The founder of OzMattress, Stefanos Papanastasiou who is also a cryptocurrency fund manager is about to be brought to court by his clients who claim that they have lost 20 million Australian dollars which amounts to 14.2 million United States dollars.
The report mentions that Stefanos Papanastasiou told his clients in 2017 that he had spent half a million Australian Dollars in developing an algorithm that could provide substantial reIturns through trading in Bitcoin (BTC) and Ethereum (ETH) based tokens. He even owes one of his clients Savvas Alexiadis a sum of 2.7 million Australian Dollars that amounts to around 2 million United States Dollars.
Savvas Alexiadis is reported to have transferred 2.1 million Australian Dollar that is nearly 1.5 million United States dollars into Stefanos Papanastasiou bank account and also some unspecified amount of Bitcoin (BTC) into e-wallets managed by Stefanos.
Furthermore, the documents also claim that Stefanos Papanastasiou asked Savvas Alexiadis to transfer 40,000 Australian Dollars (nearly 28,000 in United States Dollars) to his wife, Shalini Ganapathy. 35,000 Australian Dollars (nearly 25,000 in United States Dollars) to his sister and 450,000 Australian Dollars (320,000 in United States Dollars) to a mattress supplier in Thomastown, promising to send an equivalent amount in crypto assets.
On the other hand, Stefanos Papanastasiou has denied the charges and has tried to defend himself. He added:
“The Supreme Court action is new to me and I intend to defend myself against his claim as he has been compensated in excess of $2.7m […] Sam [Alexadais] and his associates have a lot to answer for as the truth of events is vastly different and far more sinister.”
The matter is far more complicated than it seems as people in the high rank are also allegedly involved, how the matter plays in court remains to be seen. Whether Stefanos Papanastasiou or Savvas Alexiadis is telling the truth will be proved when the matter comes to court and is handled by the judicial authorities. The truth will surely come out soon.