These do not sound like the kind of people that have the ability to launch a game-changing cryptocurrency ecosystem, but that is exactly what they set out to do. However, a year after their ICO (which accumulated a staggering 25m USD), HybridBlock are yet to release an original product of any worth and have lost almost all of the value from their token, HYB.
They’ve engaged almost a complete radio silence, are neglecting to provide any further updates on their status or development and have absolutely nothing to show for the enormous funds invested in their platform.
The worst aspect of this token is that the value from ICO has dropped by a dizzying -99.5%.
This class action is accepting class members
One of the biggest promises stated in the white paper was the plan to:
“Evolve HybridTerminal Platform into a feature-rich trading platform…”
This has comprehensively failed, as the development of the platform is null and void, with proposed systems being non-existent or persistently delayed. As an example, HybridBlock envisioned a “Learning Hub”, that would educate newcomers to the cryptocurrency industry. This was an educational application released to App Stores (the development of which was outsourced) that contained no learning material whatsoever.
The platform was originally advertised with three product ‘tiers’, starting with a base platform for consumers, then professionals, and eventually large trading entities. However, neither of these tiers have been realised.
Further evidence suggests that HybridBlock was intended (but not advertised) as a white label product, copied from AlphaPoint, and not an original trading platform. The question stands: why do they need 25m USD if they’re not developing an original product? AlphaPoint will sell a company a version of their exchange platform tech and permit you to integrate your own branding. At HybridBlock’s website (https://hybex.io/) you can still see references to AlphaPoint in the page source.
They have accomplished nothing that they set out to do and have no further updates for the future. All roadmaps and milestones burn out in September 2018 and nothing more is planned.
HybridBlock put forth three main uses for HYB:
- Payment of transaction fees for all services within Hybrid: this has been done plenty of times before by bigger and more competent exchanges.
- Drive Hybrid’s market-efficiency mechanisms: they didn’t disclose exactly what this was.
- Act as a tradeable currency: a tradeable currency with almost no value is a worthless entity.
Put simply, the token is irrelevant and unnecessary. Since conception, there has been little-to-no evidence of development for this project, and the value of the token has dropped rapidly and dramatically since ICO, leaving investors with nothing to show for their funding.
It’s very difficult to establish what HybridBlock have used their funding for, given that they’ve not shown any reliable or original updates since the ICO. Their promises and intentions remain unrealised and investors who funded the project with good faith are left out of pocket.
The platform has been abandoned and the founders provide no further security or indication that investors’ funds will be used to inject a fresh wave of value into the token any time in the near future.
HYB is merely an ERC20 token branded as “the next best thing”. There is no innovation regarding this platform in any sense of the word.
HybridBlock has taken the faith and trust of its investors and shattered it to pieces. The founders have undoubtedly lined their pockets with the 25m USD invested in their project and closed down any and all communication channels with their community.
In fact, the majority of their community in terms of social media (Telegram, for example) is considered to be falsely stuffed and fraudulent, as HybridBlock offered shady incentives to those that followed them or engaged with them on social media. Regardless of the numbers that now exist, the updates are few and those that do come are usually ripped-off content or retweets.
This project has no future, the value of the coin is almost nil and the team have nothing on the horizon.
If you have been affected financially by HYB’s ICO, please join this class action with confidence.
- MR. APOLO OHNO
- MR. ROD JAO
BOARD OF ADVISORS:
- MR. REEVE COLLINS
- MR. FLORIA A. RAIS
- MR. ANDREW DONLEY
- MR. DAVID KIM
- MR. LESTER LIM
- MR. SIMON BODANOWICZ
- MR. JESSE TEVELOW
Inception Date: May 2018 Approx. funds raised: USD 25m About this ICO: – 99.5% value loss – Platform abandoned – Non-existing product Our rating: