Blocktrade: Sam Tan – a beacon of hope or just a means to an end?

Blocktrade continues to fall short of its own promises. Neither the introduction of eCredits nor the BTEX token have achieved the hoped-for success. Instead, both prices are in a sustained decline, and a long-announced IPO has not yet taken place. The shares, which were advertised as highly promising, also offer no prospect of monetisation. Customer confidence has been noticeably shaken – a development that is clearly evident in discussions in Telegram groups. The calls for perseverance from Markus Käfer and other leaders can only temporarily halt this erosion.

In this tense situation, Blocktrade is counting on a new player: Sam Tan, who has been appointed as director of Blocktrade S.A. as of September 2024. But while hopes are growing for a change of course, the circumstances of his appointment and his career to date raise numerous questions.

The role of Sam Tan: substance or staging?

Sam Tan is presented not only as the director of Blocktrade but also as the CEO of BioNexus, a company listed on NASDAQ. This connection to NASDAQ seems to be intended to create confidence among investors. However, a closer look reveals disturbing details: BioNexus is about to be delisted from NASDAQ – an indication that the company may no longer meet the strict requirements for a listing. Such a delisting would significantly weaken BioNexus and calls into question the credibility of Sam Tan as a leader.

In addition to his role at BioNexus, Sam Tan is also presented as the chairman of the FSR Group, an organisation that is said to be dedicated to the ‘democratisation of finance’. However, the FSR Group has only existed for a few months and has so far been unable to demonstrate any reputation or substance. Even in an AMA (Ask Me Anything) session that Tan held on 21 October 2020, many details about the FSR Group remained vague and non-binding. It is noteworthy that the FSR Group holds the majority of the voting shares in Blocktrade – a fact that, on closer inspection, suggests strategic interests.

A question of identity: Who is Sam Tan really?

Interestingly, there are indications that Sam Tan’s real name is Su Leng Tan Lee, a person from Kuala Lumpur, Malaysia. This name appears not only in official documents of BioNexus Gene Lab Corp. but also in connection with his role as a board member of Blocktrade S.A. This discrepancy calls into question the transparency and authenticity of his person and sheds further light on the opaque structures behind Blocktrade.

Strategic placement or real change?

Sam Tan is presented as an experienced expert who is supposed to lead Blocktrade into a successful future. However, there are many indications that his appointment is more of a strategic marketing manoeuvre to secure investor confidence in the short term. It wouldn’t be the first time that in the system has used supposedly competent leaders to generate new funds. It remains questionable to what extent Tan is aware of the deep entanglements of Blocktrade with the myWorld empire.

The partnership with SKAI2: another puzzle piece?

Tan also recently appeared at the SKAI2 keynote, where he was introduced as CEO of BioNexus. BioNexus has announced a partnership with SKAI2 to support the project with its expertise. However, the areas of expertise of the two companies seem to have little overlap, which calls into question the credibility of this collaboration. At the same time, SKAI2 is a partner of Blocktrade – a connection that hardly seems coincidental.

Conclusion: Bearer of hope or just a facade?

Sam Tan may be ambitious, but the circumstances of his appointment and his connection to struggling companies like BioNexus raise doubts. There is much to suggest that he is being used as a ‘means to an end’ to make BlockTrade appear attractive in the short term. Whether this is enough to solve the company’s deep structural problems remains questionable.

We will continue to monitor developments critically and report promptly. Stay tuned – we ensure transparency in an increasingly opaque system.

Source: Investing.com , Yahoo Finance

Note: As always, those affected are welcome to comment, or if someone has more or different information, they are welcome to share it with us. We are not interested in making false claims and our primary goal remains to provide complete documentation.