The administrators of collapsed cryptocurrency bond scheme Viderium have released their initial report. Continue reading...
Cryptocurrency minibond scheme Viderium has collapsed and gone into administration. MHA MacIntyre Hudson LLP have been appointed as administrators.
Viderium raised £3.9 million (as at December 2018) from bonds paying 9.8% per year for a three year term, claiming "A Rated Indemnity Insurance" on the front page of its brochure.
Whether anything has happened to trigger that insurance is unknown, but I wouldn't bet on it, given that the insurance covered "any Actual or Alleged act, Error, Misstatement, Misleading Statement, Omission, Neglect or Breach of Duty or loss" and running out of money to pay bondholder returns doesn't fall under any of those things.Continue reading...
A puff piece in the London Daily Post for Whisky Cask Company makes the eye-catching claim that the CEO is an Oxford professor and that the investment scheme, which promoted itself as a "sure-fire" investment paying 8-12% per year, and is endorsed by rugby legend Chris Robshaw.
Cryptocurrency and data centre firm Viderium has filed its first accounts for the year ending December 2018.
The company aimed to raise £5 million from bonds paying 9.8% for a 3 year term, reviewed here in June 2018 (its accounts say their loans carry interest between 9.8% and 12%). Its accounts show that as at December 2018, it missed its target by about £1 million, with total creditors of £3.9 million.
Viderium Limited is offering a 3 year bond paying 9.8% interest per year, paid out quarterly.
The bond is promoted as offering "A Rated Indemnity Insurance".
Continue reading for a review of Viderium's bonds.