$ 8,198.9
$ 173.45
$ 54.49
$ 58.98

Ex-Ethereum Advisor Nerayoff Loses Techstars Deal After Extortion Expenses

Startup accelerator Techstars has cancelled its year-old partnership with the agency owned by early Ethereum advisor Steven Nerayoff.

Techstars ditches the joint accelerator

In response to cryptocurrency information outlet The Block on Oct. 8, Nerayoff’s arrest on suspicion of extortion had pressured Techstars to rethink its affiliation with Alchemist, a blockchain advisory startup.

The 2 joined forces in July 2018, creating the Alchemist Blockchain Techstars Accelerator based mostly in New York.

Final month, Nerayoff was arrested in reference to the alleged plans to deliver down one other United States startup. Along with Michael Hlady, the entrepreneur is alleged to have demanded $4.45 million from the corporate in what prosecutors known as an “old school shakedown.”

“Imposing forceful calls for on an organization for private acquire is dangerous enterprise, whether or not one’s desire is to be paid off with cryptocurrency or chilly exhausting money,” mentioned in an accompanying press launch William F. Sweeney, the FBI Assistant Director-in-Cost, including:

“The FBI will proceed to hunt justice for victims who companies have been focused by a majority of these scams.”

A “mandatory” step

Accordingly, Techstars mentioned it was “mandatory” to withdraw its model from Nerayoff and Alchemist, The Block reviews.

Nerayoff was one of many early advisors of Ethereum, the native token of which — Ether (ETH) — stays the second-largest cryptocurrency by market capitalization. 

In January 2018, he predicted a increase 12 months for the community, one thing which failed to materialize as a protracted bear market crushed ETH/USD by round 90%.


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