Bank Sponsored
Default featured image
Crypto 2 mins

New Decentralized Marketplace BitBay Turns into a Huge Scandal

Avatar Yashu Gola 5 years ago

BitBay, a new decentralized marketplace, turned into a huge scandal almost a month after its launch.

BlackHalo Creator David Zimbeck, who was “forcefully” entitled as BitBay’s lead developer, wrote a long post on Reddit explaining how he was tricked and intimidated by men using the alias of Bob and Gekko, two of the leading members of the BitBay project.

According to Zimbeck’s version of events, BitBay development project was supposed to be distributed among five people, which included himself, a man named Steven Dai, BTER developer Lin, Bob and his Gekko. The team further agreed to split the 3000 BTC ICO in five to use it for the development of BitBay and its private cryptocurrency.

In the meantime, Zimbeck wanted to take things slow as he was already busy with the development of his project, BlackHalo. Lin and Steve were supportive to his view, but Bob and Gekko irresponsibly stamped his name all over the forums as the lead developer of the project, only to utilize Zimbeck’s reputation to benefit BitBay.

Zimbeck wrote:

“What happened next was outrageous. They continually talk about pumping the ICO of course with actual Bitcoins. I ignore it mostly thinking they are whales that’s just what they do. (At least the put in physical coins).

A bit later I realize they got some back because Steve was unsure that the ICO would fund which is why he claimed Bob was there. It was making me incredibly uneasy but I figured “Ok they still said they would help develop.”

Only Lin and Steven wanted to develop.

Gekko immediately hit everyone with a 20K dollar bill which I insisted nobody pay because everything was clearly shady. Even when I demanded to go over each line item. I questioned why the bill wasn’t discussed in advance (and I wasn’t even doing the finance).”

And the threats began.

From what we could gather, it seems like the men who started this project were con artists. We will keep digging into this story with the  hope to receive more information. Meanwhile, you can also collect the updates from these forums.

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Invest In The Best Performing Fund Of 2020 - 45%+ Estimated APR