Bitcoin and digital assets event Massive Adoption is under attack over allegations that refunds over its cancellation are not on the way.

On 31 January this year, Jacob Kostecki the organiser of the Massive Adoption event in Memphis (US), offered an explanation for the lack of a show.

It’s a long post but he says: “Due to my mistakes associated with inadequate funding and lower than anticipated ticket and sponsorship sales the conference ran into cash flow issues. My excitement and naivete, coupled with limited experience in putting on large events, added to the difficulties.”

Kostecki adds: “One of these cash issues affected an attendee who re-posted articles about negative instances in my life. While this information has been available for years, the publication of this information coupled with the current delays in repaying refunds and making preparations for the event caused a cascading stream of issues and a self-fulfilling prophecy. I do not blame anyone but myself for this, but it did cause partially-justified FUD that sent the event into a tailspin.”

A dig deeper into those “negative instances” reveals a Polish newspaper article from November 2016 by Puls Biznesu. To keep it brief, in that report, founders of seven start-ups allege – among other things – that they were deceived by Kostecki and will not recover their money.

On top of that, in January this year, the Warsaw police issued an arrest warrant for Kostecki due to tax evasion and an unserved prison sentence.

Frankly, there is a lot more unusual activity to report. But in the interest of brevity, that will suffice.

On Twitter on 2 March, Kostecki said: “Refunds have been made. More soon. I’ll share a lot more this week about progress made in February. March will see a lot more refunds & I should be done with everything through July by the end of the month.”

The feedback from several users is sceptical.

One notes: “How hard is it to tally the refunds you’ve provided and show proof?”

Another adds sarcastically: “Your word is as good as your status in Poland… MIA.”

Fintech Direct will keep on monitoring the situation and provide updates when things change.

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