Former Award Winning Fintech Journalist Tied To Shuttered Crypto Exchange in Hong Kong
When a cryptocurrency exchange in Hong Kong was Court ordered into liquidation last month, few people in the US had any bitcoins at risk. But a familiar name resurfaced, George Popescu, the owner of Lending Times, the award winner for best journalist at Lendit Fintech’s 2017 conference in New York City, and the subject of an exhaustive deBanked article in 2017 about Initial Coin Offerings (ICOs).
Gatecoin, the Hong Kong exchange of which Popescu has served as advisory board chairman for years, was hacked in 2016, leading to $24 million (at today’s prices) in crypto irrevocably stolen. That caused a chain reaction that led to Gatecoin’s demise 3 years later. Its bank accounts were frozen last Fall and the exchange’s website is now in the possession of Court-ordered liquidators. The failure is the latest in a string of unfortunate outcomes for companies connected to Popescu. See below:
|George Popescu’s Title||ICO Amount Raised||Token Value Lost||Outcome|
|DropDeck||Chairman of Advisory Board||$4,200,000||100%||All funds lost in a technical glitch|
|AirFox||Advisor||$15,000,000||Settled with SEC, Agreed to return investor funds|
|FIC Network||Advisor||$4,800,000||Project has yet to materialize, no liquid market for tokens|
|Lampix||CEO, co-founder||$14,200,000||96.50%||Project hasn’t gained traction|
|CoinMe||Consultant||$18,900,000||84.50%||Popescu sued CoinMe for $1 million in 2018, claims he wasn’t paid his fee for promoting the ICO|
|Gatecoin||Chairman of Advisory Board||Crypto Exchange||Lost $24M of client assets in a hack.||Compulsory Liquidation by the Order of the High Court of Hong Kong|
Last modified: April 25, 2019
Unrelated to ICOs, Popescu is also banned from acting in a director capacity of any business based in the UK. The ban stems from a company he ran that went bankrupt and could not explain millions in missing funds to UK investigators.