Bitcoin company in Cyprus flees after daughter targeted in death threats

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cyprus seizes savingsThe boss of a Bitcoin company in Cyprus has fled abroad days after it suddenly stopped operations, in a blow to the virtual currency’s once vaunted prospects on the island.

“I received direct threats targeted directly at my daughter. They have been reported to the relevant authorities,” Neo & Bee CEO Danny Brewster said.

“Once those threats were made I took the advice to remain outside of Cyprus and remove contact with anyone that could be responsible for the threats. This included not speaking with members of staff that could be responsible.”

Privately owned television channel Sigma TV said Thursday that it had repeatedly tried to contact Brewster, but to no avail.

The firm launched a huge advertising campaign earlier this year but halted operations late last month before its software to carry out transactions had even gone live.

Brewster himself told specialist Bitcoin news website newsBTC on Tuesday that he had gone abroad after receiving threats against his family, but insisted the move was temporary.

“I left Cyprus on a short-term temporary basis… I haven’t shipped anything from Cyprus and I certainly haven’t run away with company or people’s money or Bitcoins,” Brewster told the website.

Sigma TV’s website said the company had been in operation for five months with 11 staff in its management team and another 15 people recently recruited to operate its branches and call center.

It said Neo suppliers and staff had not yet been paid for March and that some employees claimed they had invested in Bitcoin with the personal guarantee of Brewster.

But Brewster insisted on newsBTC: “Every single Bitcoin raised and spent is accounted for, any claims of embezzlement are nothing but empty claims with no foundation.”

Cyprus had seemed fertile ground for the online crypto-currency.

In November, the island’s largest private university said it had become the first in the world to accept Bitcoin for the payment of tuition and other fees.

The University of Nicosia said at the time that it was also launching the first Master of Science Degree in Digital Currency in 2014, and was drawing up a plan to turn the island into a “hub for Bitcoin trading, processing and banking”.

But last month both the central bank and the finance ministry issued warnings to consumers after Neo’s advertising blitz, saying Bitcoin was an unregulated virtual currency and therefore inherently unsafe.

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11 responses to “Bitcoin company in Cyprus flees after daughter targeted in death threats”

  1. 5thDrawer Avatar
    5thDrawer

    Some Russians must be upset … their hoardings were taxed. :-)))))

  2. MekensehParty Avatar
    MekensehParty

    That’s what I don’t get about bit coins, currencies cannot be unregulated, it doesn’t make sense… There must be some kind of real authority that would enforce safe and fair trading. Until then it’s just a jungle…

    1. Shirdel2142 Avatar
      Shirdel2142

      Well i have a different thought,currency should be regulated but not by the IMF,its all a big freaking scheme.

      1. MekensehParty Avatar
        MekensehParty

        but replacing a scheme with another scheme is not the solution

        1. 5thDrawer Avatar
          5thDrawer

          True. One is bad enough. ๐Ÿ™‚
          The idea – in theory – is that everyone is NOT under the eyes or the taxes of those paying for goods&service in exchanges on the internet between 2 people. And can be done between people in different countries without some cop telling you it’s a bad country – so you can’t. It was also based on a wonderful ‘feeling’ of ‘TRUST’.
          Something like ‘PayPal’ … but without extra ‘fees’ from banks.
          (for instance; very aggravating to buy a car OR a china cup that’s been owned by 3 others and all have had to pay taxes on how much it was sold for; or I offer to paint your shed in exchange for a good massage – and some government wants to have the relativity of ‘value’ added for taxation of those ‘services’ even if two are happy)
          So ‘WE’ buy an ‘etherial coin’ to exchange – not owned by anyone but us.
          Sounded great, I suppose, to MANY. IF we lived in an etherial world.
          Enter ‘the human factor’.
          ‘Business’ sets up to make a ‘fee’ for handling bit-coins.
          ‘People’ exchange illegal or dangerous objects.
          ‘Thieves’ attack when they hear there’s more than they realized.
          ‘Stock Markets’ want in on the ‘action’.
          And now those who are stolen from want ‘real’ cops to adjudicate ‘etherial’ money-theft. ??? Right. Who paid the taxes which pay the cop?
          Not the guy who wrote the programme ….

          1. MekensehParty Avatar
            MekensehParty

            very nicely put 5th

  3. MekensehParty Avatar
    MekensehParty

    That’s what I don’t get about bit coins, currencies cannot be unregulated, it doesn’t make sense… There must be some kind of real authority that would enforce safe and fair trading. Until then it’s just a jungle…

    1. Shirdel2142 Avatar
      Shirdel2142

      Well i have a different thought,currency should be regulated but not by the IMF,its all a big freaking scheme.

      1. MekensehParty Avatar
        MekensehParty

        but replacing a scheme with another scheme is not the solution

        1. 5thDrawer Avatar
          5thDrawer

          True. One is bad enough. ๐Ÿ™‚
          The idea – in theory – is that everyone is NOT under the eyes or the taxes of those paying for goods&service in exchanges on the internet between 2 people. And can be done between people in different countries without some cop telling you it’s a bad country – so you can’t. It was also based on a wonderful ‘feeling’ of ‘TRUST’.
          Something like ‘PayPal’ … but without extra ‘fees’ from banks who provided ‘trust’.
          (for instance; very aggravating to buy a car OR a china cup that’s been owned by 3 others and all have had to pay taxes on how much it was sold for; or I offer to paint your shed in exchange for a good massage – and some government wants to have the relativity of ‘value’ added for taxation of those ‘services’ even if two are happy)
          So ‘WE’ buy an ‘etherial coin’ to exchange – not owned by anyone but us.
          Sounded great, I suppose, to MANY. IF we lived in an etherial world.
          Enter ‘the human factor’.
          ‘Business’ sets up to make a ‘fee’ for handling bit-coin exchange back to real $.
          ‘People’ exchange illegal or dangerous objects.
          ‘Thieves’ attack when they hear there’s more than they realized.
          ‘Stock Markets’ want in on the ‘action’.
          And now those who are stolen from want ‘real’ cops to adjudicate ‘etherial’ money-theft. ??? Right. Who paid the taxes which pay the cop?
          Not the guy who wrote the programme ….

          1. MekensehParty Avatar
            MekensehParty

            very nicely put 5th

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