Cryptocurrency venture capital firm NextBlock Global has cancelled its public listing on NextBlock Global after misleading investors by claiming well-known industry experts were part of the advisory board when then knew nothing of the project. The company was seeking to raise CAD100 m ( $78 million ) after having already netted CAD20m in a private offering. "Today we announced that NextBlock Global will not be proceeding with a go-public transaction," he wrote. CEO Vinny Lingham said the company would refund investors "their capital in full" and have them participate in any profits. He added that the Toronto Stock Exchange will also seek to "rebuild the trust of those we have disappointed".
Cryptocurrency venture capital firm NextBlock Global has cancelled its public listing on NextBlock Global after misleading investors by claiming well-known industry experts were part of the advisory board when then knew nothing of the project. The company was seeking to raise CAD100 m ( $78 million ) after having already netted CAD20m in a private offering. CEO Vinny Lingham said the company would refund investors "their capital in full" and have them participate in any profits. He added that the Toronto Stock Exchange will also seek to "rebuild the trust of those we have disappointed".