QRL project implodes

The Quantum Resistant Ledger (QRL) has had a major setback, one that it possibly will never recover from.

In a blog on Medium (see link below) cofounder Jomari Peterson expressed his concerns to the QRL community over the practices of his cofounders (Peter Waterland and JP Lomas), the lack of progress on the project, and the fact that promises, that were made to him and the community, are not being kept.

In short Peterson’s points can be summarized as follows:

1. The foundation to govern raised funds during the ICO has not been established. Rather than letting the foundation release funds upon completion of milestones, which of course is incentive based, the funds have been moved over to an exchange where the tokens can be sold instead.
2. No financial oversight by 3 different founding members as promised to the community ahead of the ICO. Instead Peterson has been removed from this process and oversight is effectively done by Waterland only
3. Inability of Peterson to execute his tasks as head of operations, effectively resulting in him having no responsibilities which in turn are not necessarily picked up by others either.
4. Imminent failure to meet MainNet launch in August or September. Funds have not been directed to achieve this milestone. Worse, it seems none of the raised funds have been properly allocated to any development.

Peterson’s has hired a lawyer to save the project, but in response he states he has been now completely shut out of the project, including all communication channels. The main point I take from this article though is that the raised funds from the ICO have not been properly allocated and may not be allocated properly either.
I find it mind boggling that this appears to have happened to yet another ICO and again investors seems to be a victim of it as you can see from the graph below,

Additionally, this does not bode well to restore confidence in the ICO space. Mistrust is the last thing we need.

Thanks for reading and stay tuned!

Sources:
https://medium.com/the-quantum-resistant-ledger/to-the-qrl-community-13c1e96e10c5

Images:
https://www.cryptoninjas.net/2017/06/20/quantum-resistant-ledger-exceeds-crowdsale-cap-enterprise-grade-blockchain-protocol/
https://www.worldcoinindex.com/coin/quantumresistant