All updates will be simultaneously published on Cofound.it Medium and emailed to you (if you are not subscribed to the Cofound.it newsletter, you can do so here, at the bottom of the page).

For any questions please email me at: [email protected] Questions will be aggregated and answers periodically published on Medium. Please understand that it is impossible to answer every question individually.

Introduction & roadmap was originally published in Cofound.it Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Original article was created by: Ervin U. Kovac at blog.cofound.it

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

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