Former Neo & Bee Employees Release Damning Statement

Former employees of Neo & Bee have given their explanation on the demise of the Cyprus-based bitcoin company.

AccessTimeIconApr 18, 2014 at 12:25 p.m. UTC
Updated Sep 11, 2021 at 10:40 a.m. UTC

Former employees of Neo & Bee have taken to reddit to voice their version of the events that led to the demise of the Cyprus-based bitcoin company.

, which is signed by Neo & Bee’s former COO George Papageorgiou and former compliance and risk management officer Øystein Aaby, details their view that they were “misled” throughout the company’s operation.

The post follows the publication of a statement on reddit by the company’s CEO Danny Brewster on 15th April. He asserted that he has in no way committed fraud and has not embezzled customer or company funds, as has been suggested.

In today’s post, the former employees convey their regret that the company ultimately failed and profit shareholders were not protected.

They go on to provide a detailed explanation of what they claim happened within the company, stating that the information has already been testified to the police in Cyprus, where a warrant was recently issued for Brewster's arrest.

According to the post, members of the company’s senior management team repeatedly asked Brewster to share the firm’s balance sheet and documentation relating to the number of bitcoins in its possession, which he failed to provide.

It continues:

“The CEO never divulged specific documented information regarding the IPVO bitcoins and amounts. To this date, and unless further information is revealed by Danny Brewster, the CFO is unable to account for the majority of bitcoins allegedly expended.”

The post goes on to detail a number of senior management meetings held at the Neo & Bee offices in the second half of last month. In these meetings, Brewster reportedly made contradictory claims about the number of bitcoins owned by the company and by him personally.


The former CEO and risk management officer claim that, on 20th March, Brewster was asked – and agreed – to step down as CEO. He then flew to the UK with the aim of raising investment.

“On the 31st, we sent him a demand letter requesting he returns and give explanations regarding his absence in the face of dire problems with the company, and the brand decomposing each day he is away and the company is unfunded. The deadline expired on 18:30 Cyprus time, April the 2nd, Wednesday,” the reddit post reads.

It concludes:

“We will remain in contact with the community and authorities to clear this situation out to its full extent.”

Brewster has been contacted for comment, but no reply had been received at press time.


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