According to Cyprus News site, Cyprus-Mail, Cypriot police have issued an arrest warrant for Danny Brewster, the CEO of Neo & Bee.
Last week, CCN wrote about the insolvency of Neo & Bee midst the suspension of Neo & Bee shares on Havelock Investments. It is now clear that Danny Brewster unceremoniously dumped his portion of his shares onto unsuspecting hopeful Bitcoin investors from around the world. Of course, as the shadowy world of Bitcoin securities is utterly unregulated and money disappears regularly, something that Danny Brewster and Neo & Bee know first hand from Bitfunder, this crime is going unpunished. Instead, Danny “boy” is now a prime suspect in an investigation launched by Cypriot police. Currently, there are at least 3 filed claims against Neo & Bee where investors paid Euros to the company in exchange for Bitcoins; however, the Bitcoins failed to ever arrive. Instead, Danny Brewster is currently outside of Cyprus and the last contact from him is a statement made to bitcointalk, where he claims to have been threatened and as a result has left the country. In this post, Brewster admitted having sold his shares via Havelock but also claimed that “every single bitcoin raised and spent is accounted for.”
Cypriot authorities have not ruled out the possibility of issuing a larger European arrest warrant for Brewster.
Neo & Bee’s Buzz Is Gone
It was only 3 weeks ago that Neo & Bee was representing Bitcoiners interests on the island of Cyprus. A written statement had come out from Cypriot authorities which used unfounded warnings to scare people away from buying Bitcoin. Neo & Bee, fresh off the grand opening of their in-retrospect-a-little-to-flashy flagship brick and mortar store, responded with a lot of hot air that they never could have implemented themselves. Then, Neo & Bee reminded the world that:
“As we have been requesting for months, authorities should create regulations for a bitcoin exchange platform that utilises multi-signature wallets, cryptographic proof of liquidity and reserves, and complete transparency as a business model. As we said to CySEC and the Central Bank, the businesses that operate with bitcoin should be regulated under a sober and equally innovative framework, perhaps even under a new regulatory body.”
Cyprus has long been considered a prime use case for Bitcoin, especially since the initial news of Cyprus’s financial troubles triggered Bitcoin’s first 2013 bubble. It is incredibly unfortunate that this righteous cause of Cypriot Bitcoiners has been tainted by the insolvency of Neo & Bee. It is damn near insulting that Brewster is allowing this fiasco to continue in the public’s eye. The Bitcoin community deserves better from their companies and services. As we get over this Gox & Neo & Bee hangover, please consider demanding the sort of transparency now possible through the Bitcoin Blockchain to be implemented by all Bitcoin services.
Besides, everyone knows the real Bitcoin news out of Cyprus is the MSc in Digital Currency.