Open Libra Propounder Lucas Geiger Accused Of $1million Scam

Olowo by Olowo - 06:12 AM Oct 12, 2019
Open Libra Propounder Lucas Geiger Accused Of $1million Scam

Andrew Lee Founder of Web3Journal has made an allegation on Twitter that he and his friends had been swindled of $1 million by Lucas Geiger the propounder of new Libra Fork Open Libra.

In an astonishing development, Lee revealed that he and his friends had been lured to invest in Geiger 2018 ICO project Wireline but had yet to receive any information regarding its development.

It is understood that the group met Geiger and the project advisor Sizhao Yang who made false promises regarding the project. Lee said that they had been told that the creator of OmiseGo would be part of the marketing team.

In addition, Geiger had also promised that Ethereum Community Fund Network (ETF) were also in support of the project and would fund the project. These allegations have surprised the crypto community as it coming after Geiger revealed plans for a new crypto project.

During the last Ethereum developer conference, Geiger had announced that no less than thirty blockchain firms are planning to fork Facebook Libra project. According to him, this new project would be named Open Libra.

Open Libra would be the fully decentralized stable coin that will be pegged to the facebook libra currency. In addition, there would be no token sale or equity. It is understood that some popular startups like Democracy Earth, Cosmos among others are part of this partnership.

Facebook Libra Continues To Face Regulation Limitations

Meanwhile Libra continues to face difficulties in launching due to a barrage of regulations from international finance authorities. There have been questions posed by authorities in Europe and the US which have seen some members pull out from the project.

Ripple CEO Brad Garlinghouse believes that Libra may never see the light of day and that it remains a whitepaper. Garlinghouse equated Facebook unveiling Libra to that of Boeing launching the double-decker aircraft during the 737 max crisis.

According to the Ripple chief, Facebook should have been open regarding its initial problems of leaked user data with relevant authorities before venturing into the crypto sector.

This appears to be the case as major central banks across the globe have accused Facebook of trust issues regarding the Libra digital currency.


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OlowoI am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.