The man who was on the helm of the corporate behind what’s turn into identified as Greece’s first cryptocurrency has allegedly precipitated the coin’s value to sink as he disappeared this month. The government 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 Investors’ Worries About Whereabouts of Coin’s Creator
Vangelis Tsapas, somebody with varied enterprise pursuits and a sponsor of a basketball workforce in Greece, upset buyers in a cryptocurrency he created when he abruptly vanished earlier in November. The value of Hellenic Coin (HNC) plunged as he turned unavailable – from over $1.20 on Nov. 8, to underneath $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 offered his HNC stash inflicting the droop, an accusation he has denied. Before his latest resignation, the entrepreneur was the CEO of HNC Revolution, the corporate managing the coin which was launched by a bunch of blockchain builders and finance consultants in 2015 as the “first Greek cryptocurrency,” the enterprise information portal Newmoney.gr recollects. It was conceived each as an funding automobile and a fee instrument geared toward facilitating digital transactions for the Greek tourism business and has since been purchased by folks from all over the world.
While 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 delivery 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.
Despite the HNC Coin clearly beginning to lose worth after Mr. Tsapas stopped answering his telephone, he has lately rejected allegations he has precipitated the drop by promoting his cash. Speaking to the Thema newspaper this week, the “phantom” businessman insisted he had truly given away the Hellenic crypto at no cost, blamed his shut associates for the “noise” and introduced he’ll quickly return to his enterprise obligations. Claiming media reviews are have been liable for the plummeting value, he insisted his absence didn’t play any position and acknowledged:
It’s falling, proper, through which I, in fact, haven’t any involvement. Because I’ve by no means offered a single cryptocurrency. I do not need any, as a result of I transferred the whole lot final Friday at no cost, as I’ve the suitable, with out taking a single euro.
Tsapas added he’s holding talks with a brand new administration workforce to make sure the viability of the crypto. Meanwhile, HNC Coin’s present management has refuted him and knowledgeable the general public that he’s not heading the challenge 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.
In the interview with Thema, meant to “restore the truth,” Vangelis Tsapas cited “serious health reasons” for his momentary retreat out of Athens and public sight however he additionally mentioned he took the step on recommendation from his lawyer. “By the way, I have not been called by a prosecutor for any reason,” Tsapas identified. The publication notes that Greek regulation enforcement authorities have been discreetly monitoring developments within the case.
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