Australian cryptocurrency entrepreneur Sam Karagoizis has hit back at media claims that his ICO was a scam which aimed to defraud Australians of AU$ 80 million.
26 year old Karagoizis has a talent for self-promotion and his outsized personality has made him a media favourite for Australian journalists looking for a cryptocurrency story.
Channel 9’s 60 Minutes programme came to him to get some shots of his Bentley but apparently left with the feeling that “something wasn’t quite right” so began to investigate further.
Bringing Bitcoin to the Masses
Karagoizis dropped out of school at 15 and worked at McDonalds before his entrepreneurialism led him to property development and then cryptocurrency. Since then he has become well known down under as a bitcoin trailblazer, vowing last year to install more than 1,000 bitcoin ATMs across Australia and Asia with his Auscoin ICO.
His attention-grabbing plans to “help the average Joe get involved in bitcoin” brought media attention and a partnership with Australian tennis player and current world number 14 Nick Kyrgios.
However, of the promised 1,000 ATMs only a modest four so far have been installed, with another ten promised in the next few weeks. Channel 9’s investigation quickly revealed that despite Auscoin’s claims to have a purchase order on the books, only thirty-four ATMs had been ordered so far.
Karagoizis has countered that there was never a plan to install all ATMS in one go, and his ICO is intended to raise the necessary finances for the remaining units.
That ICO started last week and is selling 40 million AUSCOIN at a rate of $0.80 per coin, for a maximum of $32 million, depending on investor take-up.
Karagoizis promises that whatever happens with the ICO, and however long it takes, he will deliver the 1,200 ATMs. “Auscoin is the backbone of my life and reputation right now”, he said, promising that he would put his own money into the project if necessary.