Journalists at Civil claim leadership hyped CVL token, failed to deliver

27 Nov, 2018 | Updated: 27 Nov, 2018
by David Borman
Journalists at Civil claim leadership hyped CVL token, failed to deliver

Today it is being reported by Coindesk that Journalism platform Civil is seeing employees complain and walk out over the fact that they have not been compensated the tokens they were promised. In addition, they claim the value of said tokens was massively overhhyped, while on tax documents it was being listed as only worth fractions of a penny.

Civil currently has 18 newsrooms around the U.S. and hopes to open more. The Civil platform is built around the notion of journalistic content being paid for with a native token, CVL. The only problem is the company has not actually issued their tokens yet after a CVL token sale failed last month. Now, employees are furious because not only are they not getting the tokens they've already earned, but those tokens appear to be worth way less than they were apparently promised.

Employees claim they were initially led to believe that CVL tokens could eventually be worth as much as $0.75 a piece when they signed contracts agreeing to be paid in the crypto. However tax documents from the time list the token as only being worth a fraction of a penny, a notable discrepancy.

Of course, Civil claims no such promises were made. Matthew Iles, CEO, is quoted in the article:

“We didn’t promise anyone tokens would be worth any specific amount... Anytime we discussed potential token value with newsrooms, we made it clear we were making estimates and that there was risk involved.”

It isn't clear if Civil will actually be liable so long as they do eventually produce the token, since the employees did nonetheless sign contracts. Does that make it ethical? Time may tell. Until then stay right here at Chepicap for all the latest Civil updates!

Read more: Forbes works with Civil for a more democratized journalism

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