The 60 billion blood test scam ended, Theranos announced its official bankruptcy
According to US media reports, Theranos, the blood testing company accused of committing the biggest fraud in Silicon Valley, will soon cease to exist.
Theranos stated in an email to shareholders that the company will formally dissolve and will seek to use the remaining cash to repay unsecured creditors in the coming months.
Previously, federal prosecutors filed criminal charges against Theranos founder Elizabeth Holmes and the former No. 2 executive of the blood test company, accusing them of defrauding investors of hundreds of millions of dollars and defrauding doctors and patients.
Both executives denied the charges and will face criminal trials.
Holmes was once named "the world's youngest self-made rich woman" by "Forbes", was dubbed "the female version of Jobs" and other titles, and was appointed as the entrepreneur ambassador of former US President Barack Obama. The valuation of her company Theranos reached 9 billion US dollars.
The company claims that its blood test technology has been miniaturized, painless, and non-invasive. Traditional blood tests require a tube of blood. Theranos can do more than 240 tests with just a few drops of blood from a patient's fingertips each time. The test results are issued within 4 hours, and the price is less than Medicare and Medicaid. Half of the standard fee.
However, in October 2015, the Wall Street Journal issued an investigation report, questioning the accuracy of the company's blood test results. In the end, one of the company's laboratory testing sites was closed, Holmes was banned from operating a clinical laboratory for two years, and her net worth of 4.5 billion was wiped out.
Theranos reached a settlement with the US Securities and Exchange Commission (SEC) on fraud allegations in March of this year. As part of the settlement agreement, Holmes agreed to surrender the company's controlling rights and pay a fine of 500,000, and was barred from holding any listing for 10 years. A director or executive of a company.
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