French Crypto Banking Startup Vanishes Following Botched ICO

libertynation.com

Hush, a France-based crypto banking startup, has suddenly disappeared after its initial coin offering (ICO) failed.

Hush founder Eric Charpentier, who also established banking startup Morning, launched the company in Toulouse, France. The startup described itself as a “neo bank” who wanted to use digital currencies and virtual tokens in developing a service system aimed at providing clients with total control of their funds.

The bank became the center of controversy mainly because of Charpentier. Financial regulators suspended his previous startup Morning two years ago due to alleged mishandling of user funds. French bank Edel, who runs it to this day, subsequently acquired the startup.

After Hush’s launch, Charpentier revealed that the firm was slated to initiate an ICO project aimed at raising $17 to $23 million. Reportedly supported by a group of distinguished advisers, Hush generated positive rankings for its ICO prospects. However, because of the crypto bear market, the banking startup sold only 245 coins, raising a measly $600,000, which is much lower than the target amount.

Hush appears to have ceased to exist three months later, with some consultants never getting paid for their involvement in the project. In addition, the company’s Medium account is also non-existent. Charpentier has also deleted all his tweets about Hush, as well as, his LinkedIn and Telegram accounts.

Max Massat, the community manager for Hush, explains:

“Eric is now taking the time to manage his projects far from the pressure of his networks. We have decided not to justify ourselves. We work in silence. The real investors in the project know. We leave the fantasies for others.”

So far, Massat and Charpentier seem to have vanished as well, as of press time. No other public comments about Hush can be found for now, while its Telegram channel is still inactive. Purportedly, Charpentier now faces legal problems filed by Hush’s supposed consultants, who have claimed they were not paid right.

Sebastien Bourguignon is one of these consultants, who says:

“I didn’t have any news from Eric Charpentier since [the middle] of June. He didn’t pay me for the advisory [work]. I am in litigation with him.”