Is there something wrong with Neo?

Is there something wrong with Neo?

I will not claim any kind of expertise on digital currencies, especially since they are so contemporary that I don’t think anyone can validly claim to be a real expert. However, as I see an exciting story unfolding I thought I would share it with anyone else that is interested in it, through the welcoming platform of

The Bitcoin marketers in Cyprus Neo & Bee, shortly after opening its first shop in Nicosia appear to be facing some kind of trouble. After bombarding the public opinion in Cyprus with an aggressive marketing campaign which had people wondering “Who is Neo?” for weeks, the rumours that the company’s CEO has fled the country are making people ask “where is Neo?” instead.

According to the local press the company’s collaborators in Cyprus as well as vendors against whom the company apparently has financial obligations are expressing their grave concerns over the developments at Neo & Bee. Company staff who have been contacted to provide some answers about exactly what is going on seem reluctant to make any sort of comment, while some rumours mention delays in the payment of staff salaries.

The most worrying of all is the absence of official announcements by the company, which in the past had been quite frequent and vocal. Things are further obscured by the apparent confirmation that Neo & Bee CEO Danny Brewster, who became a well exposed figure in Cyprus, has left the country. He has avoided making any official announcements, while a statement attributed to him, is as follows: “My silence is for a very valid and personal reason, all the rumors that are flying about are false and couldn’t be further from the truth. I haven’t moved from Cyprus or anything of the kind. I am temporarily out of the country resolving some big issues that were made much worse by people stating incorrect facts in a public forum.”

His departure however is not the primary reason causing concern. The real problem is that the trading of the bitcoin shares of LMB Holdings, which is the mother company of Neo & Bee, has been suspended on the Havelock Investments exchange. According to Havelock itself, “Havelock Investments has been formally informed by the Pass-Through Fund Manager of NEOBEE that the compliance officer of Neo and Bee Ltd has stated that due to an increase of abnormal activity on the LMB share platform, there may be a high possibility of questionable trading activity. While Neo and Bee Ltd investigate the issue further they have strongly recommended that we halt trading and transfers. Havelock Investments has halted the NEOBEE fund and is awaiting further instructions from the issuer.”

So, the way I see it, there are two possible and plausible versions of events. The first, is the pessimistic one…Neo & Bee where either a scam to begin with, or simply overextended themselves in a rigorous campaign in Cyprus, which sadly for them did not yield the results they expected. Indeed Brewster himself had admitted of investing a very large sum (of bitcoins of course) into the venture. Thus, one could assume that he is rushing to save whatever can be saved from a business that went dismally wrong….

The second plausible scenario is the optimistic one. According to this version of events Brewster is out of the country indeed sorting out some personal issues that perhaps have nothing to do with Neo & Bee. Out of pure coincidence or as part of a devious plan, some rivals or competitors of Neo & Bee have decided to launch an attack on the company’s shares and also spread rumours against it in an attempt to bring it down, taking advantage of the highly volatile environment that exists in the digital currencies world and especially the bitcoin world, much more following the recent MtGox debacle….

Personally, I think that the first scenario is the one that will prove to be true….but I have to admit that such a development will disappoint me…I was hoping that the great expectations that were created during the countdown towards the launching of Neo & Bee, would have found resonance and be somehow met, at least to some extent. If Neo & Bee go bust it will be a big shame, as their effort to bring Bitcoin and its usage out of the shadows and into the limelight and public consciousness was a very commendable one and included very ambitious future development plans that will regrettably go down the drain if the company fails.