Ah…The news broke a few days ago: Oussama Ammar is accused of fraud and embezzlement of more than 3 million euros. The complaint was filed by his former associates of “The family”.
"The Family" is the name given to the start-up incubator that he co-founded, inspired by the methods of the famous And Combinator, across the Atlantic. Emmanuel Macron himself – when he was a minister – visited their premises to extol the virtues of what would become the standard of the “startup nation”.
Today, the wind has turned for The Family and scandals and mismanagement have been following one another for several years now. It is Oussama Ammar who seems to crystallize part of the "problems" of The Family.
This is not the first time that Osama Ammar has made headlines with cases of corruption or fraud. In 2016, for previous cases, the newspaper l'Express, declared that “Prosecuted for breach of trust, forgery and use of forgery, the thirty-year-old was sentenced on June 14 to four months in prison suspended by the criminal court of Nanterre (Hauts-de-Seine)”.
A few years later – once is not customary – Oussama Ammar is accused of having embezzled funds by harming investors. This caused a lot of noise because many investors (individuals and institutions) had believed in the incubator. The aura of the "tech guru" has something to do with it. The fine formulas and the grand speeches were not enough, however. We discover with this new accusation, that he was ousted (once again from his own board) because he allegedly used the company's funds for his personal use...
The latter, after numerous accusations, announced his resignation publicly. Now he wants to get into cryptocurrencies.
You can read the article by his ex-associate Alice Zagury which explains the delicate circumstances that the company has gone through and the new challenges to overcome now:
Let us recall that even if he was convicted by the courts in his other trials, for this new accusation, the work of justice is in progress. Oussama Ammar is then "presumed innocent". He currently resides in Dubai, and it seems that with all its subsidiaries in Dubai and Hong Kong, the matter will be complicated to resolve…
The French Tech speaker is dragging big pots behind him...It's clearly a euphemism but that's not what interests us. (At the end of this article, we will point you to resources and more detailed articles on his struggles with the law.)
In fact, if we decided to talk about him here, it's because we've been hearing about him and his professional retraining in the world of cryptocurrencies for a few months.
And that’s what interests us, naturally. We are going to give him here the attention he demands through his podcasts and his videos on YouTube.
Oussama Amar: Retraining in Web3 for the love of cryptocurrencies?
We learned a few months ago, in particular, in YouTube videos that he "had left EVERYTHING (an empire, editor's note) to launch into cryptocurrencies".
Everyone will understand what they want. On YouTube, as you know, you can say anything and you will always find an audience to validate your words. Don't worry about that. It's the perfect space to drown imposter syndrome. This one doesn't exist on Youtube. You can be the expert you dream of being.
The only thing we have to understand now is that he is now interested in Web3…It’s still very vague, you might say.
It's okay to say nothing, we agree. However, we can get carried away by saying that ultimately everyone ends up succumbing to cryptocurrencies. Irresistible, isn't it?
Some will say that Osama Ammar is taking the opportunity to redeem his behavior and carve out a new career in cryptos, neither seen nor known to this new audience.
Indeed, many people who have had run-ins with the law are getting into cryptocurrencies. This is not new. It has even become quite common, unfortunately. We could call it "crypto-washing" to invent a term. A real career laundering we could say. Typically, they do it anonymously so as not to be unmasked as was the case with the protocol case Wonderland. (The community had discovered that one of the developers was a notorious scammer who had embezzled funds of an exchange platform).
However, others will tell you that those who say this are evil "haters". And the debate on Twitter will take care of swelling the cake.
Oussama Ammar launches his first NFT
Neither one, nor two, a few days after announcing his career move into cryptos, Oussama Ammar changed his name on Twitter (Daedalium) and launched his first NFT collection. More than 23 ETH were collected, or around $78 at the time of writing this article. A project in support of an artist, read the description.
Then, recently, Oussama Ammar decided to join forces with YouTuber Yomi Denzel to create a crypto podcast on Youtube.
The podcast is called “Permissionless” and it’s going to be about cryptocurrencies.
Yomi Denzel is a personality who also deserves an article. We will publish it very soon, count on us.
The rapprochement between Yomi Denzel and Osama Ammar
Yomi Denzel made his fortune on YouTube selling dropshipping training courses. Gifted for marketing (he uses reality TV stars to promote competitions for example) Yomi Denzel nonetheless remains a very controversial figure regarding his practices...He has sold thousands of training courses to learn dropshipping and today, he is dedicated to NFTs, the new goose that lays the golden eggs according to him.
Recently, in fact, he has promoted a project called CryptoChampions. NFTs were initially sold at 0,25 ETH and today, they can be found at 0,025 ETH. We can't tell you more about the project...
So this is how the two YouTubers came together to finally create a podcast that talks about cryptocurrencies to as many people as possible.
Finally, here are the points in common between the two public figures:
- Mainly YouTubers. Osama Ammar says it himself » We would be nobody without YouTube" (at minute 14:02 of the video)). They therefore have a very good marketing approach to the video platform which they know how to use well to reach an ever-larger audience.
- The same criticisms : As much as entrepreneurs criticize Oussama for talking about entrepreneurship when he himself has not created a valued startup. The same goes for Yomi Denzel who is criticized for talking about e-commerce without ever showing his stores (the competition could steal his ideas, according to him). Yomi Denzel is also criticized for being the product par excellence of " Get-rich-quick scheme » (Selling techniques to learn how to get rich quickly).
- The same discovery of this sudden “passion” for cryptocurrencies, in full swing bull run, of course.
Will the reputation of charlatans slip past the YouTube algorithm?
In any case, the two episodes of the podcast are already recording numerous views. They plan to invite personalities from the cryptosphere and to promote of their personal projects. It is also planned to interview personalities and to talk about certain projects that they will follow with their "expert" eyes...
We can nevertheless say that if they do it sincerely to introduce cryptocurrencies to as many people as possible. If the project is selfless and serves a good cause, then why not? Popularization is very supportive and the ecosystem needs it.
Now, we must not forget that for many people, Yomi Denzel and Oussama Amar are charlatans and smooth talkers. Just google their names and you'll find lots of reviews of them.
However, we do not intend to open a people's court. Oussama Amar was an important and eloquent figure in the world of French startups. We can't take that away from him. Could his arrival in web 3 be a new, more fruitful adventure? Maybe and that’s what we wish him.
Will this further darken the image of cryptocurrencies? Can a person who embezzles funds, who is accused several times, regain his honor in cryptos?
We ask you the question and we would be curious to hear from you!
Everyone will form an opinion on their respective ethics. We are not here to judge. Once again, nothing is black or white...
Final words and additional resources to give you an opinion
This is how we end this article where we have refrained from saying frankly what we think about all this. We can't say everything as you know because you know when we touch the ego...
The only thing we can tell you is that – on a personal level – we are seriously starting to think like Andrew Cronje (one of the founders of DeFi) and like Vitalik Buterin, the founder of Ethereum about the future of decentralized finance…
The two personalities spoke about the pathetic, greedy and immature turn that the cryptosphere is taking... It seems that they are right.
Now everyone is free to think what they want.
Here are the articles to go further:
- The Capital article which takes up the whole affair with the details of the accusations and convictions against Osama Amar
- The Family files a complaint against Osama Ammar (The Maddyness)
- Portrait of Oussama Ammar: everything you need to know about The Family, entrepreneurship, complaint (Cool business)
- The Family facing the revolt of small shareholders (The Maddyness)
- La timeline of the Family from start to fall (Inspire Media) . This is a very good article and podcast in which we learn more about the financial difficulties of The Family, which has always had difficulty being profitable.
- Osama Ammar, the hidden face of a guru (The Express)
- The financial losses of The Family (Letter A), article which focuses more on the anger of shareholders who believed and invested in The Family.
This is strictly an opinion article which does not commit ZoneBitcoin newspaper in any way. The article was written by editors who wish to remain anonymous. As always, with cryptocurrencies, do your own research and Above all, be careful about what you read and hear.
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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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