Cyprus Police Investigate Possible Bitcoin Fraud, Neo & Bee Boss at Large


Cyprus Police Investigate Possible Bitcoin Fraud, Neo & Bee Boss at Large

Police are investigating claims that Bitcoin marketers Neo & Bee have fraudulently obtained funds from at least two customers as the CEO of the Cyprus-based company remains at large.

Two potential Bitcoin buyers have filed police reports, saying they gave cash to Neo & Bee with a view to obtaining the digital currency, but the company did not honor its end of the deal.

According to CyprusMail, a police spokesperson said the claims that involve 20,000 euros and 15,000 euros were filed about four or five days ago.

The police official said they were looking into the allegations and would possibly welcome more dispositions from other people. He added that the CEO of the Bitcoin marketing firm had not filed a formal complaint with the police on claims of threats against his family.

However, the CEO posted in a Bitcoin forum and said he had informed authorities of the threats.

“Following those posts on the forum, I received direct threats targeted directly at my daughter; they have been reported to the relevant authorities,” said Danny Brewster.


Mr. Brewster said he took advice not to return to Cyprus and avoid any contact with any persons who could be responsible for the threats. The post added that Brewster was avoiding his employees who could be involved in the threats.

The ex-Neo & Bee boss said his objectives changed when threats were issued against his daughter, making him decide to sell his entire stake in the firm.

He said all Bitcoins generated and used were accounted for and the allegations of fraud were false and baseless.

According to NewsBTC reports carried out by NDTV, Mr. Brewster said he hadn’t moved anything from Cyprus and had not disappeared with people’s money in cash or Bitcoins.

Neo & Bee has so far halted its operations in a setback to the virtual currency’s prospects on the Island. 

To contact the reporter of this story: Deepak Tiwari at