Viderium Limited collapses, administrators appointed

Cryptocurrency minibond scheme Viderium has collapsed and gone into administration. MHA MacIntyre Hudson LLP have been appointed as administrators.

Viderium raised £3.9 million (as at December 2018) from bonds paying 9.8% per year for a three year term, claiming "A Rated Indemnity Insurance" on the front page of its brochure.

Whether anything has happened to trigger that insurance is unknown, but I wouldn't bet on it, given that the insurance covered "any Actual or Alleged act, Error, Misstatement, Misleading Statement, Omission, Neglect or Breach of Duty or loss" and running out of money to pay bondholder returns doesn't fall under any of those things.

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Viderium files first accounts, fails to meet profit target

Cryptocurrency and data centre firm Viderium has filed its first accounts for the year ending December 2018.

The company aimed to raise £5 million from bonds paying 9.8% for a 3 year term, reviewed here in June 2018 (its accounts say their loans carry interest between 9.8% and 12%). Its accounts show that as at December 2018, it missed its target by about £1 million, with total creditors of £3.9 million.

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