- Nilam Resources announces ambitious 24,800 Bitcoin buy plan.
- The company CEO departs amid odd circumstances.
- Concerns grow over market manipulation.
Nilam Resources ignited a firestorm in financial markets this week with its bold announcement to acquire 24,800 Bitcoins. The audacious crypto bet sent Nilam’s stock price soaring over 1,800% as investors piled in. However, the company has been involved in controversy after CEO Ron McIntyre abruptly resigned, raising questions about corporate governance and blockchain credibility.
Bitcoin Used in Pump-and-Dump: McIntyre
Days after Nilam’s Bitcoin acquisition announcement, McIntyre resigned and moved to distance himself from the company, saying, “it’s a classic pump-and-dump.” Worse still, McIntyre revealed that the scheme was orchestrated without his knowledge or approval. The former CEO had no doubts that “There will be a FINRA investigation into Nilam Resources” over this matter.
Cybersecurity engineer Matt C accused Nilam of tricking influencers who then amplified the dubious news before verifying, dubbing it “the real #Bitcoin cheat code.” The bizarre sequence of events has put the spotlight back on sensationalist reporting and negligent social media amplification catalyzing wild market moves.
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Holding 24,800 BTC would rank Nilam as the second biggest public company holder of Bitcoin, behind MicroStrategy and ahead of industry titans such as Galaxy Digital and Marathon Digital, even Coinbase.
However, McIntyre’s departure has confirmed what some suspected, that the Bitcoin acquisition announcement was a publicity stunt designed to manipulate the company’s stock price.
Publicity Stunt Confirmed
Even before McIntyre’s resignation, Nilam’s Bitcoin announcement drew intense skepticism from market watchers, who suspected market manipulation. Crypto investor Mike Alfred mocked the announcement to convey his doubts that Nilam could pull off such an audacious $1.7 billion play.
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Others highlighted oddities in Nilam’s press release, including naming Nilam’s CEO as Pranjali More rather than McIntyre, fueling suspicions of a pump-and-dump in action. According to the press release, Nilam intended to complete the Bitcoin purchase via a complex deal involving offering preferential shares to the shareholders of a special purpose vehicle that holds the BTC.
On the Flipside
- Legitimate corporate Bitcoin buys typically involve raising debt or equity financing in advance.
- This saga has done little to legitimize digital assets in the eyes of crypto skeptics.
- Nilam stock has crashed back down to pre-BTC acquisition announcement levels.
Why This Matters
Whether motivated by opportunism or sheer incompetence, Nilam’s dubious Bitcoin bid, followed by the CEO’s abrupt exit, raises serious accountability concerns. This unsettling episode could invite further regulatory scrutiny on an industry already facing heightened oversight pressures.
Learn more about the doubts surrounding Nilam’s Bitcoin buy announcement here:
Nilam’s Colossal 24,800 Bitcoin Buy Draws Skepticism
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