05 April 2014 22:30

There are two reports under investigation in connection with the now-folded Cyprus bitcoin company Neo & Bee and its British CEO Danny Brewster who has left the island.
This is what a police spokesman told The Cyprus Weekly on Friday, adding: “We cannot tell at this stage whether a crime has been committed or not”.
The spokesman would not confirm whether the reports came from two employees of the firm which launched a huge advertising campaign earlier this year.
“It ceased operation in late March. Investigations are taking place both here and abroad but we cannot give out further details,” the spokesman said.
Brewster, who says he fled abroad after receiving threats against his family, sounded very optimistic in an interview he gave to The Cyprus Weekly in early February.
The 1986-born entrepreneur from Sheffield believed that people will get to the point where they will be using bitcoin without even realising it.
“It’s not the virtual world, I can buy my own groceries with Bitcoin. In Cyprus, right now, we are at the biggest and most professional level,” Brewster said then.
He also disclosed that “I had my own financial resources when late in 2010 early 2011 I got involved with Bitcoin.”
Neo employed about 20 full time employees and had another 20-25 developers.
The firm ceased operation before its software to carry out transactions had even gone live.
Brewster himself told specialist bitcoin news website newsBTC on Tuesday that he had gone abroad after receiving threats against his family, but insisted the move was temporary.
"I left Cyprus on a short-term temporary basis... I haven't shipped anything from Cyprus and I certainly haven't run away with company or people's money or bitcoins," Brewster told the website.
"I received direct threats targeted directly at my daughter. They have been reported to the relevant authorities," he said.
"Once those threats were made I took the advice to remain outside of Cyprus and remove contact with anyone that could be responsible for the threats. This included not speaking with members of staff that could be responsible."
Neo suppliers and staff reportedly have not yet been paid for March.
But Brewster insisted on newsBTC: "Every single bitcoin raised and spent is accounted for; any claims of embezzlement are nothing but empty claims with no foundation.”
The Central Bank and the Finance Ministry warned consumers after Neo's advertising blitz, saying bitcoin was an unregulated virtual currency and therefore inherently unsafe.
Telia & Pavla Advertising which launched the Neo & Bee campaign in Cyprus said that the firm still had some unpaid invoices.


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