First Greek Cryptocurrency "Hellenic Coin" Collapses executive missing

The man who was at the company's wheel behind what’s become known as Greece’s first cryptocurrency has allegedly caused the coin’s price to sink as he disappeared this month.

The executive was off the radar for about two weeks before finally telling the press he would soon return, rejecting allegations he had crashed the market of the cryptocurrency Hellenic Coin.

Vangelis Tsapas, a Greek Businessman with interests and a backer of a basketball team in Greece, upset investors in a cryptocurrency he founded when he suddenly disappeared earlier in November.

The price of Hellenic Coin (HNC) plunged as he became unavailable – from over $1.20 on Nov. 8 to under $0.364949 at writing. That’s after touching its all-time high of $4.84 on June 14, 2021.

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 Proto Thema newspaper this week, the “ghost” 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 said

It’s falling, all 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.

Vangelis Tsapas

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 delivered statement highlighted 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 Proto 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.

The newspaper notes that Greek law enforcement authorities have been discreetly monitoring developments in the case.