Former Award Winning Fintech Journalist Tied To Shuttered Crypto Exchange in Hong Kong

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 FEATURE STORY 


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



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.

Last modified: April 25, 2019
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Category: Bitcoin, cryptocurrency


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