Employees Say Startup Civil Hyped Crypto Returns, But Failed to Pay
Civil engineering had to create a more transparent and democratic model for journalism. But so far, journalists hired by reporters have not received all the promised rewards since they were hired.
According to Civil's current and former employees of the press group sponsored by the block-chain startup, 18 newsrooms across the United States told reporters that CVL encryption should be part of the payout when issued, It is several times more valuable and reported as a tax form.
However, due to sluggish demand, Civil canceled public tokens last month. Reporters will not know when to receive or when tokens will be part of the reward.
On the other hand, readers are perceived and unfinished as high quality journalism and a collaborative network where journalists can make money to get content. News rooms that employ dozens of journalists work normally, but tokens are not intended to provide attractive value added for the original user.
"Private media can talk about everything they want to create a new future for the media, but actually they are made out of debt to journalists," said Jay Cassano, who left the civil sourcing sludge on November 8. The token accounted for about 70% of the monthly salary for five months.
"I had to borrow money for rent and student loans," Cassano told CoinDesk.
Private CEO Matt Iles disputes current and former employee claims.
"We did not promise that the token was worth a certain amount," Coin Dex said. "Every time we discuss potential token value with a newsroom, we made it clear that we made the estimate and made it clear that there is a risk."
Iles counters have taken steps to prevent enthusiastic purchases by the Civil to raise the price of the CVL and this token has been issued publicly. He told CoinDesk:
Civil's consumer token framework limits liquidity and volatility to the means of protecting speculators and ensuring that people who buy CVL want to join the network. "
In fact, Civil used know-your-customer processes and partnerships with Exchange-initiated AirSwap that provided a means of restricting access to CVS purchases.
However, according to Cassano and other insiders, the employees heard a different story about the expected price of CVL.
In particular, according to Cassano, Civil said, along with sponsored news operators, CVL tokens to be partially paid to reporters could be about $ 0.75.
However, for tax documents, the token is no more than a penny. Iles did not mention the difference.
"They continued to keep us on the inside, and they even said they were going to exceed that value," said Cassano. "Iles said at once that he expects the token to be doubled or quadrupled compared to the one recorded in the contract.
A second citizen reporter who is still working in one of the startup-sponsored newsrooms told CoinDesk that the leadership of the start-up company "has" absolutely discussed the growth potential of its employees.
Sources said, "They expected to be rich.
According to the insider, who asked for anonymity a few days before the token trade began, civilians were concerned at the press conference by telling reporters that "whales" would buy uncharged tokens so that startups could reach their critical goals.
Iles acknowledged that the company did not make any promises but tried to involve large investors when sales were difficult.
"When sales were hurt, the only way to achieve our goal was to attract large token buyers … and of course, on the last day, we were working hard to attract key buyers," Iles said. . "We've been working hard, but we've never had promises or guarantees."
Civil had to refund $ 8 million, including a $ 1.1 million CVL purchased in September by ConsenSys, a partner company led by Civil's primary investor, Joe Lubin, for failing to sell tokens.
While Iles confirmed that Lubin was repaid quickly, a reporter from the Citizen Press said he did not know whether to receive the token portion of the compensation package.
Iles confirmed in the Quartz report that each time it was deployed, it would eventually own 5 million CVLs.
Cassano and the insider say the timetable was not given despite the opposition of Iles.
"We have passed the target date to the newsroom and plan to review the details in the next few weeks," Iles said. "We will not share the date publicly before we talk to them."
In addition, Iles said Civil has an aggressive GitHub project for open source application and publishing platforms and will receive dozens of donations every week from time to time.
Civil's controversy over employee compensation generally raises another legal issue than what usually occurs in the discussion of tokens, primarily with regard to whether the Initial Coin Offering (ICO) is an unregistered asset.
Preston Byrne, a partner at law firm Byrne & Storm, told CoinDesk that a variety of laws could be applied to private businesses through employee contracts rather than rigorous public offerings.
"You can raise or have value, but you can not," Burn said. "You have to pay your people, you have to be honest with them, or you'll have other questions."
Byrne also added that legal questions surrounding tokens would be driven by specific facts and circumstances. In the case of CVL, the public investor received a refund. Civil means that there is nothing to worry about from the US Securities and Exchange Commission (SEC) or investors.
"Under the Securities Act, anyone who participates in the sale of unregistered securities may be held liable to such person by giving them the right to revoke it."
"As for the staff, it depends on how they got the goods and whether they are considered part of the offer."
Newspaper through Shutterstock
(f.fbq) return; n = f.fbq = function () n.callMethod?
n.callMethod.apply (n, arguments): n.queue.push (arguments); if (! f._fbq) f._fbq = n;
n.push = n; n.loaded =! 0; n.version = & # 39; 2.0 & # 39 ;; n.queue = ; t = b.createElement (e); t.async =! 0;
t.src = v; s = b.getElementsByTagName (e) ; s.parentNode.insertBefore (t, s)} (window,
Document, & # 39; script & # 39 ;, & # 39; // connect.facebook.net/en_US/fbevents.js');
fbq (& # 39; init & # 39 ;, & # 39; 239547076708948 & # 39;);
fbq (& # 39; track & # 39 ;, & # 39; PageView & # 39;);
You must log in to post a comment.