Factom’s core employees said that they had poor communication with investors and refused to enter the bankruptcy liquidation process

The U.S.-based corporate blockchain project Factom faces bankruptcy and liquidation because it cannot continue to obtain external financing, but the company’s only two core employees refused to enter the bankruptcy liquidation process. At present, the company has reduced the 10-person team to two, and the only remaining two full-time employees are Chief Operating Officer Jay Smith and Chief Executive Officer Paul Snow. Lianwen previously reported that FastForward, which has invested more than US $ 6 million and owns more than 90% of the equity, Factom ’s largest investment agency, once said, “Factom ’s board of directors has passed a resolution. Without more funds, it is now necessary to start Interest to begin liquidation of assets. ” But Jay Smith, Factom’s chief operating officer, said, “Because of the poor communication, FastForward will propose to correct the resolution in the future, which is a long-standing dispute.” He also said that the company is currently renegotiating the B-round financing solution, but “FastForward’s control of Factom is scaring away other investors.” Factom was established in 2014 to provide an enterprise-level, developer-friendly platform for building blockchain solutions. It had raised US $ 140,000 by selling Factoild tokens in 2015. Since its establishment, Factom has raised nearly 16 million US dollar funds.