The world has seen a significant rise in the crypto solutions in today’s time and the day is not far when the cryptocurrency technologies would get streamlined for the betterment of the audience. Different variations of the currency have been developed to match the requirements of a wide range of clients and some investments on the same have also been reciprocated by the general populace. But their good faith received a blow after the controversial case of Werner Boehm came into the limelight. The article discusses further the details of the situation.
About the suffering corporation
BitRush is one amongst the many crypto solutions providers based in Toronto and has a licensed association with CSE. A significant amount of public money has already been invested in it, and it was nearly at its heights of success. However, the board meeting of December 7, 2016, changed the upcoming future of the corporation, after its Board of Directors decided to sack Werner Boehm out of his post as the CEO of the company. This sudden decision was made seeing a number of unethical cases in which Boehm was involved and that surfaced based on a lawsuit filed against him.
The accusations against him
All of the allegations and crimes against Boehm have been mentioned lucidly in the upcoming points: –
- Deceiving the board and his friends in the name of personal benefits and embezzling huge amounts of company assets and money on his privately owned firms
- Not accounting for the huge transfer of 500,000 CAD made from BitRush to his companies and trying to remove any of the proofs about the gigantic account transfer
- Misleading the general public by writing blogs in various pseudonyms and expressing his pathological views from a legendary thinker and expert
- The Extortion Flow matter, where he built an extortion network with Alfred Dobias and his co-worker Uwe Lenhoff to bring on fake news articles that targeted his enemies and blackmailed them for fundings on his companies. Some screenshots released on this shed a huge light on the large criminal schemes that were operated in Europe by this network under Werner Boehm.
- Using the art of fakeness to create business models and selling them to the shareholders in a planned manner. These models were such that they were sure to harm the reputation of the people involved in the corporation.
The regulatory measures taken
To counteract such a massive danger on BitRush, the board in collaboration with the court made certain decisions against Boehm. These include sacking of his post of CEO, ordering him to cancel 16 Million stakes of one of his companies and transfer them to their rightful owners, pay about 200,000 CAD to the filers of the lawsuit and many more.
The case not only opened up the eyes of the general populace but also issued them a fair warning on not investing in any of the companies associated with Werner Boehm and showed them the real face of a person hiding his shady activities behind the reputed post of a CEO.