Topic: My Official Resignation from the Apex Ventures $APX Project (Read 162 times)

(note: I tried to post this to Medium, but it auto-suspends crypto related articles in an attempt to deter scams.)

For purposes of public disclosure, I’m officially resigning my position as Mining Advisor for the Apex Ventures project, effective immediately.

I wish to cause no harm to Apex Ventures or its current team, so in this post I will be disregarding any conjecture and focusing only on facts known to me.

As background, I joined the Apex Ventures project as Mining Advisor in April 2017. My core role: to direct the hashrate of Apex Ventures’ spec(ulative) mining operation, once that operation came online. As a courtesy to the project, I also lent my Bitcointalk reputation to post the project’s Announcement (ANN) on my account: https://bitcointalk.org/index.php?topic=1879453.0; I also provided some general advisory direction as and when asked.

I visited APX’s Hong Kong headquarters in November 2017 where I confirmed the up-and-running status of the 1000-GPU mining operation there, and traveled with Ace, Richie and Chris, the core Apex Ventures team at the time, to London to participate in a social event for APX token holders.

Since that time I have had little opportunity to contribute hashrate direction to the APX GPU operation in Hong Kong, which to my understanding is near constantly supplied to the Nicehash platform. I advised mining Haven Protocol, $XHV, at opportune times in March and April 2018, but this directive wasn’t followed. At no time during my tenure as Mining Advisor did I have direct or remote access/control to the operation, so this was the extent of the core duties I performed in that role.

Also since that time, most of my work on APX has been as a stand-in community manager. It is a well-known frustration that Andrew Lee, the project lead, has not been constantly present and available for communication with APX token holders; nor have quarterly progress reports, as promised in the Apex Ventures project prospectus, been issued with regularity or reliability. As I am involved in daily discourse with the cryptocurrency community and am a well-known, accessible figure, I became the most visible/accessible point of contact for questions and complaints about Apex Ventures. I did my best to placate angry and frustrated token holders with urgent responsiveness, despite not knowing any more than they might about the status of the Apex Ventures project. Responding to urgent complaints is a time-consuming and unstructured process, and thus a far suboptimal use of my time and resources.

“Quitting the APX Complaint Department” allows me to reallocate my time and resources to other projects I feel are more promising; resigning from my Mining Advisory position allows me to pursue other opportunities in this capacity, free from any conflicts of interest. I thus feel it’s the best decision for me, and for Apex Ventures.

I would gladly consider a return to APX in some capacity if and when the project, and specifically its planned disclosure reporting schedule and public availability of Andrew its founder, are sufficiently back on track in my judgement.

A December 22 2018 telegram message to Andrew proposing this resignation received no response.

Thank you Andrew for the opportunity to work with Apex Ventures, and I wish you success with the project.

Disclosures:

- I continue to hold a small number of APX tokens which I bought at Bittrex during the May 2017 crowdsale, and at Bittrex and Cryptopia from time to time afterward. I have no plans to sell these.
- At no time did I receive any of the 20000 APX tokens allocated for quarterly distribution to Advisors.
- At no time did I receive any of the Bitcoin or UBQ funds raised during the crowdsale.
- I had, and still have, one key of multisig access to an APX Bitcoin wallet used to my knowledge to purchase GPUs in a transaction I signed in 2017; I will relinquish the key immediately on request.
- At all times, I made efforts never to be an undue beneficiary of APX funds, including traveling to Hong Kong/London at my own expense and declining reimbursement.