RChain cooperative ‘functionally bankrupt’ after questionable deals, with investors and developers losing faith

Quick Take

  • Once ranked among the top 50 cryptocurrencies, RChain’s financial management and exercise of power is now under scrutiny by multiple investors
  • The CFO resigned a fortnight ago and demands for an updated balance sheet have gone unanswered
  • Sources close to the project describe CEO, Greg Meredith, as a puppet master in control of the board; made up of “friends”

RHOC was an investors’ dream. Ranking 30th on CoinMarketCap and led by an all-star team including Vlad Zamfir, the coin was well on its way to stardom as the token behind RChain – the blockchain platform hoping to rival Ethereum. No doubt it stood out among the likes of Tezos and EOS, focusing on implementing the first proof-of-stake validation and eventually hosting multiple decentralized apps (DApps) to address Ethereum’s scalability issues.