The Auscoin Bitcoin ATM enterprise in Australia was based by Steen McBeth and Sam Karagiozis. These two bitcoin entrepreneurs led a flashy life-style which initially didn’t elevate suspicions. It appears nonetheless, that driving round in sport vehicles and high-end bikes didn’t go unnoticed by the Australian police.
After an in-depth investigation, it turned out that the duo behind Auscoin, was operating a drug-dealing enterprise. Each McBeth and Karagiozis are actually in custody and are dealing with many expenses associated to their drug visitors operations.
Cryptocurrencies did sadly have some position within the drug commerce. In accordance with the Australian police studies, the vast majority of the medicine had been bought on the darkweb. The vast majority of the purchases had been completed in cryptocurrencies, most frequently bitcoin and later shipped to Australia by way of many various routes.
Evidence to help the case towards the “crypto entrepreneurs” started piling up again in February 2017. Many packs of ecstasy, cocaine and ketamine had been confiscated by the Australian Border Pressure. In fact, the variety of packages arriving was enormous so McBeth and Karagiozis didn’t even register the few lacking packages.
Auscoin was below investigation for some time
Ultimately, the authorities traced the rising variety of coming packages again to McBeth and one in all his associates named Jackson Li. After the arrests had been made, everybody concerned was charged with the import of crystal methamphetamine, cocaine and ecstasy. Karagiozis was skillfully evading the authorities till simply final month when he was lastly arrested and charged with over 10 offenses associated to drug smuggling.
Auscoin was based ultimately of 2017 and was licensed by the Australian Securities and Investments Fee (ASIC). Karagiozis was the general public face of the corporate, whereas the opposite co-founder McBeth was evading the highlight.
Karagiozis set very high-end goals for Auscoin and wished to have greater than 1200 bitcoin ATMs throughout Australia earlier than 2018 even started. Satirically sufficient, the latest replace reveals that there are at present 30 bitcoin ATMs arrange all through the entire nation.
Karagiozis was undoubtedly a bitcoin bull, however he was under no circumstances a superb dealer. He made some very questionable predictions to start with of 2018 which finally turned to be utterly false.
— Sam Karagiozis (@Sam_Karagiozis) January 5, 2018
With ICOs quickly shedding credibility and the bear market starting to settle in, the preliminary coin providing of Auscoin didn’t go as deliberate. The dynamic duo of “entrepreneurs” wished to lift AUD$30 million however didn't even handle to interrupt AUD$2 million.
Karagiozis sadly served as a faux position mannequin for many individuals in Greece. The Greek City Times even did an article on him that confirmed that onerous work, dedication and willpower was all that it took to succeed. Karagiozis apparently dropped out of college and finally acquired a job at McDonald’s.
On paper, he additionally was a restaurant proprietor, owned the bitcoin change SK BTC and likewise had investments in actual property. The now-revealed drug seller’s financial institution accounts and belongings have all been seized. McBeth additionally had nearly all of his belongings seized and/or frozen.
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