Krypital Company Declaration
Recently, the KBcoin Exchange(https://kbcoin.com/), which was established by KBit Group in South Korea, mentioned “Krypital Group, Cybermiles, ArcBlock, Merculet, Eloncity, quoinblock，tokeneed and Egretia” as its partner on its official website and other promotional channels for its sales activities. Therefore, “Krypital Group” hereby declares:
“Krypital Group, Cybermiles, ArcBlock, Merculet, quoinblock, eloncity, tokeneed and Egretia” did not participate in the sales and distribution of KBcoin and did not have a partnership with KBcoin. In KBcoin’s earlier communication with Krypital Group, the two parties did not reach a consensus, and the cooperation has ceased indefinitely. In KBcoin’s partnerships section, the name “Kryptial Group” and its logo were not authorized by the Krypital Group. Krypital Group reserves the right to pursue legal action.
1. KB Coin illegally infringed upon our partnership by subversively trying to change the terms of our legally binding contractual agreement on two separate occasions.
2. KB Coin was red-flagged for not adhering to the KYC regulations, allowing non-compliant parties to participate in the ICO. KB Coin committed to the launch of DEMO on October 15th but to this date has not fulfilled their obligation.
3. KB Coin infringed upon our copyrighted logo and the logo of our partners without fulfilling the contractual requirements and without our consent. They will be held liable for this action.
4. On multiple occasions, we tried to inquire into KB Coin staff’s identity and qualifications; however, they refused to disclose this information.
5. Krypital Group assisted with the revision of KBit’s white paper. KBit did not adhere to Krypital Group’s consulting advice. Non-the-less, compensation is required. If KBit refuses to compensate Krypital Group for the work requested, legal action will be taken.
6. KBit’s white paper did not meet Krypital Group’s technical standards. Krypital Group is highly selective of who we partner with. We demand a high level of excellence, as to maintain our esteemed reputation.
KBit’s white paper displayed the following redflags:
· It was apparent that the company used google to translate their entire paper to English. As a result, it was difficult to decipher their meaning in many sections.
· The white paper was purely commercial. There was no original technology present in the paper, and the technical information was not provided to us. We inquired into the technical basis of their technology and did not receive a response.
7. We advised that KBit release their DEMO before their first round of crowdfunding for their utility token. KBit did not accept our advice. Instead, they began crowdfunding for a security token without the release of any physical products. More worrisome, security tokens require registration with the securities and exchange commissions of every country within their network. KBit failed to adhere to the proper registration requirements and is therefore in violation of the security and exchange legal requirements in multiple countries. Krypital Group does not support unlawful acts and refuses to take responsibility for KBit’s unlawful actions.
KBit refused to provide Krypital Group with product prototypes and screenshots for partner review. This led to our inability to determine KBit products’ authenticity.
8. KBit’s lawyers showed an overall lack of professionalism. They simply renamed public sales as ticket sales. There were numerous irregularities and the organization failed to conduct itself in accordance with the industry laws and regulations.
Due to the above mentioned reasons, Krypital Group is forced to question the credentials of KBcoin’s lawyer and whether the projects token is in compliance as a legal opinion document.
Initially, Krypital Group’s main goal was to grow KBcoin’s user base and partners and provide marketing support, in the aim of making KBcoin Exchange a globally renowned brand. However, due to KBcoin’s inability to provide DEMOs or related products, our cooperation announcement has been postponed. Krypital Group still supplies KBcoin with consultancy services, human resources, and industry support. Since the public offering date is approaching and KBcoin is adamant on amending our contract, we have decided to break ties the organization. KBcoin offered to pay a nominal fee to Krypital Capital in exchange for the ability to use Krypital Group’s highly developed industry name and reputation to attract investors. This agreement is viewed as unacceptable by Krypital Group. Krypital Capital is known in the industry for our high quality, cooperative projects. We as an organization reserve the right to refuse partnership with any entity if we doubt their authenticity or legitimacy. Nor will we accept any organization that attempts to slander the Krypital Group name by commiting unlawful acts.
Krypital Group refuses to cooperate with any projects flagged for illegal operations. We do not support illegal, unethical actions and have built our reputation on the guarantee that we provide reliable, ethical, trustworthy service to all of our partners and the entire blockchain community. We are regretful to have ever associated with KBit and apologize for the oversight.