{"id":27699,"date":"2020-08-25T15:59:44","date_gmt":"2020-08-25T12:59:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27699"},"modified":"2025-08-26T22:39:55","modified_gmt":"2025-08-26T19:39:55","slug":"texas-based-layer1-accused-of-misleading-investors","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/texas-based-layer1-accused-of-misleading-investors\/","title":{"rendered":"Texas-based Layer1 accused of misleading investors"},"content":{"rendered":"<p>The Texas-based mining company Layer1 misled investors about the amount raised and the composition of its founding team, according to Twitter industry insider BTCK555.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">BOOM: <a href=\"https:\/\/twitter.com\/LAYER1OFFICIAL?ref_src=twsrc%5Etfw\">@Layer1Official<\/a> Lies &#038; Misrepresentations covered by <a href=\"https:\/\/twitter.com\/WolfieZhao?ref_src=twsrc%5Etfw\">@wolfiezhao<\/a> <a href=\"https:\/\/twitter.com\/CoinDesk?ref_src=twsrc%5Etfw\">@Coindesk<\/a> Wonder what investors <a href=\"https:\/\/twitter.com\/peterthiel?ref_src=twsrc%5Etfw\">@peterthiel<\/a> <a href=\"https:\/\/twitter.com\/foundersfund?ref_src=twsrc%5Etfw\">@foundersfund<\/a> <a href=\"https:\/\/twitter.com\/Jacob?ref_src=twsrc%5Etfw\">@jacob<\/a> <a href=\"https:\/\/twitter.com\/shasta?ref_src=twsrc%5Etfw\">@shasta<\/a> <a href=\"https:\/\/twitter.com\/DCGco?ref_src=twsrc%5Etfw\">@dcgco<\/a> <a href=\"https:\/\/twitter.com\/winklevoss?ref_src=twsrc%5Etfw\">@winklevoss<\/a> <a href=\"https:\/\/twitter.com\/winklevosscap?ref_src=twsrc%5Etfw\">@winklevosscap<\/a> think about this? <a href=\"https:\/\/t.co\/8xiu6WPqNQ\">https:\/\/t.co\/8xiu6WPqNQ<\/a><\/p>\n<p>\u2014 BTCKING555 (@btcking555) <a href=\"https:\/\/twitter.com\/btcking555\/status\/1297967628657537024?ref_src=twsrc%5Etfw\">August 24, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The company listed Canaan Creative founder Liu Xiangfu among its leadership. The Chinese entrepreneur <a href=\"https:\/\/u1f987.com\/en\/news\/canaan-founder-denies-ties-to-layer1-the-mining-company\">denied<\/a> this information.<\/p>\n<p>Layer1&#8217;s CTO, Ivan Kirillov, the firm presented as a former lead engineer at Genesis Mining.<\/p>\n<blockquote>\n<p>\u00abIvan was an external contractor and never worked at Genesis\u00bb, \u2014 <a href=\\\"https:\/\/www.theblockcrypto.com\/daily\/75873\/bitcoin-miner-layer1-pitch-deck\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">\u0437\u0430\u044f\u0432\u0438\u043b<\/a> Layer1&#8217;s CEO Alexander Ligl.<\/p>\n<\/blockquote>\n<p>In October last year, media citing an investor presentation reported that Layer1 raised $50 million in a financing round with the participation of PayPal co-founder Peter Thiel and the Winklevoss brothers.<\/p>\n<p>According to <a href=\\\"https:\/\/app.bnktothefuture.com\/companies\/layer1-technologies-inc\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">BnkToTheFuture,<\/a> the company has raised a total of $41.39 million. In December 2018, in a seed round, Layer1 attracted $2.1 million.<\/p>\n<blockquote>\n<p>\u00abLayer1 never officially announced financing, however we know there is a regrettable misunderstanding about how much we raised\u00bb, \u2014 <a href=\\\"https:\/\/www.theblockcrypto.com\/daily\/75873\/bitcoin-miner-layer1-pitch-deck\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">\u0437\u0430\u044f\u0432\u0438\u043b<\/a> CEO of the firm Alexander Ligl.<\/p>\n<\/blockquote>\n<p>Experts say that if any investors relied on the misleading presentation when making their decision, this could form the basis for litigation.<\/p>\n<blockquote>\n<p>\u00abFudging the facts is fudging the facts. If an investor relied on this and incurred losses, they are likely to file a suit\u00bb, \u2014 says the founder of the crypto-law firm Silver Miller, David Silver.<\/p>\n<\/blockquote>\n<p>Earlier Layer1 signed a demand-response contract with a Texas electricity provider. The company agreed to curtail mining equipment on notice during peak load periods, freeing 100 MW of capacity for the grid. The total value of the agreement is estimated at $17 million per year.<\/p>\n<p> Lancium, the owner of the technology that specialises in managing energy consumption, <a href=\"https:\/\/u1f987.com\/en\/news\/layer1-a-mining-company-accused-of-patent-infringement\">accused<\/a> Layer1 of patent infringement for adopting the model.<\/p>\n<p>Subscribe to ForkLog News on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Texas-based mining company Layer1 misled investors about the amount raised and the composition of its founding team, according to Twitter industry insider BTCK555.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1882,26],"class_list":["post-27699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-layer-1","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=27699"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27699\/revisions"}],"predecessor-version":[{"id":27700,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27699\/revisions\/27700"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=27699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=27699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=27699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}