Remember we previously reported when rapper Game has landed himself in a big pile of crypto sh*t with ParagonCoin?
Well, guess what, one of our celebies who gave us a tip on ParagonCoin’s “Queen of Weed” and 2014 Miss Iowa Jessica VerSteeg who founded the company has skipped out of the country. Read on…
— Black Jesus (@thegame) August 10, 2017
CelebNMusic247.com first reported that Jessica VerSteeg received $70 million through its ICO (Initial Coin Offering), a new form of non-regulated fundraising used by startups.
Fast forward to now, ParagonCoin has held a controversial reputation throughout the crypto community since its rocky ICO took place during the height of the 2017 bull-run.
If you recall, like most ICO shitcoins at the time, not much was really needed to collect millions of dollars. Paragon was no exception, raking in US$12 million to build a “seed-to-sale” supply chain protocol on Ethereum for medical marijuana enthusiasts.
Let’s NOT forget that Jessica USED rapper The Game and made him a pawn in their large scale scheme.
If you recall, The Game, who is part of Paragon’s “advisory board,” has been added to the original suit as a defendant on June 22nd. His role, as agreed upon with Paragon, was to use his celebrity status to promote the company as well as its ICO.
Here is what we’ve learned via BitcoinistheDevil.com:
Paragon was headed by Instagram model-turned weed-entrepreneur Jessica Versteeg and her husband Egor Lavrov promised dank returns for investors very public. That backfired because the SEC is not foolish to let the average Joe benefit from security sales. Only accredited investors (which literally just translates to having a lot of money) are allowed to be venture capitalists, for the good of the people.
ParagonCoin was on the hook to return all the investments dollars they receive in the biggest example of BDE by the SEC yet.
The problem is that Paragon doesn’t have $12 million. Their ICO Ether lost value alongside the rest of the market. Despite the ongoing lawsuit and depreciating company assets, they got themselves into a bigger pickle by purchasing a building (seriously) while maintaining an aggressive “marketing” strategy of lots of traveling and conferences.
Paragon was ordered to begin investor refunds on July 27th. Their US $1,200 ICO Ether is only worth $200, and the building can’t exactly be split between a thousand investors.
What did ParagonCoin’s “Queen of Weed” Jessica Versteeg and her husband Egor Lavrov do?
Leading up to the 27th, They simply played along like everything is going according to plan.
Yeah, we’ll process refunds starting end of the month. Wait until then.
The end of the month came and guess what?
ParagonCoin’s “Queen of Weed” Jessica Versteeg and her husband Egor Lavrov have gone dark. All social media have been deleted and they went off the grid.
Rumor has it, the couple flew off to Ibiza and are hiding out somewhere elegant or blending into the general Russian population. Note: Lavrov is a well-known Russian tech entrepreneur, so they could have fled there.
No matter what they have fled and are on the run. Good thing The Game no longer has any part of ParagonCoin.