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Certainly not a paragon of advantage then !

We keep in mind seeing this again in 2017 and 2018 and pondering.. this isn’t going to finish effectively .

 

Investors within the 2017 Paragon Coin token sale need their a reimbursement, however they’ll’t discover the superstar couple behind the operation.

 

See the best guide for how to grow weed fast the dankest pot on Earth for beginners or advanced tips and tricks for growing marijuana.

Jessica VerSteeg

 

Egor Lavrov.

“The attorneys representing the defendants have withdrawn as counsel,” mentioned legal professional Donald Enright, who represents plaintiffs on this crypto-fueled legal dispute. Enright added the defendants “defaulted” by failing to look in courtroom and reply to the claims. 

US Court Approves Class Action Lawsuit Against $70M Paragon ICO

 

 

Before we get to the Coin Desk article…

Here’s one thing they posted to their web site (no date given).

They may as effectively have written, Dear Suckers..

Dear Paragonians,

Our aim was to construct a much-needed decentralized resolution for the cannabis trade, nonetheless, our plans have been not possible to realize attributable to a number of authorized errors.

We by no means thought-about ourselves specialists within the matter of US securities, due to this fact we sought out the steering of extremely advisable legal professionals that have been supposed to assist, sadly they misguided and failed us.

We did our greatest to launch the product, however most of our sources have been allotted to authorized battles and compliance necessities.

After a robust consideration and analysis of the present state of affairs, we’re sorry to announce that we’re submitting for chapter.

We wish to thank everybody who believed in us, thank all the staff members that have been with us, and to ship our deepest apologies to our beloved neighborhood.

Truthfully yours,
Team Paragon.

https://paragoncoin.com/

 

 

Bitcoinist have been issuing warnings about them again in September 2018 (click on on picture to learn story)

One 12 months on from the ICO, social media customers are drawing consideration to the seeming lack of exercise on the a part of Paragon’s builders.

 

 

The CoinDesk Piece (August 19 2020)

Investors within the 2017 Paragon Coin token sale need their a reimbursement, however they’ll’t discover the superstar couple behind the operation.

 

“The attorneys representing the defendants have withdrawn as counsel,” mentioned legal professional Donald Enright, who represents plaintiffs on this crypto-fueled legal dispute. Enright added the defendants “defaulted” by failing to look in courtroom and reply to the claims.

 

The Northern District of California determined within the notorious preliminary token providing (ICO) case Davy v. Paragon Coin, Inc. that token consumers attempting to sue the challenge’s founders could qualify as a category to pursue a collective case. The lawsuit claims the token sale was an unlawful securities providing and that consumers are entitled to a refund of their funding or compensatory damages. The defendants’ former counsel, legal professional Howard Schiffman, declined to remark aside from to say his legislation agency hasn’t labored with or heard from the accused in “years.”

 

His counterpart, Enright, mentioned that doesn’t imply the case is over.

 

“Once we have the class certified we will then seek default judgment on behalf of the entire class for all of their damages,” he mentioned, “for the full value of the Paragon ICO.”

 

Paragon raised roughly $12 million in digital belongings in the course of the token sale, in response to litigation filings from the U.S. Securities and Exchange Commission (SEC).

 

The authorized saga underscores the lasting hangover of 2017’s preliminary coin providing (ICO) craze, at a time when token gross sales are once more surging in popularity.

Influencer sport

 

The challenge seems to have been helmed by Jessica VerSteeg, a former magnificence queen from Iowa who went on to look in actuality TV, and her husband, Russian entrepreneur Egor Lavrov.

 

But the defendants listed in courtroom paperwork additionally embrace a hip-hop star.

 

Jayceon Terrell Taylor, aka “The Game,” who promoted the Paragon ICO on social media, was additionally named within the swimsuit. Also named are technologists Eugene Bogorad, Alex Emelichev, Gareth Rhodes and Vadym Kurylovich. Most of the above-mentioned defendants couldn’t be reached for remark by press time.

 

Jayceon Terrell Taylor, aka “The Game

 

“Paragon offers everything from a cryptocurrency (ParagonCoin, traded as PRG) to a blockchain solution (ParagonChain) designed to expedite and digitize the marijuana supply chain,” a Forbes contributor wrote in July 2018. “Now, VerSteeg’s latest venture is Paragon Space, Los Angeles’ first cannabis co-working space set to open on September 1.”

 

It’s unclear if any of the challenge’s acknowledged plans would have materialized had it not been for authorized motion from the SEC in 2018.

 

One of Paragon’s early contributors, who spoke on situation of anonymity, mentioned he’s not involved about future lawsuits as a result of the staff already obeyed the SEC by paying a penalty payment. It’s unclear whether or not the total payment was paid as a result of, as of November 2019, the Wall Street Journal reported the Paragon staff missed a number of the deadlines to pay these fines.

 

Read extra: SEC-Fined Crypto Project Abandons Cannabis Co-Working Venture

 

Both of the interviewed defendants from the Paragon case weren’t U.S.-based and mentioned they weren’t involved about being named in any ongoing lawsuit. As for American defendants and former authorized counsel, apart from the above-mentioned Schiffman, their places of work have been closed attributable to COVID-19 or they didn’t in any other case reply to emails and voicemails by press time. In truth, VerSteeg and Lavrov haven’t been heard from since final 12 months.

 

“As far I know, Egor is not responding to any messages and that’s all I know,” Bogorad, the project’s former chief technique officer mentioned, having solely heard about authorized hassle by way of the press. “I went back to Moscow. October 2017 was the last time I saw him. We were actually asking him [in 2018] about our tokens.”

 

 

The couple was nonetheless promoting Paragon all through 2018, though they have been hardly ever aware of their former colleagues. The SEC fined the entrepreneurs in early 2019. Most of the couple’s outdated web sites and social media accounts haven’t been energetic since mid-2019, once they posted on Instagram in July from Kiev, Ukraine.

 

“I think they’re together and disappeared together,” Bogorad mentioned. “Last we heard from them they were visiting the development team near Kiev.”

ICO aftermath

If the class-action lawsuit proceeds, it’s unclear how the courts will discover VerSteeg and Lavrov. As for the early contributors who haven’t gone missing, Bogorad says they by no means meant on beginning the Paragon firm themselves.

 

According to Bogorad, a long-time good friend of Lavrov’s from Moscow, the place they each labored in Russian political campaigns in 1999 and 2000, most of the individuals listed within the lawsuit don’t take into account themselves Paragon Coin’s founding staff.

He mentioned Lavrov invited a gaggle of roughly 5 individuals, plus VerSteeg, to a hacker home in California in 2017. They have been paid in fiat or bitcoin, with the promise of future tokens as effectively, however didn’t see themselves as operating an organization. He mentioned he was merely serving to Lavrov with advertising to launch his firm. Another staff can be employed to run the corporate after the sale, Bogorad mentioned.

 

“Once we finished the white paper and the ICO started I helped with the marketing, it was July to August 2017,” Bogorad mentioned. “I wasn’t connected to the Facebook and Google advertising, which was the biggest cost-driver.”

 

The hacker-house staff centered on advertising to bitcoin teams on Facebook, Bogorad mentioned, whereas two guys centered on buyer help and VerSteeg dealt with media outreach, together with promotion together with her good friend The Game.

 

 

In 2017, VerSteeg gave joint interviews with IOTA co-founder David Sonstebo, who mentioned “the beautiful thing about the Paragon project is they are combining the technologies that actually make sense.” When requested about VerSteeg in February 2020, the press staff that organized the interviews mentioned they hadn’t heard from VerSteeg in years and Sonstebo mentioned the IOTA Foundation wasn’t actually concerned within the ICO challenge.

‘Paragon became toxic’

After the sale concluded, the California hacker home break up up, principally returning to Russian-speaking Europe.

 

None of the responsive individuals within the sale, neither sellers nor consumers, may say precisely how a lot was raised. Bogorad estimated it was lower than $15 million. The sale’s Etherscan knowledge suggests related wallets have been final energetic a couple of occasions again in August 2019, weeks earlier than Bogorad final heard from VerSteeg and Lavrov.

 

The nameless ICO participant, who mentioned Lavrov invited him to go to California for a short-term challenge in 2017, similar to Bogorad, added that he didn’t take pleasure in working with these token founders and hopes to by no means see them once more.

 

“Paragon became toxic. I’ve avoided any relations for more than one year,” he mentioned.

 

The nameless participant mentioned this lawsuit is “just lawyers trying to spam courts.” He declined to specify which crypto tasks he is likely to be utilizing or collaborating in lately. Meanwhile, Bogorad remains to be (informally) concerned with token tasks like Free TON, a fork of the folded Telegram blockchain challenge that was nixed by U.S. regulators. But he added he’s not a founding member of Free TON, simply “highly enthusiastic about the project.”

 

https://www.coindesk.com/paragon-pot-coin-ico-lawsuit

 

Here are the media shops that gave them the time of day

Forbes

WeWork For Weed: The Beauty Queen Of Cannabis Blockchain Tackles Co-Working

Hackernoon

Why Paragon Coin matters for the $25 Billion Cannabis Industry



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