Bitcache, a crypto startup backed by Kim Dotcom, has been liquidated, reportedly over unpaid legal fees. Phil Creagh, an Auckland lawyer who acted as Bitcache’s director until Sept. 2020, is reported to have applied for the startup’s liquidation on May 24.
Bitcache’s Unpaid Legal Fees
A New Zealand-based crypto startup previously promoted by prominent crypto advocate and entrepreneur Kim Dotcom, has been reportedly liquidated over unpaid legal fees. According to a report by Newsroom, owners of the startup known as Bitcache have not contested the decision to liquidate.
The liquidation of the startup, which Kim Dotcom lauded as a platform that would revolutionize the way online content creators get paid, came more than six years after it was launched. Phil Creagh, an Auckland lawyer who acted as Bitcache’s director until Sept. 2020, is reported to have applied for the startup’s liquidation on May 24.
Commenting on the decision to liquidate Bitcache before it achieved any of its objectives, Creagh said:
It’s pretty straightforward, there are fees owed and not paid. The company has not taken any steps so far to avoid being placed in liquidation. We’ll put it in liquidation and see what, if anything, can be recovered.
The lawyer added that his firm Anderson Creagh Lai stopped representing the Kim Dotcom-backed startup some time ago.
According to the Newsroom report, Bitcache initially hit a major obstacle in early 2017 when the platform’s planned launch was interrupted by what Dotcom referred to as a “hiccup.” Since then, attempts to launch the platform have all failed. The report added that Bitcache, which reportedly last filed a return to the Companies Office in 2021, is now likely to be removed from the Companies Register.
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