Stefanos Papanastasiou, a 39-year-old cryptocurrency trader who claimed to have developed an algorithm that could result in immense profit through crypto trading, is currently facing a lawsuit filed by Savvas “Sam” Alexiadis, a property developer.
Other investors are also set to file charges due to their loss of over $20 million which was allegedly invested with Papanastasiou, reports The age on March 19, 2019.
Cryptocurrency Trader Faces Lawsuit
Per the report, Stefanos Papanastasiou, also known as Stefan Papas, is currently facing a lawsuit in the Supreme Court of Victoria, Australia after his former clients alleged that he had traded bitcoin (BTC) and ether (ETH) on their behalf which resulted in a loss of over $20 million.
Papanastasiou, prior to this time, had notified his clients who are prominent businessmen and lawyers that $500,000 was spent to develop an algorithm that could reduce the price volatility of cryptocurrencies and generate huge profits when trading crypto.
One such investor is Savvas “Sam” Alexiadis who claimed in legal documents that between July and November 2017, he had transferred $2.1 million into the digital wallets pre-selected and managed by the accused.
The court document also points to some messages which Stefan Papas had sent to the plaintiff.
Among them, is a message dated July 15, 2017, which guarantees that one can either make a “head start, a huge break or hit the jackpot” through Stefan Papas’ trading solution. Another message stated that Mr. Alexiadis didn’t have to do anything to earn high returns, and all that was required was access to his ACX trading account which would be used by the accused to trade on his behalf.