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Neo & Bee Share Price Plunges to 0.0001 BTC as Trading Resumes

(@danielcawrey) | Published on April 5, 2014 at 01:17 GMT

Cyprus-based bitcoin savings and payment network Neo & Bee resumed trading on Havelock Investments today amid turmoil surrounding the company and its CEO.

At 5PM EST on 4th April, buy and sell orders for Neo & Bee on the private bitcoin-only investment exchange platform resumed after six days of suspended trading.

Neo & Bee saw high volume at the outset of resumed trade activity, with a plunge in prices from 0.002 BTC ($0.89) down to 0.0001 BTC ($0.05).

Source: Havelock Investments
Source: Havelock Investments

Questionable activity

On 28th March, Havelock halted trading of the NEOBEE fund on its site due to what was then referred to as "questionable trading activity".

Havelock Investments made an announcement earlier today that the ticker name for Neo & Bee would be changed from NEOBEE to NEOBEEQ.

In the announcement, Havelock noted it has not received an update from Neo & Bee as of yet:

"Financial information on the status of the company [Neo & Bee] has not been released. The units of this Fund will continue to trade even if the company will file for bankruptcy."

About Neo & Bee

Founded by Danny Brewster, Neo & Bee is a savings and payment processing infrastructure for bitcoin, and started doing business in Cyprus with plans to expand to the larger European market.

Neo is the company's banking arm, with physical branches. Bee is the payments portion of the business, thus the Neo & Bee name as two separate functions working together as one organization.

Danny Brewster. Source: Twitter
Danny Brewster. Source: Twitter

However, the company has been experiencing turmoil as of late. On 31st March, the company's shares were suspended from trading on Havelock due to some strange trades. Brewster, the CEO, made a statement on 2nd April in order to reassure the company's investors.

The Cyprus Mail reported on 4th April that Brewster was facing fraud charges stemming from two customers that claim they never received bitcoin that they had paid for from Neo & Bee. Brewster has made it known to the bitcoin community that he is currently not in Cyprus.

About Havelock

Havelock Investments bills itself as a bitcoin-based source for "private companies looking for venture capital", according to its website.

Source: Havelock Investments
Source: Havelock Investments

Since the NEOBEEQ trading symbol went live for Neo & Bee trading, the Havelock site has been experiencing intermittent outages with CloudFlare proxy placeholders often taking the place of active webpages.

The two largest companies currently on Havelock by market cap are Crypto Financial, which provides fiduciary services within the cryptocurrency industry, and an ASICMiner shares fund.

Havelock Investments makes money via fees on its all-bitcoin platform. There is a 0.4% trading fee and it also charges users 0.0010 BTC, with 0.0005 BTC being paid as a network transaction fee, for withdrawals.

This story is still developing. CoinDesk will monitor and provide updates as new details become known.

Neo bank image via Cyprus Mail

CyprusDanny BrewsterHavelock InvestmentsNeo & Bee

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