18 Million XVG Moved From Verge’s Crowdfund Wallet As “Ledger Needs To Be Paid”

18 Million XVG Moved From Verge’s Crowdfund Wallet As “Ledger Needs To Be Paid”

James McQuillan
  • Verge's team moved 18 million XVG from a wallet in which crowdfunded tokens were sitting
  • These were reportedly going to be used for a mysterious partnership, and for now their destination is unclear
  • Some speculate the team may be about to pull an exit scam with the funds

About 18.6 million XVG ($1.6 million) have been moved from the cryptocurrency’s “partnership crowdfund' wallet. While some claim the funds were sent to cryptocurrency exchange Binance, others claim they were sent to a future partner’s wallet. Verge’s lead developer claimed the funds were sent to “pay for the ledger,” although Ledger’s CTO claims to have no knowledge of it.

Back in March, Verge launched a crowdfunding campaign with the goal of raising over 75 million XVG, then worth about $3 million. The crowdfunded tokens, according to Verge’s twitter account are for a partnership with 'a global organization with a vast network of high traffic sites’.

At the time, a highly active community masked an underlying skepticism towards the vague amount of information coming out of Verge’s team. The ordeal saw the cryptocurrency’s value surge, as it became one of the most traded cryptocurrencies.

During his appearance on the YouTube-based 'Larry and David show', Verge lead developer Justin Sunerok announced that the elusive partner would be revealed on April 17. He added that the team would be 'doing something special' on the days before the partnership reveal.

According to TNW, a Verge representative revealed the partnership could see it become one of the top cryptocurrencies.

“This partnership is a massive opportunity for us. Few realize the magnitude of what this deal means for Verge. The volume of transactions and stability of ongoing payment processing with this company would easily push our value to a whole other level – potential top 10, if not top [five].”

Verge spokesperson

On social media, key members of the Verge team claimed the over 18 million XVG tokens were moved from its crowdfunding wallet to pay for Ledgers, presumably meaning Verge would buy specialized hardware from Ledger, as integration is reportedly free.

According to Ledger’s Chief Technology Officer (CTO), no one in the company is working on integrating XVG, nor is there a partnership between Verge and the company. On Twitter, the company’s VP engineering reiterated the CTO’s position:

 

A member of Verge’s marketing team took to Twitter to reveal the funds weren’t moved to Binance, but to the future partner’s wallet. He said:

 

“We started to move the donation funds to the upcoming partners wallets. We will be working on Ledger integration after we finished the announcement and stuff next week.”

PhanTi

Some speculators believe the cryptocurrency’s team may pull an exit scam with the crowdfunded tokens, as the whole ordeal is extremely uncommon.