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

At 5PM EST on 4th April, trading for Neo & Bee on Havelock Investments resumed with a major sell-off.

AccessTimeIconApr 5, 2014 at 12:17 a.m. UTC
Updated Sep 3, 2021 at 11:27 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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).

    neobeehavelockchart

    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.

    dannybrewster

    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.

    havelockfunds

    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

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.