We have a Team member (ex-team member) that was trying to sabotage our project and “RugPull”
As mentioned, we want to assure all our investors that your funds are all completely SAFE and SECURE.
And this is our utmost priority, for all our investors.
Here is a quick summary of what happen and the confusion the ex-team member wishes to cause.
1st point: Ex-team member likes to focus on Jeremy’s “HIGH Income” and excluding the details.
Jeremy’s income structure
-$12.5k was the proposed sum by Jeremy for the first month and 50% will be locked into the company until the company is sustainable.
This amount is cap at $12.5k and will be reduce based on the cashflow of the company.
Assuming $12.5k monthly :
$6.25k will be what Jeremy receive on a monthly basis for Jeremy’s daily living expenses.
the other $6.25k will be locked and reserved for the company’s cashflow.
This is so that when the company needs funds it will be using Jeremy’s reserved income as a source of funding.
This $6.25k that will be accumulated over time and will be released ONLY when Jeremy have successfully accomplished a milestone for the company.
Example: bringing the tokens to $1. ( As a form or reward or bonus for a good job like how most startups reward their founders, Tesla, Facebook, twitter and snapchat)
Likewise if Jeremy don’t achieve those milestones, Jeremy will not be receiving even one cent from that $6.25k reserve.
For this ex-team member, he requested an income of 70% of Jeremy’s $12.5k or simply put, $8.75k, while keeping his job .
There was a dispute between Jeremy and him that the ex-team member was working part-time for Travelcake. So, Jeremy questioned why the high salary and suggested that ex-team member could only draw 20% of Jeremy’s income. He mentioned that since Jeremy has an income that he should deserve one as well and he FELT he was doing full time in this project.
Take note: Jeremy stopped his income as a trader and committed full-time to TravelCake. The ex-team member didn’t.
It took Jeremy 1.5 months to build and prepare TVL for presale.
If it fails. Jeremy would have already lost opportunity cost in trading.
In the meantime, this “Team Member” gets to collect his monthly job pay.
2nd Point: Ex-team member mentioned that Jeremy is the only one who have access the wallet funds and as a “undoxxed” co-founder he claims is also sharing equal risk and wanted access to the wallet funds.
This is true that Jeremy is the only one have access to the funds, but take note this “ex-team member” is serving as an advisor for the company.
Jeremy is the face of the company.
If he does RUGPULL, Everyone would know who to find.
However, Jeremy cannot risk giving the wallet access to this ex-team member who is only known as an advisor to handle the funds.
Because if the ex-team member does RUGPULL, everyone would still find Jeremy.
Thankfully, Jeremy didn’t give this ex-team member access to the wallet as we all know he eventually tried to rugpull.
However, Jeremy’s solution was to do a multi-signature wallet where we would have 2 or more people to sign to access the funds.
If It’s just two people that is required to approve the wallet, when ex-team member is unhappy, he could simply stop and prevent Jeremy from accessing his income, while ex-team member still gets to collect his income from his job. Therefore, Jeremy requested a 3rd party (Ryan- our advisor) signature, however the 3rd party that I requested made ex-team member felt that we will be biased against him which led to a stalemate.
3rd Point: Partnerships and agreements
We have Booking.com, Agoda and Expedia.
The partnerships we are holding are under Jeremy’s previous company DinoMao Pte Ltd and it was done by our team and not by this ex-team member This ex-team member’s role in Travelcake was supposed to secure partnerships as he mentioned he has “connections”. However, every meeting was a cold call and eventually Our team has to be the one close the deal. He claims to have led all partnerships where the fact is he has not led any partnerships, which makes him redundant in a start-up.
Final point: Ex-team member misrepresentation
When this ex-team member first linked up with Jeremy. He told Jeremy he was the Global Director of said company, and that company was branching out into the fintech space and they have allocated funds for this project. These were false and misleading statements meant to get Jeremy to partner with him on this project. Which we eventually discovered over time, when trying to form partnership and establishing the company etc. A very serious offense as a staff of the company.
We would not be mentioning his name at this point in time. As we understand he has a family and kids to support. And we do not wish to cause him to lose his job or his rice bowl. We understand that some of the investors are angry but we kindly request to refrain from taking any actions into your own hands.
We have halted trading to prevent our co-founder from trying to Rugpull.
Likewise to prevent future damages.
We will be releasing a new tokens and rebranding ourselves.
This token was be an upgrade where you can now do staking on pancakeswap, a requested by many of our investors, and there will be liquidity pool injection function.
There will not be a burn function.
These new tokens will be released and airdropped to our current users based on our snapshot.
Users with contract based wallet, will not receive the airdrop as we are unsure if you would be able to withdraw from that contract wallet. Therefore, we would require you to reach out to us for the token transfer.
For every TVL you hold, you will get 1 for 1 of the new token. This only applies to existing holders.
As mentioned a snapshot or all holders have already been taken.
The new Token Name will not be disclosed at the moment to prevent any form of sabotage on this project.
We are hoping to announce the new token within a week.
And when it is launched on pancakeswap it will start with a 10% Tax and it will drop to 2% when TVL can be paid on our platform.
We are still doing our best to maintain our promised timeline: 1st August 2021 for the MVP despite the chaos, our co-founder has caused.
CMC listing was rejected as we have too low of a volume, we can easily solve this like how we did for and got accepted for Bitmart. However, since we are moving to our new tokens we will be putting this CMC listing on hold for our new token.
Has now changed, as the previous domain was taken by the other co-founder that has threaten to rug pull.
We will likely be changing the domain name to our new token name.
We want to continue to be as transparent as possible, while building our MVP platform, so that we can continue build the trust between us and the community. We are still focusing on our product progression roadmap and we will definitely do our best to deliver.
Questions and Answers:
How to prevent this from happening again?
A multi-Signature wallet can be created with 3 parties involved to unlock the funds.
Can we do a vesting schedule like how share are awarded to founders?
Unfortunately, unlike shares this vesting schedule does not apply to tokens.
Tokens lock with vesting schedules are pegged to a particular wallet. Thus even if the person leaves they will still be receiving the full vesting tokens.
How do prevent hacking of wallet/token stored in your MVP platform?
Is nearly impossible to hack a server from an external source.
However, it is likely the hack was done internally. This can also be prevented with a multi-sign wallet server.
Preventing staff from taking the wallet / hard drive away as it will be useless without the all 3 signatures.
for the new tokens will there be pre-sales?
There will be no pre-sale launch.
Were the Dev tokens locked?
The Dev tokens for TVL were locked for 2 years. However, the new token is to prevent that Co-founder from causing future damages.
What can we use on the MVP?
The MVP is basically a place where we keep track of your Tokens earned from cashback from our partnering platforms. You can go into booking.com, agoda or expedia and book to start claiming our crypto cashback tokens.
Overall. We believe that having new tokens would bring in a significant change.
We will start with a new chart, along with our MVP platform and our marketing plans.
Which we believe it would definitely create a very attractive growth chart for all our investors
We look forward to updating you on our development progress on our new token and MVP platform.