Are blockchain companies cursed with too much cash?

Fortune August 19, 2020
Jeff John Roberts and David Z. Morris

If you follow the cryptocurrency industry, you’ve probably heard of a project called Filecoin. In 2017, Filecoin’s parent company raised $205 million to build a new type of digital storage network. The network would use tokens and blockchain technology to store data on millions of computers around the world.

Three years later, Filecoin does not have a product, but it does have a legal headache. Its venture capital investors are accusing the project’s leaders of selling off digital tokens—the blockchain version of shares—that should belong to them. The dispute is reportedly in mediation, while a spokesperson for Filecoin tells Fortune that “we do not comment on our private discussions with specific shareholders.”

Filecoin is hardly the only blockchain project having...

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