Bitcoin Share Trading Suspension
The trading of Neo & Bee bitcoin shares on the Havelock Investments exchange have been suspended “due to an increase of abnormal activity”. Neo & Bee’s parent company, LMB Holdings, requested the suspension.
Neo & Bee’s Havelock page reads:
“Havelock Investments has been formally informed by the Pass-Through Fund Manager of NEOBEE that the compliance officer of Neo and Bee Ltd has stated that due to an increase of abnormal activity on the LMB share platform, there may be a high possibility of questionable trading activity. While Neo and Bee Ltd investigate the issue further they have strongly recommended that we halt trading and transfers.”
The temporary suspension will continue until further notice, as both companies try and sort everything out. Only Neo & Bee’s share trading has been suspended; other operations will continue on normally.
CEO of Neo & Bee, Danny Brewster, has yet to make any official statements towards the news. However, he says he is currently out of the UK “resolving some big issues that were made much worse by people stating incorrect facts in a public forum.”
One of Neo & Bee’s selling points to its success was that the company targeted a non-tech savvy user base through media outlets. This strategy was made in hopes of introducing new customers and stakeholders to bitcoin. They would make the transition to bitcoin as safe, easy and convenient as possible.
Were They Hacked?
It’s not yet clear whether or not Neo & Bee have been hacked. Other bitcoin institutions have been shutdown due to computer hackers.
One such attack on bitcoin bank Flexcoin caused the company to shutdown shop. The bitcoin theft was due to a security weakness. Flexcoin once boasted as being the world’s first bitcoin banking platform. Everything except for bitcoins held in cold storage were gone.
“By sending thousands of simultaneous requests, the attacker was able to ‘move’ coins from one user account to another until the sending account was overdrawn, before balances were updated. This was then repeated through multiple accounts, snowballing the amount, until the attacker withdrew the coins.”
Neo & Bee has halted trading for now. Hopefully this is no more than a minor issue.
For more bitcoin news, subscribe to CoinReport.