The CEO of Omnitude, the blockchain integration project that admitted on Monday that it had blown through $7.5 million in 18 months, has attacked the “twisted” comments from enraged token holders after the community Telegram group went into meltdown. Chris Painter tried to defend the actions of the team after investors saw the token price crash 80% following the admission, but his explanations didn’t wash with most of the community, who also questioned the series of mega pumps last October that were suddenly viewed with suspicion by angry investors
Omnitude is “Bullshit Scam”
Painter explained in the Telegram chat that the team couldn’t access any of the ICO funds until the raise had been completed, by which time ETH had almost halved in value, dramatically reducing the amount the team raised in dollar value. However, distraught and angry token holders didn’t accept this, with one calling it “a bullshit scam”, until things took a more sinister turn, with threats of personal violence and some group members boasting that they had found out which school Painter’s children attended:
Painter Claims There is Still Hope
Emotions were understandably high in the group, with personal threats flying as investors argued with each other and with Painter about how the project had been run. Painter was also forced to deny that those who sold at the October 2018 peak of $0.32 had insider info about the state of the project, despite the social media communications rapidly reducing at that time.
Some took a more positive point of view of the situation, stating their belief that the project still had legs:
Painter too was at pains to explain that the project wasn’t completely finished, that he still had meetings set up and contracts in place, but that the project simply could not move forward without further funding.
The range of reactions, from threats of violence to positive encouragement, is typical of almost every group where investors feel they have been left high and dry. We have seen the same in the Sparkster and Countinghouse groups and, unless Painter can attract further funding, Omnitude looks to be another casualty of the fickle crypto markets.
