Dear LEAP community,
When we set out to build LEAP we all had the best intentions. We worked hard, took risks, and tried to adapt to a fast changing environment.
LEAP’s mission was to create a more fair eSport ecosystem, fund GameLeap, and create a utility token LEAP to be used inside GameLeap. From day one I (Alex Kleydints) was in a supporting and active advising role and Ivan Georgiev and GameLeap being the beneficiary of any potential proceeds.
I have been advising GameLeap and Ivan Georgiev since 2016 and this role intensified in 2017 with the start of LEAP. I wrote the white paper, created the narrative, and even appeared in a supporting role in the LEAP promotion video.
LEAP failed for a myriad of reasons. Since day 1 there was a design flaw in LEAP. There was a clash between the interests of a private company (GameLeap) with its shareholders structure and a centralised control and the interests of a decentralised project LEAP, which was indirectly still controlled by GameLeap. This created constant friction and it was essentially the basis of conflicts. I regret to say that at the very beginning, I was also part of this problem, as I was convinced a centrally controlled organisation, with Ivan at the top, made sense. I was a true believer in the success of this project. But over time, as my work with Ivan intensified, and I learned more about the blockchain community, I changed my mind and became a believer in decentralisation. I tried to convince Ivan that GameLeap would still benefit greatly even if LEAP was decentralised. But Ivan didn't adapt.
Ivan Georgiev terminated LEAP on March 21st, by communicating that he, as Director and sole owner of LEAP Esports (Cayman token issuer) and CEO of GameLeap, would not be issuing any more token-sales. He also wanted the connection between LEAP and GameLeap removed so he could dump everything on everyone but not him, trying to limit the fall-out to GameLeap. This made all the work and the investment, which went into preparing all the stages of token-sale, the ads, pr, development, smart contracts, ... worthless (201 Ether). And since the LEAP's, which were already issued, were not going to be used inside GameLeap, the utility of LEAP became 0.
Ivan Georgiev is the CEO and majority shareholder of GameLeap Inc and the Bulgarian company GameLeap Ltd and also the sole founder, CEO and 100% owner of LEAP Esports, the Cayman company, which issued the LEAP tokens.
What now has to happen is the refund of the remaining funds, proportionately amongst the token-holders.
To expedite the refunding process from the wallet Ivan Georgiev fully controls, please fill in this form.
People handle failure in different ways. Some get depressed, frustrated, annoyed, start looking for people to blame, run away from any responsibility, and throw dirt around trying to save face. Ivan comes to mind.
Others, also go through a period of shock, frustration and pain, but then they take responsibility and move on, using the experience to become better, faster, and smarter. And I count myself in the latter category.
I am very grateful for all the support and the patience from everyone who was part of LEAP, either as a contributor, supporter, or a token holder. I sincerely hope that Ivan Georgiev, does the right thing, and distributes the remaining Ether, within the coming 2 weeks. He alone controls the wallet. It’s the right thing to do.
On my end, I will take the hit for my involvement with Ivan Georgiev, GameLeap Inc./Ltd and LEAP. I terminated all involvement in GameLeap, the parent company of LEAP. I forfeited the 2.5% GameLeap advisory shares I was awarded, will cancel the 1% warrant my company had in GameLeap and I am in the process of cancelling any other investment and advisory involvement.
I take full responsibility for my part in LEAP and my backing of Ivan. I used to truly believe in Ivan Georgiev, trained/coached him, organised investor meetings, introduced him to my network (Accel, AngelList, and many others), attracted talent, spear-headed the product development of GameLeap 2.0 (ow.gameleap.com
), wrote the white paper, created the narrative that Ivan pushed and co-developed the product that was used to do the private sale and the pre-sale. I was the first to believe in him back in 2016, and convince others to do so. But the appalling behaviour I witnessed during hard times at LEAP and Ivan’s boneheaded and dishonest unwillingness to start issuing refunds 2 months ago, opened my eyes and as a result made any further cooperation on any level impossible. His excuse that he doesn't know who to refund is outright ridiculous, since this information is public. Through the refund form
we are making it extremely easy for him. You only get to know people for real in hard times and after seeing his true side, it was time to move on.
I would like to end on a positive note.
The ban of token-sales by Facebook and Twitter and the lack of easy to implement KYC and AML services also played an important role in LEAP’s demise. And this is what the majority of the team, which was let go by Ivan, has been working on very hard since March 21st.
As loyal backers, whether you bought tokens or earned them via the bounty, you will receive an Airdrop from CryptoID and Coined (proportionally with the amount of LEAP tokens you own), giving you a way to turn a partial loss into a potential huge win.
So although this is the end of LEAP, it’s at the same time, the birth of CryptoID
, both addressing major pains the whole crypto-community faces, and you will benefit from the rise of both.
To put things in perspective. In under 2 months we proved that we could execute by working hard and deliver actual useful value to you, the token-holders, and we will continue to do so. Ivan Georgiev wasn't even able to do a simple refund from a wallet he controls.
Thank you again for your support,
Happy to talk on Telegram t.me/kleydints
The LEAP token was issued by LEAP Esports, a Cayman company. The sole owner and director of LEAP Esports is Ivan Georgiev, who is at the same time the majority shareholder and CEO of GameLeap Inc (US) and GameLeap OOD (Bulgaria).