Gamedex is a platform which supports digital collectible cards and the games that they can be used in. Within the Gamedex ecosystem, cards can be issued, purchased, and traded. The ecosystem encompasses a significant number of games.
Gamedex tokens (GDX) can be used to purchase and trade cards, though they can also be used within games (e.g. for purchasing games independently, or for making in-game transactions).
Invictus Capital participated in the pre-sale, with a contribution of $762,400 USD.
Impairment of Investment - Q2 2019
Gamedex has called off their public sale due to a lack of funding. In order to mitigate as much risk as possible for IHF token holders, Invictus Hyperion ensures that where possible, we have sound legal agreements in place with clauses that protect investor interests. Towards the end of 2018, Gamedex had not delivered as per their agreement with Hyperion and were legally obligated to return the capital they had received. Unfortunately, Gamedex refused to accept this, despite numerous attempts and extensive legal consultation.
After requesting account information and fund reconciliations, we have come to the unfortunate conclusion of having to proceed with a legal claim due to the remainder of Gamedex’s company funds having been placed in personal bank accounts. We have therefore engaged with our counsel who will be proceeding with a lawsuit against Henno Fourie, Cameron Garvie, Chris Porter and the other founders/advisors in order to retrieve value attributable to the Hyperion Fund. A confidential legal settlement has been reached with Wemark, as stated in the Q4-19 Report.
The full value of the Gamedex SAFT amounting to $762,400 has been impaired and is therefore not contributing towards the net asset value of the Hyperion Fund.