Founder of Taiwanese company Odin Ding criticizes its subsidiary investment company: unclear finances, illegal transactions, DUI conviction

Founder of Taiwan blockchain solutions group OwlTing, Darren Wang, publicly criticized the founder of its subsidiary investment company on social media, alleging unclear company assets, involvement in illegal transactions, and even a conviction for drunk driving. He expressed anger at being taken advantage of. Evidence from community discussions seems to point to the cold wallet company.

OwlTing's Founder Wang Junkai Accuses Founder of Investment Company: Money Goes into Own Pocket, Unable to Produce Financial Reports

According to discussions on social media, Wang Junkai, the founder of OwlTing, expressed his feelings on his personal social media platform after attending several board and shareholder meetings. He revealed that the first startup he invested in, where he was also the first investor and used his connections and resources to help with fundraising, has not made him a single cent until now.

Wang Junkai angrily accused that he helped raise over 100 million dollars in the company's first seed round, but as of now, financial reports for 2021 and 2022 have not been disclosed.

Wang Junkai continued to state that the founder of the company used a million dollars out of the total investment of 12 million dollars in 2018 under the guise of buying old shares. He questioned where a lot of the money went, suggesting it went back into the founder's own pocket without accountability, only attributing it to holding shares for many people. He mentioned that the company's stocks are not even worth wallpaper.

OwlTing's Wang Junkai Accuses: Involved in Illegal Transactions, Sentenced for Drunk Driving

OwlTing's founder Wang Junkai also heavily criticized the personal behavior of the company's founder. He accused the founder of engaging in many illegal transactions, fearing that revealing them could lead to chaos in the Taiwan cryptocurrency community, causing people to lose faith in Taiwanese individuals and investments.

Wang Junkai stated, "I am very upset, using my money, reputation, and network, he enriched himself, even bought a Porsche, and was sentenced for drunk driving, among other things." He believes that being deceived face-to-face by the founder is what upset him the most.

OwlTing's Wang Junkai Warns: If the Chaos Continues, I Will Publicly Disclose Names

OwlTing's founder Wang Junkai stated that the company founder's investors no longer trust him, and if the chaos continues, he will have no choice but to reveal names, making the Taiwan startup community reject him. "Founders must always put their interests behind those of the shareholders for the company to have a chance at success, understand?" Wang Junkai wrote.

Is the Company a Cold Wallet Company?

In discussions on social media, Wang Junkai's target was pointed towards a Taiwanese hardware cold wallet company, but this has not been confirmed and should not be easily believed.

The inference is based on the following:

Only Three Early Investments by Wang Junkai

Wang Junkai mentioned "the first startup company he invested in," and according to public information disclosed by Wang Junkai personally, his earliest investments were only in three companies: Taiwan's exchange MaiCoin and hardware cold wallet companies, and blockchain analysis company BlockSeer, all angel investments in 2015.

Founder's Drunk Driving Record

According to the Taipei District Court's 111th Year Interlocutory Judgment No. 775, there is indeed a man with the same name as the founder of the cold wallet company. He was given a two-year probation for drunk driving, violating public safety. Among the early investments made by Wang Junkai, only this founder has a recent drunk driving conviction.

High Correlation Between Cold Wallet Company Investors and Wang Junkai's Network

According to public information of the cold wallet company, its early investors include Kyber Capital, which is also an early investor in OwlTing. Subsequently, the large Japanese financial group SBI invested in OwlTing and the cold wallet company in May 2018.

Taiwan's Blockchain Influential Figures: SBI, National Development Council Investments

The hardware cold wallet company is one of Taiwan's early blockchain innovation companies, and its thin card-style hardware cold wallet is a rare product type globally, making it Taiwan's premier hardware cold wallet brand. The founder has been designated as a significant figure in Taiwan's blockchain community by specific media outlets and is highly respected by the community.

CoolBitX not only received multiple investments from the large Japanese financial group SBI but is also one of the key investments of the National Development Fund of Taiwan in 2013.

If such accusations from the community are unfounded, it could impact the company's image.

Cold Wallet Company Founder's Response: No Illegal Transactions by the Company

Update 7/8 23:30 After the article was published, the founder of the company responded: "These baseless rumors and accusations are destructive. Our company has not engaged in any illegal transactions. In fact, to counter these unfounded accusations, we even invited the Big Four accounting firms to conduct an investigation on our company, and the results showed that we did not engage in any illegal transactions."