BITRUSH CORP: Update On Founders’ Squeeze Out

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On December 20, 2018, the public-listed Canadian BitRush Corp announced that it had successfully ousted the company’s founders after two years of litigation. The background to this announcement is far more interesting than might seem at first glance. These disputes between founders and investors are about nothing less than important issues for the entire crypto scene, such as money laundering and the use of cryptocurrencies for criminal activities.

BitRush CEO - Karsten AREND
BitRush CEO – Karsten AREND

BitRush has announced that its president Karsten AREND was appointed CEO of the company. In addition, the two new board members Keith LI and Edward BOYD have been appointed. Keith LI takes over the function of Chief Financial Officer (CFO) and Edward BOYD becomes Non-Executive Director.

BitRush and its shareholders – including HSRC Investment PTE Ltd, which is registered in Singapore – are currently being sued for damages and investigated for money laundering. Some of the company’s more than 2,000 shareholders have joined forces to sue the company for damages. BitRush shareholders include the Slovak entrepreneur Igor WOLLNER and his sons Sven WOLLNER and Chris WOLLNER. The Austrian Hans-Joerg WAGNER is the acting CEO of the main shareholder HSRC Investment and member of the board of BitRush.

Given the ongoing legal procedures and criminal investigations, we can expect that BitRush as a reference case for the fancy crypto period 2016 and 2017 will occupy us even longer. FinTelegram will continue the reporting on the case.

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