The man heading the company that launched what came to be known as the first cryptocurrency in Greece has allegedly disappeared this month after causing the price of the coin to go down. For about two weeks, the executive remained off the radar before he informed the press that he would return soon. Moreover, he rejected the accusations against him of causing the price of the cryptocurrency to crash. Sponsoring a basketball team in Greece and having a number of business interests, Vangelis Tsapas vanished suddenly in the beginning of November. This ended up upsetting investors who had put their money in a crypto he had launched.
The Hellenic Coin (HNC) had a price of $1.20 on November 8th, but his disappearance caused the price of the crypto to plunge to a value below $0.34 at the time of writing. This was after the cryptocurrency’s price had reached an all-time high on June 14th, 2021 that brought it to $4.84. There were speculations that Tsapas had sold his entire HNC stash, which had resulted in the fall in price. However, he denied this accusation. A group of finance experts and blockchain developers had launched coin back in 2015 and it was advertised as the ‘first Greek cryptocurrency’.
The coin was under the management of a company named HNC Revolution and Tsapas had been serving as its CEO before the entrepreneur tendered his recent resignation. The coin had been developed as a payment instrument as well as an investment vehicle. The purpose was to use the cryptocurrency for facilitating transactions for the tourism industry in Greece and people all around the world had bought the coin. The disappearance of the crypto businessman not only raised concerns amongst the HNC Coin holders, but was also alarming for other players and staff at the club named Nikaias B.C. as well because he has been lending them financial support.
His other interests include shipping and catering and reports indicate that Qatar’s prime minister is also angry with Tsapas. This is because his company was hired for managing Al Mirqab, the superyacht owned by Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani. However, as it turned out, Tsapas had not paid any wages to the crew. Once he stopped answering his phone, the HNC Coin had begun losing its value, but he rejected allegations of causing the drop in the cryptocurrency’s price by selling his own coins.
The ‘phantom’ businessman said that he had actually given away his Hellenic crypto free of charge and said that the ‘noise’ was caused by his close associates. He also announced that he would be returning to his business obligations soon. He insisted that media reports were responsible for the plummeting price and that his absence hadn’t played a role in it. He further added that he was speaking to a new management team for ensuring the cryptocurrency’s viability. Meanwhile, he has been refused by the current leadership of the HNC Coin and the public has been informed that he is no longer at the helm of the project.