TROY controversy — a sharp turnaround in two days
China's Digital Asset Management project TROY, which recently caused controversy over fraud charges against investors, has taken a new turn. Wang Feng, an investor who sharply criticized TROY, reversed his position in two days. #What happened? The conflict between TROY and investors settled down in just two days. "TROY is the only project that brought negative returns last year that we have invested in,” said Wang Feng, founder and co-founder of Consensus Lab, a Chinese crypto media company, during an Ask Me Anything (AMA) session held on a live audio broadcast aired on Wechat, on Tuesday. He even warned that he would take legal action against TROY. He raised suspicions that China's Cryptocurrency Venture Capital, BlockVC, which is known to have invested in TROY, could actually be TROY itself. Since then, the controversy grew as many investors complained, saying that they also suffered huge losses. But in just two days, Wang Feng issued a statement and changed his position. "TROY and BlockVC officials visited on Wednesday to explain the relationship between the two companies and the business that TROY is currently doing to resolve the misunderstanding," Feng said. "We appreciate BlockVC's active attitude and will continue to cooperate in the future. We will also maintain a transparent relationship with TROY.” #An unexpected twist The industry is perplexed by the sudden reconciliation. They are suspicious about the 180-degree turn. "It's a more dramatic turnaround than the recent Korean drama "The World of the Married," which is also popular in China," said a report from Golden Finance. A community user raised suspicions that there is something externally unknown. "I think TROY offered Wang Feng full compensation for the loss," he said. However, TROY investor and Consensus Lab partner Kevin Ren explained in an interview with JoinD that "Wang Feng's criticism was not about the economic loss due to TROY, but because of TROY's irresponsible attitude toward investors." "After we invested in TROY, the company never communicated effectively with us about their business," he said. "But when I saw them promoting on AMA, I had to stop them." To explain the relationship between TROY and BlockVC, Ren said, " TROY is a project created by BlockVC. It's BlockVC that attracted TROY investors, and it's also BlockVC that issued Troy Coin." In other words, it is safe to group the two as a single organization. #Suspicion still remains Ren pointed out that TROY‘s current business is somewhat dubious. "TROY is said to be cooperating with more than 30 exchanges, but they are unsubstantiated claims," he said. "I don't think there is any real progress." His remarks contradict Wang Feng's new official position, but we have no way of knowing who is telling the truth.