Sirin Labs is in Serious Financial Trouble… Allegedly

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The makers of the world’s first blockchain mobile telephone look like they could be in some serious financial trouble. In an interview with Bloomberg, Moshe Hogeg – Sirin Labs CEO – said that it only has enough money to run for around six to twelve months following the price collapse of Ethereum. It raised $158 million back in December 2017 from an ICO, but that fortune is now worth around $16 million after development costs and damages from the bearish crypto markets.

Huge Marketing Bills

For a firm that is allegedly in financial trouble, it’s not smart hiring one of the highest paid footballers in the world to be your brand ambassador. Sirin Labs have hired Lionel Messi – the Barcelona striker – to be the official brand ambassador for the Sirin Labs Finney mobile phone. This adds fuel to the fire that Bloomberg could once again be pumping out fake news to get a few clicks.

Sirin Labs Calls Out Fake News

In an official statement from Sirin Labs, the comments in the Bloomberg interview were cleared up. It appears as if Hogeg’s statements were misinterpreted and his words twisted. While it confirmed that it now only has around 200,000 ETH in its account, that doesn’t factor in the pre-orders of its new Finney phone. Hogeg apparently said that the firm only has enough money to operate for another six to twelve months if its flagship blockchain mobile phone didn’t manage to sell – talk about the media twisting a quote to create sensational headlines.

Say Hello to Finney

Finney is dubbed as the world’s most secure smartphone and it’s the perfect place to store your cryptos. It comes with its own cold storage crypto wallet, making it the ideal phone for crypto enthusiasts. On top of this cold storage crypto wallet, Finney boasts a Snapdragon 845 processor accompanied by 6GB RAM, 128GB of expandable storage, a 12-megapixel rear camera with an f/1.8 aperture, and an 8-megapixel f/2.2 selfie camera.

Fake News is Everywhere

Fake news is still the worst enemy of Bitcoin – and the crypto industry as a whole for that matter. One sensational negative headline can send the crypto market into a tailspin for days, causing thousands to be wiped from the total industry in a matter of hours. Journalists are constantly looking for attention-grabbing headlines and nothing does the job quite like fake news. So, before you next make a move in the crypto world based on news, do your own research and make sure it’s not a false report.
This isn’t the first time Bloomberg has published an article where an interview was twisted to make sensational headlines. Unfortunately for Sirin Labs and its Finney mobile phone, it couldn’t have come at a worse time. Hopefully, the fake news will get cleared up and customers will be queuing up to get their hands on this innovative blockchain smartphone.