oBike pulled out of the Singapore market on June 25, leaving tens of thousands here struggling to get their deposits back.

In the midst of the chaos, a troubling LiveJournal post with serious allegations against oBike founder, Shi Yi, has surfaced.

Allegations

The post made many claims against Shi and the oBike business.

This a summary of the main allegations and claims according to the post:

• Shi and his associates have allegedly been making use of Singapore and its reputation to make quick and big money.
• He allegedly crowdfunded for oBike using cryptocurrency but never had the intention of investing the funds raised into oBike.
• Shi founded Avazu, a mobile advertising platform, from which he allegedly made his first millions. According to a legal document, the directors are apparently Shi’s maternal grandmother, Jin Peigang, and maternal grandfather.
• Both he and his maternal grandmother apparently have their hands in many information-network companies.
• Shi also has shares in a number of investment and venture capital businesses.
• The post suggests that these were set up to "support the facilitation of sizable payments quickly, across national borders and seemingly in legitimate manner."

Shi Yi's LinkedIn note

On July 2, Shi Yi posted a note on his LinkedIn profile.

Noting that "fake news" has recently been circulating, Shi issued several clarifications, including a claim that oBike had no intention of running away with deposits.

He also said that his grandparents have no stake in Avazu.

"1. I'm a shareholder of oBike, owning 23.58% stake, my title has always been Founding Investor&Chairman in that company

2. Avazu was founded by me sorely, my grandparents are 80+ and can't even handle computers

3. oBike Singapore has been shut down due to economics, the decision was made among all shareholders, no need to generalize/personalize

4. oBike has no intention or need to run away with deposit, instead the company is proactively looking for a solution with the related parties

5. I'm an investor and shareholder in 100+ startups and companies globally, I'm also the direct founder of DotC United Group, some of these ventures cooperate with other block chain companies, that doesn't mean all these companies belong to me"

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The total amount of deposits owed to users in Singapore is S$6.3 million:

Top photo via Avazu & Wikipedia