NEM foundation on the verge of bankruptcy.
NEM is a peer-to-peer cryptocurrency and blockchain platform that launched March 31st, 2015 by selling 9 billion XEM tokens through an ICO. The project was extremely promising, but now it’s on the verge of bankruptcy — left with just 1 month worth of operating capital.
While looking at the NEM management team, we find that most of their leadership is spread around the globe, and is now led by a new president, Alexandra Tinsel.
The previous president, Lon Wong, is the one to be questioned regarding the impending bankruptcy. Mr. Wong was the president of NEM until recently, and when the project started to show cracks, he transitioned from president to a team member, and handed over leadership responsibilities to Alexandera Tinsel in December 2018. We could not find any indication that Ms. Tinsel has much expertise in technology, but does have lots of marketing and social media experience.
Now that NEM finds themselves in dire straights, they are working hard on catapult, a new version of NEM blockchain, but in just 1 months time it is indeed difficult for any project to launch and generate revenue out of it. Since July 2018 the NEM Currency has fallen from $0.20USD to just $0.04USD. Like most other currencies, NEM had achieved and all time high of $1.90USD in January 2018.
NEM operates as a nonprofit foundation which runs the NEM blockchain, yet it seems NEM’s founders and management team used the money raised through the ICO for their personal benefit.
Our analysis shows that NEM raised $12.8 million, Bankera raised $152 million, and ProximaX raised $28,712,307. In total, the projects Mr. Wong acted as a manager or advisor of raised $193,512,307.
Lon Wong is a Malaysia-based entrepreneur who is associated with various projects such as Liven, Huobi Chain, Autism Link Sdn Bhd, Dragonfly Fintech Pte Ltd, SM Consulting Engineers SDN Bhd, and Bankera.
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