Another ICO Connected to George Popescu Leads to Losses

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investor lossesCryptocurrency entrepreneur and lending journalist George Popescu has quarterbacked another losing trade for investors drawn to Initial Coin Offerings (ICOs). One of his latest, DropDeck, suffered a catastrophic event, according to the company’s blog.

The digital wallet software where investor funds were being held was hacked. But rather than the funds being stolen, the Ethereum (ETH), the cryptocurrency that investors sent to DropDeck to make their investment, was irretrievably locked in the wallet. In effect, the investor money is there but no one can withdraw it or use it, not even the company. All users of that particular wallet software were cruelly affected, not just DropDeck.

The DropDeck loss totals 2,766 ETH or about $2.6 million at today’s prices.

George Popescu is DropDeck’s President and Chief Advisor, according to a company post. Popescu is also the founder and CEO of Lampix, an augmented reality lamp company whose own ICO has so far resulted in investor losses of nearly $5 million to-date, due to a decline in the Lampix token price.

Lampix had trumpeted ties to reputable organizations such as the Aspen Institute while soliciting investors. However, Douglas Farrar, senior manager for communications and public affairs at the Aspen Institute, previously told deBanked that he could find no business relationship between Aspen and Lampix, when deBanked attempted to confirm one.

Last October, the UK government announced that Popescu was banned from running a business in the country after one of his companies filed for bankruptcy and he failed to explain to investigators where millions in missing funds had gone. Ironically, Popescu could be seen quite literally on a beach in Hawaii just 3 days before the announcement promoting a new investment scheme, DropDeck. In a video that is still on Youtube, Popescu touts his multiple masters degrees while promoting the DropDeck ICO to investors from a sandy shore.

Popescu hasn’t limited himself to just two ICOs. He is also officially connected to AirFox, FirstBlood, and Restart Energy. The latter, Restart Energy, a Romanian company that claims to be the fastest growing private energy and gas provider in the European Union with $20 million in annual revenue, raised approximately $30 million from investors through their recent ICO. Restart’s tokens, RED MegaWatts, or MWATs, which investors received in exchange for their investment, immediately declined in value by 30% after the ICO, according to KuCoin, where the tokens can be exchanged.

And Popescu is connected to even more companies that are gearing up to launch their own ICOs, according to his LinkedIn profile. These include companies named Opiria, FIC Network (formerly Factury), and Well Inc.

Last modified: February 17, 2018

Category: cryptocurrency


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