Crypto Project KodakOne Allegedly Owes over $150K to Contractors
At least two contractors plan to file lawsuits against KodakOne over unpaid invoices.
KodakOne, the company behind a project for a blockchain-driven photography platform and an initial coin offering (ICO) of KodakCoin, has been accused by several of its contractors for not paying invoices, US media TNW reported on Wednesday. The company denied the allegations.
iFindTech, a UK-based pan-European recruitment agency, is claiming $125,000 in accumulated debt, according to an email seen by TNW. On October 26, London Law Practice, a legal consultancy of iFindTech, sent notice to KodakOne informing it for a planned lawsuit.
“Unfortunately apologies and unfulfilled promises of a payment proposal are not enabling my client to pay the people that did the work for [KodakOne],” the email reads.
“Time is short and in the absence of any meaningful payment proposal, court proceedings will be commencing in [seven] days.”
iFindTech ordered all developers that it had recruited for the KodakOne blockchain platform, and ICO, to cease their work temporarily.
“All claims are in dispute and these legal matters will only be solved in front of the courts,” a KodakOne spokesperson explained.
A second company, which was not named by TNW, is claiming $19,000 of unpaid invoices and also plans legal actions.
Earlier this week, in a LinkedIn post a third contractor, UK resident Armel Nene, called the project a Ponzi scheme, which is “using the blockchain hype to scam investors and employees of hundreds of thousands of euros.” He is seeking $36,000 of unpaid invoices. KodakOne denied the allegations as “false claims” and vowed to take legal actions against Nene.
“It is unfortunate that Mr. Armel Nene, a contractor contracted through a third party, has decided to post his issues across social media and that somebody who has delivered unsatisfactory work, is taking these measures,” the spokesperson said. “This is a legal dispute and all invoices are in dispute. We are contesting his work and subsequent invoices.”
KodakOne is a Kodak-licensed project that should develop a blockchain-powered photography management system with KodakCoin planned to be the payment vehicle inside the network. The KodakOne enterprise, which is owned by Wenn Digital and RYDE Holdings, has signed several agreements with recruitment companies to find developers for the platform and the KodakCoin ICO.