Thousands of people have lost their life savings after the business man behind Greece’s premier cryptocurrency, Hellenic Coin, has disappeared. The company was already struggling to meet its obligations to investors when the founder left without warning.
The fledgling cryptocurrency market in Greece is now in tatters after the collapse of the country’s biggest digital currency. Investors are disappointed and searching for answers or even justice. Here, are some facts about this disaster.
In a sudden disappearance this month, the man who ran the company behind Greece’s first cryptocurrency allegedly caused its price to plummet. After being off the radar for two weeks, the executive finally told the press that he would be returning soon, rejecting accusations that he had crashed the market for crypto.
Greek Entrepreneur Behind Greece’s Premier Cryptocurrency Disappears
An investor in a cryptocurrency that Tsapas created was upset when he suddenly vanished earlier in November after holding various business interests and sponsoring a basketball team in Greece.
He became unavailable on Nov. 8, leading to a plunge in Hellenic Coin (HNC) prices – from over $1.20 on Nov. 8 to under $0.34 at the time of writing. Hellenic Coin reached its peak of $4.84 on June 14, 2021.
There were rumors that Tsapas had sold his HNC stash, causing the slump, an accusation he denied. Business news portal Newmoney.gr recalls that the entrepreneur recently resigned as CEO of HNC Revolution, the company managing the coin which was launched in 2015 as the “first Greek cryptocurrency” by a group of blockchain developers and finance experts. Aiming to facilitate digital transactions for the Greek tourism industry, it was conceived both as an investment vehicle and as a payment instrument, and has since been bought by people around the world.
Ionikos Nikaias BC players and staff were also alarmed by his disappearance since he supported the club financially. The company, which is also involved in catering and shipping, has also reportedly angered Qatar’s prime minister after failing to pay the crew of the superyacht Al Mirqab managed by Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani.
In a sudden disappearance this month, the man who ran the company behind Greece’s first cryptocurrency allegedly caused its price to plummet. After being off the radar for two weeks, the executive finally told the press that he would be returning soon, rejecting accusations that he had crashed the market for crypto.
Hellenic Coin Plummets Amid Crypto Investors’ Worries About Whereabouts of Coin’s Creator
An investor in a cryptocurrency that Tsapas created was upset when he suddenly vanished earlier in November after holding various business interests and sponsoring a basketball team in Greece.
He became unavailable on Nov. 8, leading to a plunge in Hellenic Coin (HNC) prices – from over $1.20 on Nov. 8 to under $0.34 at the time of writing. Hellenic Coin reached its peak of $4.84 on June 14, 2021.
There were rumors that Tsapas had sold his HNC stash, causing the slump, an accusation he denied. Business news portal Newmoney.gr recalls that the entrepreneur recently resigned as CEO of HNC Revolution, the company managing the coin which was launched in 2015 as the “first Greek cryptocurrency” by a group of blockchain developers and finance experts. Aiming to facilitate digital transactions for the Greek tourism industry, it was conceived both as an investment vehicle and as a payment instrument, and has since been bought by people around the world.
Ionikos Nikaias BC players and staff were also alarmed by his disappearance since he supported the club financially. The company, which is also involved in catering and shipping, has also reportedly angered Qatar’s prime minister after failing to pay the crew of the superyacht Al Mirqab managed by Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani.
Meet the Founder of HNC: The World’s Biggest Scammer?
Mr. Tsapas has recently denied allegations that he caused the decline by selling his coins, despite the fact that the HNC Coin clearly lost value after he stopped answering his phone. The “phantom” businessman told Proto Thema this week that he had indeed given away the Hellenic crypto free of charge, blamed his close associates for the “noise” and promised to return to his duties soon.
His absence, he claims, didn’t play any role in the plummeting price and claimed that media reports are to blame.
It’s falling, right, in which I, of course, have no involvement. Because I have never sold a single cryptocurrency. I do not have any, because I transferred everything last Friday for free, as I have the right, without taking a single euro.
As a result of his remarks, Tsapas said he’s in talks with a new management team to ensure the survival of the cryptocurrency. Meanwhile, HNC Coin’s current leadership has refuted him and announced that he’s no longer heading the project.
Following the recent events, Tsapas is no longer the cryptocurrency’s CEO or involved in decision-making concerning its operation or development, according to a statement released.
Tsapas mentioned “serious health reasons” for his temporary retreat out of Athens and public view in an interview with Proto Thema to “restore the truth.” He also said he took the step on the advice of his lawyer.
By the way, I have not been called by a prosecutor for any reason,” Tsapas reiterated. The publication notes that Greek police have been discreetly monitoring the case.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
