Nuggets CEO Alex Saunders Faces Harsh Criticism For Delaying Bitcoin Payments

Nuggets CEO Alex Saunders Faces Harsh Criticism For Delaying Bitcoin Payments

Alex Saunders has brought a lot of criticism to himself by delaying loans, investment funds, and Bitcoin payments. However, Saunders has been very popular in the crypto space as an influencer powering Nuggets News.

Right now, many of his associates are accusing him of owing them a huge sum of Bitcoin. In addition, the accusers are hinting that Saunders redirected a new project’s funds into a cryptocurrency exchange.

The highly-valued crypto educator has been prominent and much respected on social media, especially on YouTube, with a total of 140,000 subscribers. The Australian influencer also has a paid membership service that he offers to interested Bitcoin investors.

Saunders Is Accused Of Redirecting Funds

The news all over crypto Twitter is that the Nugget News CEO misused people’s money. As a result, many individuals are claiming that Saunders is owing to them.

One such person is Bitboy, a fellow YouTuber who claims that the CEO owes him some Bitcoin. The investors have prompted the Australian Financial Review and the Australian Broadcasting Corporation to investigate the matter.

From the investigations, the AFR learned that the CEO collected up to $7 million from more than 100 investors who want to buy his upcoming stablecoin project called “Decentral Bank.”

The investigators learned that many people got interested after the influencer promoted the project on Nugget News last three months ago. After that, many people started investing in the project, and each person invested $50,000 to back the project.

Unfortunately, after the investments were made, Saunders moved the money to the FTX platform that deals on crypto derivatives. However, the FTX founder told AFR that they’d investigate the matter further. For now, Saunders is yet to respond to the allegations.

Saunders Delves Into A Bitcoin Brawl

Before this incident, Saunders had appeared on a live stream with Richard Hart, the HEX founder. The event was held few days prior, and there were lots of heated arguments between the two. Saunders mentioned that HEX order books are not adequate to support selling pressure citing data from Santiment.

After removing Saunders from the live stream, Heart went to Twitter and shared his private discussion. In the tweets, he asserted that Saunders had begged him for the loan of 50 Bitcoin and even tried to offer him a “pre-allocation” in Decentral Bank.

These posts made the investors who have supported the project become worried that their funds have disappeared. As a result, many of them started asking for refunds. However, AFR mentioned that Saunders also agreed to refund even if he hasn’t done so yet.

What ABC Has To Say?

According to ABC, Saunders had spoken with an overseas hedge fund management firm to borrow Bitcoin on two occasions. However, the fund claimed that Saunders is yet to repay a loan they sent him in January.

Also, ABC stated that they spoke to five people in Australia, United Kingdom & New Zealand who say that Saunders owes them.

Unfortunately, Saunders hasn’t responded to these accusations and hasn’t appeared on Twitter since July 23. Moreover, Blockchain Australia has disclosed that Saunder’s legal representatives are handling the accusations.