Bitcoin

Co-founders of a startup admit that they stole the business of their own company

The co-founders of Bidooh, a UK digital advertising company, admitted to having stolen their own company’s intellectual property. with the intention of selling it to third parties. The company has developed facial analysis software for advertising.after completing a first ICO coin offering of $ 3 million in 2018.

As reported on April 20 by Prolific North, a local UK media company, the co-founders of Bidooh, Abdul Alim and Shahzad Mughal have been accused of cloning their own company and selling Bidooh products to third parties.. This was probably done to avoid sharing revenue with other Bidooh shareholders.

Bidooh employees discovered in August 2019 suspicious activity on a website called Flydooh, which they believed used stolen Bidooh intellectual property.

Co-founders of a startup admit that they stole the business of their own company
Co-founders of a startup admit that they stole the business of their own company

In September 2019 Bidooh received a preliminary order giving his representatives the right to confiscate the evidence found on the co-founder’s premises..

Examination of the evidence showed that the couple had started cheating a few months earlier. They partnered with Bidooh’s existing partners and customers to sell through the cloned company.

They also allegedly exchanged a number of offensive messages for other interest groups and Bidooh employees..

Upon presentation of the evidence, both appear to have found the new litigation to be unusable and to accept all claims against them.

The weak connection

Bidooh launched its own token in October 2018 after performing an ICO that raised around $ 3 million..

As noted by ICOBench, the launch was based on references from Michael Edelson, a non-executive director of Manchester United F.C.

Tokens sold by the company should be used to reward users for displaying ads, a model similar to projects like Basic Attention Token (BAT).

While the ICO itself was relatively successful, the DOOH token was never listed on a central exchange.

Bidooh’s current website does not mention token or blockchain technology in any way..

A January Reddit post claims that the project’s silence was caused by lawsuits against the two co-founders. The announcement emphasized that “no funds were misused in the business”.

Cointelegraph sent requests for more information about the token’s fate, but did not receive an immediate response.

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