London Block Exchange is trading insolvently, claims McCormack

27 Apr, 2019 | Updated: 27 Apr, 2019
by Alberto Arnaldo
Rumor
London Block Exchange is trading insolvently, claims McCormack

Podcaster and general highlighted figure of crypto Twitter Peter McCormack has just accused the London Block Exchange (LBX) of being into an insolvent trading situation.

Judging from the tweet thread started by McCormack, the situation concerning LBX appears to be developing since Autumn 2018, with pending payments to staff and creditors plus a crippling lack of available developers to solve problems and optimize processes.

Other accusations shared by McCormack affect the pensions plan of the company, with deductions being taken off the wages of employees never reaching the fund where they should be stored.

Besides, he also sees a red flag in the ICO of the exchange’s token, which was cancelled before the public token sale despite funds having been raised on a private sale, which has not been completely repaid since then.

The first news of this story appear to have been shared by McCormack just a couple hours above, and therefore reactions are only starting to pile up now, with most accounts showing surprise as the exchange’s reputation had not been set into serious questioning up to now.

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