Allysian Sciences co-founders Apolo Ohno and Rod Jao have been sued in California.
The civil lawsuit alleges Ohno, Jao and two other defendants ran a $50 million crypto token scam.
Plaintiffs in the August 13th filed suit are
Brian Kang;
Skyblock LLC;
Mid-Wilshire Consulting;
Prasad Hurra;
David Kim;
Blue Block Group;
Artemio Verduzo;
David Kwon; and
Young Jae Kwon
Named defendants are
Hybrid Trade Limited;
Asia Digital Asset Exchange;
Allysian Sciences;
Apolo Ohno, a resident of California;
Rod Jao, a resident of Vancouver, Canada;
Eugenio Pugliese, a resident of California; and
Henry Liu, a (former?) resident of California
As alleged by the Planitffs;
Between approximately January 2018 and June 6, 2018, Defendants offered and sold digital tokens (the “Hybrid Token”), raising approximately $50 million from investors based around the world, including within the United States.
If you’ve never heard of Hybrid Token, you’re not alone.
BehindMLM
reviewed Allysian Sciences
in March 2015.
Finding a seemingly overpriced supplement and autoship recruitment scheme, needless to say we weren’t impressed.
Fast-forward thee years and, just after the 2017 bitcoin pump and dump, Apolo Ohno and his co-defendants, like so many crypto bros at the time, figured they’d have a crack at
bEiNg ThE nExT bItCoIn!
Cue HybridToken’s ICO launch on or around January 2018.
As alleged in the lawsuit, the Hybrid group of companies were made up of the following components:
BaseTrade – crypto trading platform
HybridExchange – crypto exchange
HybridTerminal – API platform for BaseTrade and HybridTerminal (announced but never released)
HybridWallet – ethereum based crypto wallet
HybridFX – shitcoin factory platform
HybridToken – ERC-20 token created by defendants through HybridBlock
These companies were run through shell entities set up in Hong Kong, Malta and Singapore.
During the ICO phase, Ohno and his co-defendants solicited around $50 million in investment.
Hybrid was pitched to investors on the premise the company had
former Olympic champions, investment bankers, Wall Street quants, and Whitehouse [sic] officials forming our core team.
“We are poised and ready to bring our society into a new era of global freedom.”
The White Paper 1.9.2 claimed to have “assembled a team comprised of experienced trading system professionals from both the cryptocurrency industry and non-crypto Wall Street markets.”
The company also claimed to have
longstanding relationships with multiple governments and industry regulators, including the Philippines, Malaysia, Labuan, Singapore, Hong Kong, Korea, Taiwan, and provincial governments of large cities in China.
With the exception of Ohno being a former Olympic gold medalist, as far as I can tell the rest of the claims were baloney.
The Plaintiffs allege none of the Hybrid companies had any bank accounts. Solicited funds were thus stored in Allysian Sciences’ accounts.
On the whole nothing much happened
🤖 Quick Answer
Who are the co-founders of Allysian Sciences named in the lawsuit?Apolo Ohno and Rod Jao are the co-founders of Allysian Sciences named as defendants in the civil lawsuit filed in California. Ohno is a California resident, while Jao resides in Vancouver, Canada. Both are accused of operating a $50 million cryptocurrency token fraud scheme.
What is the alleged scheme involving Allysian Sciences?
According to the lawsuit, defendants offered and sold digital tokens called "Hybrid Token" between January 2018 and June 6, 2018. The civil suit alleges that Ohno, Jao, and two other defendants ran a $50 million crypto token scam, defrauding multiple plaintiffs through fraudulent token offerings.
How many plaintiffs filed the lawsuit against Allysian Sciences executives?
Nine plaintiffs filed
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