Chinese Crypto Project Bottos Is Plagued By Internal Strife as the CEO Was Ousted
The Chinese crypto project Bottos has plagued by the internal strife with its founder Tingting Wang and her husband Haiming Huang, the project’s ‘de facto’ controller, refusing to disclose the use of funds and ousting the co-founder and CEO Xin Song.
Launched in November 2016, Bottos is a self-described all-encompassing artificial intelligence (AI) blockchain ecosystem, which provides digital marketplaces of data and models to help train AI programs and connect them with users. It issued 1,000,000,000 BTO tokens in December 2017.
The internal conflict initially started when the Bottos development team led by Xin Song published a statement on its website on March 2, requiring Tingting Wang and Haiming Huang to disclose the use of funds the project raised through its initial coin offering(ICO) as the white paper stipulates, but the couple refused to make this public for no reason. The statement was also released in Bottos’ official telegram group on Saturday night by the group admin “game AI”.
However, less than an hour after the release of the statement, a dismissal announcement of Song Xin was published on the company’s WeChat account which was presumably controlled by Miss Wang.
“The Bottos Foundation decides to oust Bottos chief executive officer Xin Song after an investigation finds he has committed ‘serious breaches of professional ethics’ and disseminated ‘fake news’, leading to a huge financial loss to investors. From now on, Mr. Song should not spread any information in the name of the company and stop practices that harm investors, otherwise he will be held liable. We will announce a new CEO in the near future,” the announcement wrote.
As the conflict rages, Mr. Song told Odaily, a China-based blockchain media that Miss Wang and Mr. Huang have controlled over 280 million yuan (based on the ICO price) worth of digital assets since the token sales.
“Huang Haiming wanted to disband the team as the remaining funds—about several million yuan— is not enough for them to survive the crypto winter,” said Song, who added that Huang has a final say on the project.
Therefore, the Song-led team has no choice but to require the project controllers to publicize its finances to see whether those funds have been embezzled.
Miss Wang, however, said in an interview with Odaily Xin Song and his remarks do not represent the Bottos team, and Mr. Song has been sacked even before the Chinese New Year.
Bottos has been at the center of controversy since late 2018. A Bottos investor claimed last November that he lost over 10 million yuan in the project and accused the team of a dereliction of duty. “ The ‘ Big Boss’ behind the scene just want to scam investors and run away with their money instead of doing things. Mr. Song does not have decision making authority,” said the investor.
According to Chinese enterprise intelligence platform Qichacha.com, Miss Wang owned 90% shares in the company behind Bottos known as Tuzi Network Technology (Shanghai) Co., Ltd., and Mr. Huang and Mr. Song do not own shares.
When asked whether Bottos will disclose the use of founds, Miss Wang said it would do one day. But she refused to give the exact date.
BTO has tumbled more than 95% in value throughout the bear market since hitting a price peak of $0.3711 in May 2018. As of press time, it trades at $0.007394 , posting a 5% drop over the past 24 hours, according to coinmarketcap.