The man who was at the helm of the company behind what’s become known as Greece’s first cryptocurrency has allegedly caused the coin’s price to sink as he disappeared this month. Two weeks passed before the man who was at the helm of what became known as Greece’s first cryptocurrency company, told the press that he will be returning soon. This refuted the accusations that he crashed the crypto market.
Hellenic Coin Plummets Amid Crypto Investors’ Worries About Whereabouts of Coin’s Creator
Vangelis Tapas is an individual with many business interests. He was also a sponsor for the Greek basketball team. Investors in his cryptocurrency, which he invented, were upset when he mysteriously disappeared earlier in November. The price of Hellenic Coin (HNC) plunged as he became unavailable – from over $1.20 on Nov. 8, to under $0.34 at the time of writing. That’s after reaching its all-time high of $4.84 on June 14, 2021.
There were rumors that Tsapas might have sold HNC stock to cause the slump. This he denied. Before his recent resignation, the entrepreneur was the CEO of HNC Revolution, the company managing the coin which was launched by a group of blockchain developers and finance experts in 2015 as the “first Greek cryptocurrency,” the business news portal Newmoney.gr recalls. This coin was created as both an investment vehicle as well as a payment instrument to facilitate digital transactions for the Greek travel industry. People from all over the world have since bought it.
His disappearance raised concerns among HNC Coin owners, but it also alarm players and staff at Ionikos Nikaias B.C. He has also been financially supporting the club. Tsapas, who is involved in catering and shipping as well, has also reportedly angered Qatar’s prime minister as his company hired to manage Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani’s superyacht, Al Mirqab, failed to pay its crew their wages.
Although the HNC Coin has been losing value since Mr. Tsapas stopped calling his number, the “phantom” businessman has denied any claims that the coin’s drop was caused by him selling it. Speaking to the Thema newspaper this week, the “phantom” businessman insisted he had actually given away the Hellenic crypto for free, blamed his close associates for the “noise” and announced he will soon return to his business obligations. Claiming media reports are were responsible for the plummeting price, he insisted his absence didn’t play any role and stated:
It’s falling, right, in which I, of course, have no involvement. It’s because I haven’t sold any cryptocurrency. Because I did not receive any last Friday, I was able to transfer everything for free as I had the right.
Tsapas added he’s holding talks with a new management team to ensure the viability of the crypto. Meanwhile, HNC Coin’s current leadership has refuted him and informed the public that he is not heading the project anymore. A released statement emphasized that following the recent events, Tsapas is no longer the CEO and is not involved in decision-making regarding the cryptocurrency’s operation and development.
In the interview with Thema, meant to “restore the truth,” Vangelis Tsapas cited “serious health reasons” for his temporary retreat out of Athens and public sight but he also said he took the step on advice from his lawyer. “By the way, I have not been called by a prosecutor for any reason,” Tsapas pointed out. According to the publication, Greek law enforcement officials have discreetly been monitoring developments in this case.
What do you think will be the fate of Greece’s first cryptocurrency and its creator? Leave your comments below.
Image creditShutterstock. Pixabay. Wiki Commons