KodakOne Allegedly Owes $125,000 to Former Development Team

Nuno Teodoro

KodakOne, the recent cryptocurrency project from Kodak, allegedly owes over $125,000 to developers contracted to work on the project.

 

In a series of emails reviewed by Hard Fork, recruiting agency iFindTech accuses KodakOne of not honoring the payments in the scheduled time frame. According to an email sent by the iFindTech's legal advisor, the European recruitment agency is seeking over $125,000 in accumulated invoices:

 

“Unfortunately apologies and unfulfilled promises of a payment proposal are not enabling my client to pay the people that did the work for [KodakOne] (...) Time is short and in the absence of any meaningful payment proposal, court proceedings will be commencing in [seven] days.”

 

The email exchanges further showed how iFindTech was forced to cease their work on KodakOne project due to lack of payment.

Other Alleged Owings

But the story doesn’t end here however. It was discovered that there are at least two other contractors that accuse KodakOne of similar wrongdoing. Contractor Armel Nene states that KodakOne owes him $36,000 while another unidentified contractor is asking for over $19,000 in unpaid services.

Armel Nene went on to write a detailed LinkedIn post explaining his stay as an employee for KodakOne. Nene explains that KodakOne’s development team resigned in October and that the company is currently hiring on social media. He also states that the company is publishing fake information regarding the beta launch of their platform, as one of the developers working on the platform is keeping the code as a ransom until he gets paid.

KodakOne’s response to the situation indicates that they are not interested in settling the debts outside of court: “All claims are in dispute and these legal matters will only be solved in front of the courts”. Regarding Nene’s situation, a KodakOne spokesperson denied the claims:

“This is a false statement (..) We will reserve all rights to take the necessary legal steps to stop Mr. Nene for making more wrong claims and further damaging our company.”

 

KodakOne

KodakOne is a photograph-oriented blockchain project. Promising to bring photographers a better financial incentive, the platform aims to use KodakCoin for payments for licensing photographs.

The project was first announced back in January, creating a stir and leading to Kodak’s stock price to rise from $3.15 to $10.70 in a matter of days. An ICO was scheduled for January 31 but after some delays a Simple Agreement for Future Tokens (SAFT) was created in May. In a SAFT investors only receive the tokens when the final product is complete.

Owning licensing rights over the Kodak brand, Wenn Digital and RYDE Holdings are reportedly behind the project. Although it’s unclear how far in development KodakOne has progressed, the team is still updating social media frequently, while the CEO joins a panel of prominent speakers today at the Blockchain New Economy Hangzhou Summit 2018.

Binance ‘Unknowingly’ Earns $775K via Staking, Set to Launch Huge XLM Giveaway

On Thursday (July 18), Binance, the world's largest cryptoasset exchange (by adjusted trading volume), made a rather interesting announcement: it had "unknowingly" earned 9.5 million Stellar Lumen (XLM) tokens through staking rewards, and it is going to give all of it away to all Binance users who maintain XLM balances between July 20 and September 1.

Binance explained via a blog post that in August 2018 the Binance team followed the advice of the Stellar Development Foundation "to change some parameters on both cold and hot wallets," which resulted in the exchange "unknowingly" earning staking rewards for its XLM holdings since 31 August 2018.

Then, this week, while the Binance team was considering the idea of adding support for XLM staking, it found out that Binance had earned around 9.5 million XLM tokens (each of which was worth approximately $0.08157 at the time). Binance notes that all "weekly staking rewards between then and now are documented on the blockchain." 

So, the team made two decisions:

  • add support for XLM staking to Binance.com; and
  • give away the aforementioned staking rewards to the Binance community (i.e. Binance users).

This is not the first time that Binance has added staking support to Binance.com. The exchange already "distributes NeoGas for NEO holders, Ontology Gas for Ontology holders, VTHO for VeChain holders, and BitTorrent tokens for TRON tokens."

Here is how this 9.5 million XLM giveaway is going to happen.

From July 20, Binance will support XLM staking. Between this date and September 1, Binance will take "daily snapshots" of XLM balances in Binance user accounts.

Then, on September 1, Binance will "tally average user XLM balances based on these snapshots," and process the distribution of staking rewards to these user accounts (that maintained XLM balances during the staking period). Furthermore, the roughly 9.5 million XLM tokens that Binance has unknowingly earned to date will be distributed as a bonus payment to all Binance users who jave maintained non-zero XLM balances since July 20. 

Binance says in its blog post that it estimates this "one-time distribution of 9,500,000 XLM shared proportionately among Binance users" to be worth "10 to 12 months of typical monthly rewards."

According to a support article published on July 18, here are the details of Binance's "Monthly XLM Staking Airdrop Program":

  • Binance will start these daily XLM balance snapshots at 00:00 (UTC) on 20 July 2019.
  • This is how Binance will calculate the XLM staking distribution:

XLM generated by each user = Total XLM staking rewards received by Binance * User XLM holdings ratio. User XLM holdings ratio = User XLM holdings / Total XLM staked by Binance.

  •  In order to qualify for XLM staking rewards, Binance users must have a balance of at least 10 XLM.
  • This initial distribution of XLM staking rewards will be calculated until 1 September 2019, "with the total amount distributed equal to the staking rewards accrued on holdings during the 43 day period."
  • These XLM staking rewards are calculated on a daily basis and are distributed monthly. 
  • XLM distrubutions will be "completed before the 5th of each month."

In other Binance news, another support article explained that Binance's Margin Trading platform has added support for two margin assets (EOS and LINK), three borrowable assets (BNB, EOS, and LINK), and three margin pairs (EOS/USDT, EOS/BTC, LINK/USDT, LINKBTC).

Binance's announcement about its 9.5 million XLM giveaway may have helped the XLM price. According to CryptoCompare, XLM is currently trading at $0.08914, up 7.96% in the past 24-hour period:

XLM-USD 24-Hour Chart on 18 July 2019.png

Featured Image Courtesy of Binance