Summary: Former Olympic speed skater Apolo Ohno was sued in a California court for allegedly a $50 million ICO fraud scheme of HYB token, according to a public file.  HYB is the native token of HybridBlock, a crypto exchange founded by Ohno and his business partner Rod Jao in 2017 and has now been disbanded.  The ...

Former Olympic speed skater Apolo Ohno was sued in a California court for allegedly a $50 million ICO fraud scheme of HYB token, according to a public file. 

HYB is the native token of HybridBlock, a crypto exchange founded by Ohno and his business partner Rod Jao in 2017 and has now been disbanded. 

The plaintiff's lawyer stated that one of the investors injected nearly $1.5 million worth of Ethereum into HYB. At least four other victims each invested between $70,000 and $250,000 in the program.

According to the complaint,  Ohno and Jao raised an estimated $50 million through a hyped ICO 发rom January to June 2018. However, their funds were not used to build the HybridBlock exchange and ecosystem, but being consumed by individuals or embezzled for other purposes

The plaintiff’s lawyer stated that Ohno and Rod Jao claimed that they were victims of a hacking attack in August 2019 and thus exited, involving misleading incident reports, and failure to notify investors or law enforcement agencies of breaches of contract.