Australian crypto fund manager to be taken to court victim

The crypto sphere is always expanding as many industrial players enter the market opening doors for further mainstream adoption. Moreover, after the market crash, institutional investors have increased significantly and people are now planning for the long-term benefits when entering the markets.

However, crypto related crimes keep resurfacing in the industry. As the industry is ever expanding, diversity is also increasing bringing all kinds of people into the fold which has therefore increased the number of crimes being committed included exchange hacks and scam initial coin offerings (ICOs).

Now a property developer has filed a claim stating that Stefanos Papanastasiou owes him two million dollars ($2,000,000). Stefanos Papanastasiou is the founder of OzMattress and a crypto fund manager.

According to the claim, the alleged told the victim, Savvas Alexiadis, that he was working on a crypto algorithm in 2017. In that, the alleged told Savvas that, the algorithm allows one to earn money through the trading of Bitcoin and that he had spent around three hundred and fifty-five thousand dollars ($355,000) in its development.

Following that, the victim transferred one and a half million dollars ($1.5 million) into one of Papanastasiou’s trading account and another sum through Bitcoin into the wallets owned by Papanastasiou.

Moreover, the alleged asked him to transfer nearly four hundred thousand dollars ($400,000) to various accounts and promised equal returns in cryptocurrencies. The claim also showed the conversation allegedly with Papanastasiou in which he tells Savvas that there is nothing to worry about and that he needed the password for the trading accounts.

It was noted that around that time, the alleged bought a house worth $4 million in the December of 2017.

Currently, the website of OzMattress is offline and various sources report that the alleged has refused to submit an account if his trading activity.

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