Hellenic Coin (HNC), Greece’s first cryptocurrency, collapsed earlier in November after the CEO went off the radar for about two weeks alarming traders about the way forward for the crypto.
The worth of Hellenic Coin plunged as Vangelis Tsapas turned unavailable – from over $1.20 on Nov. 8, to beneath $0.36 on Friday. That’s after reaching its all-time excessive of $4.84 on June 14, 2021.
Tsapas, a businessman and proprietor of the basketball staff Ionikos Nikaia, finally reappeared and introduced he’ll quickly return to his enterprise obligations at Hellenic Coin. Claiming media studies had been liable for the plummeting worth, he insisted his absence didn’t play any function and said:
“It’s falling, proper, by which I, in fact, don’t have any involvement. As a result of I’ve by no means bought a single cryptocurrency. I would not have any, as a result of I transferred all the pieces final Friday without spending a dime, as I’ve the correct, with out taking a single euro,” he informed Proto Thema web site.
His reappearance was too little too late for the managing staff of Hellenic Coin, which in a press release knowledgeable the general public that he’s not heading the mission anymore.
Hellenic Coin beneath new administration
“Mr. Tsapas joined the mission, as CEO, in February 2020. HNC Coin was based in February 2015 as the primary Greek cryptocurrency. It’s understood that Mr. Tsapas is neither the founder nor the proprietor of HNC Coin, as many articles within the print and digital media incorrectly point out. No cryptocurrency has an proprietor and HNC Coin couldn’t be an exception.
“HNC Coin is owned by 1000’s from everywhere in the world. The prevailing staff of HNC Coin makes a feverish effort with steady discussions and contacts with present and new traders and has already managed to create the spine of an skilled staff with funding information, consistency, and accountability that undertakes the continuation and improvement of the mission.”
Failed to interrupt from the margins of the cryptocurrency market
HNC Coin calls itself a “dual-purpose foreign money”, each as a way of fee and as an modern funding scheme. It’s an open-source blockchain and cryptocurrency primarily based on the blockchain know-how of Sprint cryptocurrency targeted on providing a quick, low-cost international funds community that’s decentralized in nature.
Based on HNC, it seeks to overhaul broadly established cryptocurrencies with related applied sciences. Since July 2021, HNC has grown and tailored Sprint blockchain know-how.
Nevertheless, its acceptance by exchanges is comparatively restricted, monetary consultants are noting. Regardless of being round for six years it has failed to interrupt from the margins of the cryptocurrencies market.
Previously couple of years, cryptocurrency has invaded Greece’s society, largely due to excessive taxation and the pandemic. Whereas the typical Greek won’t know what “bitcoin” means, curiosity in its mining has risen considerably.
In Greece, an estimated double-digit share of the inhabitants are into cryptocurrency buying and selling on numerous platforms. Mining, however, is a way more expensive and energy-consuming enterprise for Greek people.
The price of cryptocurrency mining gear and the rising prices of electrical energy in Greece make crypto mining a prohibitive job for Greek residents.
Associated: All You Needed to Know About Cryptocurrency in Greece
