I just thought I should post here as a former staff member at Banx... These are my own personal thoughts and opinions and in no way reflect what Mark is thinking...

I know Mark didn't set out to scam everyone but I can see how it may look like that from the outside. My take on it is that he tried to do too much all at once rather than focussing on one thing and getting it profitable before moving onto the next thing. It also didn't help that it was in ICO for such a long time. If the full funding had come in quickly then things would have been different but when I was working there it was a constant struggle to make ends meet each month and pay the bills so the small amounts of investment that were coming in were getting swallowed up rather than being put to good use getting things going. On top of that we were trying to make sure we were paying the profit payouts each month from the little amounts of money that were being made.

In my opinion what we should have done was review things after the first 3-6 months with regards to the ICO and stopped the funding round there and used the money already attained to get one or two of the projects up and running properly and making money. Then do a second round of funding for the next projects after that. We tried to do too much too soon with not enough startup capital! Hindsight is always 20/20 though!

Mark has had it EXTREMELY tough both personally and professionally over the past few months and I'm not trying to make excuses for him as essentially it is all on his back but as I said the main reasons for the failure are that he tried to do everything all at once rather than focussing on one thing at a time. BanxMint for example was ready back in January last year but the marketing wasn't fired up for it so it never became profitable mainly because the money that was coming in was getting swallowed up in the bills rather than getting projects finished!

Banx.io was more of a cost than an expense once it was changed over to the new platform. Although the first version was pretty crap at least it made some money which was all put into the profit payouts. The original developer of that exchange left us high and dry! He left the country having half finished the system and we had no way of finishing it and also didn't know what backdoors he had left in there so we had to make the change. The new system we bought from Byron was awesome though, it just cost a lot more to keep it operational each month. We had no choice really though at that point and it was the best decision we could make at that time. I don't know what the deal is with that now though, whether it is solely owned by Byron or if Mark still has something in there as well...

The crypto profit training took way to long to get finished and never got launched properly so no real money was made from that either. That was the main thing that was designed to make everything work. Get new people into crypto with training and then get them to use the Banx services after that. If that had been completed earlier and we had brought in the new people to the crypto world things probably would have been very different.

The same is true for most of the things that were tried. It was a half job before moving onto the next thing! I know for a fact that Mark didn't set out to scam anyone but it was just bad luck and bad management. When I joined him our mutual friends all said to me my main job would be to keep Mark focussed on one or two things as he has a tendency to do too much too soon! I tried my best at that but ultimately I failed and therefore I feel partly responsible for the failure of Banx...

To those of you that think Mark has done a runner with all your money and is now living the high life, I know that is not the case! He has not bought a new house, he is renting and very likely very short on money at the moment due to the amount he put into this venture. He is probably getting emails and messages constantly off people asking where their money is which is why he has setup the new email address to deal with it all centrally so he can take time away from it every now and then to keep himself from spiralling into depression and make sure he still has some drive left to build something that can make money and set everyone straight!

I still consider Mark a friend and knowing how driven he is to build a successful business I know he will keep trying until he gets it right. If/when that happens I know the sort of person he is and he will do his best to make things right with the investors in Banx.

Of course everything I have said here is my own opinion. Mark hasn't asked me to post this, I haven't spoken to him in a while. I have just written things the way I see them along with the reasons I feel why Banx ultimately ended up failing.

I am unlikely to respond to much on here though as I am no longer in the crypto space (apart from a bit of trading personally) so don't really hang out on here.

I wish you all the best of luck in whatever it is you are doing.

Simon (ex Business Manager Banx Capital)