The person who was on the helm of the corporate behind what’s develop into referred to as Greece’s first cryptocurrency has allegedly precipitated the coin’s worth to sink as he disappeared this month. The chief was off the radar for about two weeks earlier than lastly telling the press he’ll quickly return, rejecting accusations he has crashed the market of the crypto.
Hellenic Coin Plummets Amid Crypto Traders’ Worries About Whereabouts of Coin’s Creator
Vangelis Tsapas, somebody with varied enterprise pursuits and a sponsor of a basketball staff in Greece, upset buyers in a cryptocurrency he created when he abruptly vanished earlier in November. The worth of Hellenic Coin (HNC) plunged as he turned unavailable – from over $1.20 on Nov. 8, to below $0.34 on the time of writing. That’s after reaching its all-time excessive of $4.84 on June 14, 2021.
Speculations emerged that Tsapas had bought his HNC stash inflicting the droop, an accusation he has denied. Earlier than his latest resignation, the entrepreneur was the CEO of HNC Revolution, the corporate managing the coin which was launched by a gaggle of blockchain builders and finance specialists in 2015 because the “first Greek cryptocurrency,” the enterprise information portal Newmoney.gr recollects. It was conceived each as an funding car and a fee instrument aimed toward facilitating digital transactions for the Greek tourism business and has since been purchased by folks from world wide.
Whereas elevating considerations amongst HNC Coin holders, his disappearance alarmed gamers and different workers at Ionikos Nikaias B.C. too, as he has been supporting the membership financially. Tsapas, who’s concerned in catering and transport as properly, has additionally reportedly angered Qatar’s prime minister as his firm employed to handle Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani’s superyacht, Al Mirqab, did not pay its crew their wages.
Regardless of the HNC Coin clearly beginning to lose worth after Mr. Tsapas stopped answering his cellphone, he has just lately rejected allegations he has precipitated the drop by promoting his cash. Chatting with the Proto Thema newspaper this week, the “phantom” businessman insisted he had really given away the Hellenic crypto without cost, blamed his shut associates for the “noise” and introduced he’ll quickly return to his enterprise obligations. Claiming media stories are had been liable for the plummeting worth, he insisted his absence didn’t play any function and said:
It’s falling, proper, wherein I, in fact, don’t have any involvement. As a result of I’ve by no means bought a single cryptocurrency. I wouldn’t have any, as a result of I transferred every thing final Friday without cost, as I’ve the appropriate, with out taking a single euro.
Tsapas added he’s holding talks with a brand new administration staff to make sure the viability of the crypto. In the meantime, HNC Coin’s present management has refuted him and knowledgeable the general public that he’s not heading the venture anymore. A launched assertion emphasised that following the latest occasions, Tsapas is now not the CEO and isn’t concerned in decision-making relating to the cryptocurrency’s operation and improvement.
Within the interview with Proto Thema, meant to “restore the reality,” Vangelis Tsapas cited “severe well being causes” for his short-term retreat out of Athens and public sight however he additionally mentioned he took the step on recommendation from his lawyer. “By the way in which, I’ve not been known as by a prosecutor for any motive,” Tsapas identified. The publication notes that Greek legislation enforcement authorities have been discreetly monitoring developments within the case.
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