The fiasco on the Skycoin continues to be one of the most talked about issues in the community as it seems to have affected their cryptocurrency.
The community began to be suspicious as the rate of cryptocurrency dropped by 70 percent in just a short while. Alleged kidnapping and embezzlement in the team as posted in the coin’s blog are one of the reasons that they think is behind the coin’s decreasing value.
Other reports said on Thursday, the assault and robbery of both Synth is done by the cryptocurrency’s co-founder and girlfriend.
“[The source] said that her work partner assaulted her last night, forced her to hand over Bitcoin and she is requesting police to come to the scene. In July 2017, [Synth, his girlfriend,] and Sun Fei, Li Min and others started an Internet R&D database project and settled their earnings in Bitcoin. After that, Sun Fei, Li Min and others were not distributing the money appropriately. On June 12, 2018, Sun Fei, Li Ming, Yan Xiangdong and a few other individuals went to [Synth’s residence], threatening [Synth and his girlfriend] to hand over Bitcoin, assaulted them both and resulted in two injuries,” the report stated.
Skycoin stated that a total of 18.88 BTC and 6,466 SKY have been missing. But these don’t count for the sudden drop in the capitalization of its market which the coin experienced.
According to the police report, ever since the robbery on June 12 the coin market decreased to $56 million from its recent amount of $137 million.
The reason for the loss may be explained by some sell-offs due to panic by the investors or the funds being embezzled by a number of other members. During a telegram exchange in a group by Skycoin, it showed that the Synth knew also about the armed guards that should have been acquired as well as the inside trading going among his team.
“Some of the coins they are dumping are coins that they bought at ten cents in an ICO. They have a mixture of stolen coins and coins they bought a long time ago… I am in a guarded compound with armed guards right now. I am not in China,” said Synth.
It may sound outlandish that the scenario is a 007-type, yet the police report given is what makes it at least credible.