TROY and BlockVC is Accused of Fraud; Chinese CEO Urges CZ to Remove Listing from Binance

blockvc troy fraud

Update (May 30th): What originally appeared to be an accusation has subsided into a friendly tone. Chinese CEO Wang Feng has since issued a statement and retracted the TROY accusation of Fraud. Scroll to the bottom for the latest.

TROY, Binance’s IEO project that has been incubated by BlockVC, is alleged to be a scam by many Chinese investors, according to Chinese media Jinse.

Multiple investors, including the well-known crypto media company Mars Media, which was also the first strategic investment made by Binance in China, have lost significant money. The CEO, Wang Feng, claimed that his company has lost more than $1 million in his investment in 2019, per the Wechat message screenshot (scroll to the bottom). He confirmed in the message that he will urge CZ to remove TROY from Binance’s trading board.

This outbreak began when the TROY team attempted to do an AMA on May 26th. In the AMA, Wang Feng immediately accused Troy of making him lose money. He claims t was the only project in his portfolio that lost money last year.

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AMA Snippet with Wang Feng, CEO of Mars Media, Accusing TROY of being a fraud.

Other investors following outcry have also spoken up. Crypto Capital said it lost 70% by investing in TROY.

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Additionally, founders of China’s exchange MXC and Blockark (a Chinese crypto marketing firm) Allen Su, have confirmed separately that they have lost their investment of more than $ 0.3 million – 1 million, claiming that everything has gone to “zero”.

Furthermore, what the Chinese community has been accusing is not only the TROY project, but the BlockVC founder, who also happens to be a cofounder of TROY. According to BlockVC’s website, TROY was founded in 2017, founded by Xu Yingkai. Coins in their portfolios include TROY, IOST, IoTeX, Perlin, among others.

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Multiple investors have come out to accuse TROY of fraud

Update (May 30th): As of May 28th, it appears that the situation took a dramatic turn two days later. On Thursday, Wang issued a statement on social media praising BlockVC and Troy, claiming that there were some “misunderstandings between BlockVC and Consensus Lab.” 

“BlockVC is an excellent team in the field of crypto investment and research… Consensus Lab will continue working with BlockVC to support good projects and team,” the statement read. 

Wang said the teams behind BlockVC and Troy visited him the day after the AMA, explaining the relationship between the two companies and showed him some “good progress” that Troy had achieved. However, the details of their conversation were not disclosed. 

BlockVC founder Kevin Xu also posted a public announcement on Weibo, attesting to the misunderstanding between Troy and Consensus Lab. 

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