The Canadian police have now frozen Vanbex co-founder Hobbs

Reports just reaching us is that the Canadian Police in the North America Continent has frozen assets belonging to the owners of Vanbex. Vanbex is a blockchain consulting firm which raised more than $30 million (Canadian dollars) in suspected fraudulent Initial Coin Offering (ICO). This was made known in a court document released on the March 14th, 2019.

Per the document released, the founders of the Canadian based company Vanbex, Kevin Hobbs and Lisa Cheng said to the public that they operated a Vancouver-based cryptocurrency firm which started from the year 2017. The court claims that the firm, which was interchangeably called Vanbex and Etherparty is actually a shell firm that produced no useable products.

The Canadian police have now frozen Vanbex co-founder Hobbs’ two accounts and also seized the founders’ two new Land Rovers, as well as ordered the founders not to sell, borrow or damage their Vancouver condominium for at least 30 days or until further order from the court has been passed.

In 2017, Vanbex reportedly launched its cryptocurrency Etherparty (FUEL), a token that was purportedly designed to provide an ecosystem for the company’s Smart contract system, promising investors huge returns. The court document also notes that in a FUEL pre-sale, Hobbs and Cheng reportedly raised more than 30 million Canadian dollars ($22 million), which was supposedly followed by a quick acquisition of substantial wealth by both founders.

Following the suspected fraudulent ICO scheme, the Royal Canadian Mounted Police (RCMP) launched a fraud investigation into Etherparty and Vanbex, as well as Hobbs and Cheng, in May 2018.

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