Greece’s ‘first crypto’ dips 90% as CEO skips town following Ponzi allegations

The value of HNC Coin, the first crypto from Greece, has plummeted by over 90% since its all-time high value in June. Reports claim that its chief exec Vangelis Tsapas has left town with his loot.

Over the past month, HNC Coin plunged by 75%. However, Tsapas claims he left Athens for “health reasons” contrary to opinions that he was running away from a crumbling business empire.

Since the former boss of HNC Revolution left town last Monday, he has been accused of running a Ponzi scheme, embezzling funds from his basketball team, and withholding wages from the superyacht crew of the Qatari Prime Minister.

In his defense, Tsapas says he has nothing to do with the plummeting price. Instead, he blamed the press for documenting his departure from the crypto company and laying allegations against him.

Even if I wanted to drop the price [by selling HNC Coin], as they say, I cannot do it. I did not have such access, the coins are blocked […] The price of [HNC Coin] has fallen, of course, and that is why there is concern […] when such publications come out, it makes sense for the price to fall.

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