As per the report, in 2017, Papanastasiou claimed that he has spent half a million Australian dollars ($355,000) in order to develop an algorithm that will deliver substantial returns through the trading of Bitcoin (BTC) and Ethereum (ETH)-based tokens. One of his clients, property developer Savvas Alexiadis claims in the filing that Papanastasiou owes him more than AUD$2.7 million (nearly $2 million).
Messages allegedly sent by Papanastasiou is cited in the claim:
“Sam, don’t get caught up in the details. Leave it to me. Let me know password login for ACX [trading account]. I’ll deal with whatever funds are in there … Eyes on the prize Sam. Understood? Got your back.”
As per the publication, Papanastasiou and his wife, Shalini Ganapathy, defaulted on the purchase of AUD$5.44 million house after December 2017, during the time Bitcoin had reached its $20,000 peak. Notably, at the press time Papanastasiou’s OzMattress website was offline.
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