Michael Okoh, also known as Trojan, has taken to social media to refute allegations surrounding the financial practices of his fintech startup, Thepeer. The company, which recently shut down, has been accused of misappropriating funds, but Trojan insists that these claims are unfounded. The publication provides the following information: the startup's closure has raised concerns among investors and clients alike.
Clarification on Investment Allegations
In a detailed post on X, Trojan clarified that the frequently mentioned sum of 750,000 dollars was never actually invested in Thepeer. He firmly stated that there was no missing money, countering allegations that seed funds were misused for personal purchases, such as cars.
Details on Seed Round Commitments
Trojan explained that while Thepeer had announced a 21 million dollar seed round, one investor failed to fulfill their commitment of 750,000 dollars after the SAFE agreements were signed. He emphasized that the company never received these funds, which has been a point of confusion in the ongoing discussions.
Company Relocation and Governance Issues
Addressing concerns about the company's relocation, Trojan confirmed that the move had been approved by investors. He traced Thepeer's inception back to late 2020 and acknowledged that internal governance issues, rather than fraudulent activities, led to the disputes that ultimately contributed to the company's downfall. In light of these clarifications, Trojan has called for a retraction of the allegations and stated he would not engage further on the matter.
In a recent incident, Haru Invest CEO Hugo Hyungsoo Lee was attacked in court by an investor, highlighting the emotional strain surrounding the ongoing trial. This shocking event contrasts with Michael Okoh's recent defense of his fintech startup, Thepeer. For more details, see the full story.
