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Blockchain Phone founder Sirin Labs in trouble

Sirin Labs owe $6 million dollars to Foxconn

Finally, we can say the Blockchain phone is not a hit on the market. It was and is the last example of a company that tried to bring an ICO successful to the market. But if the bills not paid where has the money of the ICO gone,... and however, it seems the phone no 0ne bought.

FIH filed the lawsuit at the Tel Aviv District Court, according to a report by Israeli business newspaper Calcalist. In its lawsuit, it claims that it manufactured 10,000 units of the blockchain-powered Finney smartphones for Sirin Labs, a company Hogeg founded. In the years that followed, FIH has reportedly tried to get its payment from Hogeg.

Once FIH was done with the production of the smartphone, it sent an invoice amounting to $2.7 million for the parts purchase, development work, and production to Sirin Labs. FIH alleged that Sirin also racked up $3.2 million in debt for parts and labor.

In the months that followed, Sirin allegedly made up different excuses for the lack of payment. The Swiss-based company claimed that ‘bureaucrats’ at the bank had refused to authorize the conversion of digital currencies to fiat.

Another story ends. Another story where greediness killed a very interesting idea. Read the full story here.

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