LEOcoin Cryptocurrency MLM CEO Allegedly Arrested In Pakistan
LEO CEO and President may have been arrested in Pakistan. The bail application concerning his arrest has surfaced, showing that he writ was filed on July 11th by Dan Gunnar Bjarne Andersoson. The court held a hearing and adjourned the case in August. The case, entitled Dan Gunnar Bjarne Anderson-VS-NAB, was filed in the Punjab province.
The “NAB” acronym in the case name may refer to an organization, whose website states that it is:
“Pakistan’s apex-anti-corruption organization. It is charged with the responsibility of elimination of corruption through a holistic approach of awareness, prevention, and enforcement.”
LEO originally started as an MLM pyramid dedicated to personal development DVDs. A while ago, the company changed its approach and began focusing on cryptocurrency. There have been allegations that the platform has also began selling securities through its LEOcoin investment opportunity.
The platform started public trading in September 2014 and its initial value was around $2.15 in late 2016. Currently, the value is at a mere 20 cents. Most of the platform’s trading occurs through the TOPBTC exchange and LEO/CNY pairing. The platform’s trading is supported by Chinese investors, and moreover, a great deal of the platform’s traffic occurs in India.
Further, many investors are from India as well. The state of the platform suggests that the LEOcoin is not going to progress and LEO is an illegal investment opportunity. These qualities may be the reasoning behind LEO CEO’s arrest.