Crypto Businessman Disappears as ‘First Greek Cryptocurrency’ Collapses

The man who was at the helm of the company behind whats become known as Greeces first cryptocurrency has allegedly caused the coins price to sink as he disappeared this month. The executive was off the radar for about two weeks before finally telling the press he will soon return, rejecting accusations he has crashed the market of the crypto.

Hellenic Coin Plummets Amid Crypto InvestorsWorries About Whereabouts of Coins Creator

Vangelis Tsapas, someone with various business interests and a sponsor of a basketball team in Greece, upset investors in a cryptocurrency he created when he suddenly vanished earlier in November. The price of Hellenic Coin (HNC) plunged as he became unavailablefrom over $1.20 on Nov. 8, to under $0.34 at the time of writing. Thats after reaching its all-time high of $4.84 on June 14, 2021.

Source: Coinmarketcap

Speculations emerged that Tsapas had sold his HNC stash causing the slump, an accusation he has 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 thefirst Greek cryptocurrency,” the business news portal recalls. It was conceived both as an investment vehicle and a payment instrument aimed at facilitating digital transactions for the Greek tourism industry and has since been bought by people from around the world.

Vangelis Tsapas, founder of Hellenic Coin. Source:

While raising concerns among HNC Coin holders, his disappearance alarmed players and other staff at Ionikos Nikaias B.C. too, as he has been supporting the club financially. Tsapas, who is involved in catering and shipping as well, has also reportedly angered Qatars prime minister as his company hired to manage Sheikh Khalid bin Khalifa bin Abdulaziz Al Thanis superyacht, Al Mirqab, failed to pay its crew their wages.

Despite the HNC Coin clearly starting to lose value after Mr. Tsapas stopped answering his phone, he has recently rejected allegations he has caused the drop by selling his coins. Speaking to the Thema newspaper this week, thephantombusinessman insisted he had actually given away the Hellenic crypto for free, blamed his close associates for thenoiseand announced he will soon return to his business obligations. Claiming media reports are were responsible for the plummeting price, he insisted his absence didnt play any role and stated:

Its 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.

Tsapas added hes holding talks with a new management team to ensure the viability of the crypto. Meanwhile, HNC Coins 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 cryptocurrencys operation and development.

In the interview with Thema, meant torestore the truth,” Vangelis Tsapas citedserious health reasonsfor 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. The publication notes that Greek law enforcement authorities have been discreetly monitoring developments in the case.

Tags in this story
businessman, COIN, Crypto, crypto businessman, crypto entrepreneur, Cryptocurrencies, Cryptocurrency, disappearance, drop, Entrepreneur, Greece, Greek, Hellenic Coin, HNC, HNC Coin, Investors, market, Price, Tsapas, Value, Vangelis Tsapas

What do you think will be the fate of Greeces first cryptocurrency and its creator? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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