Ilgamos CEO Geza Kapitany has informed investors that their ilcoin wallets have been frozen.

The stated reason for the freeze is an attempted hostile takeover by the ilcoin developers.

Ilgamos launched back in 2015 with OPR Ponzi points and ilcoin.

OPR was soon dispensed with to focus on ilcoin. Five years later ilcoin is just as pointless as it was when Ilgamos launched. It’s public trading value has steadily dropped this year from just over 4 cents to around 2.7 cents.

Since inception, Ilgamos has maintained ilcoin was being developed by a separate entity. This is despite ilcoin serving no purpose outside of Ilgamos itself.

Personally I’ve just gone with Ilgamos == ilcoin, seeing as ilcoin devs worked for Ilgamos itself.

In an email sent out to Ilgamos investors on May 10th, CEO Geza Kapitany (right) advised;

the ILCoin Development Team blocks the ILCoin wallets, restricting ILGAMOS to send their ILCoins to their partners.

We are facing the fact that ILCoin Development Team resctricts the legal and lawful operation of it’s parent company and its principal, ILGAMOS.

By restricting the free movement and use of ILCoin – which are owned by our company and thousands of people – the ILCoins have actually been taken hostage by the ILCoin Development Team.

With this step, the ILCoin Development Team tries to blackmail the entire ILCoin ecosystem, including Ilgamos International Ltd.

Kapitany went on to state Ilgamos “is about to resolve the issue”, which appears to revolve around charges against the ilcoin development team.

ILGAMOS delegated an investigation group of Hungarian-Austrian and German experts, to bring a charge against the contract partner of ILGAMOS, the leader of the IlCoin Development Team, “Batmin”, i.e. DANIEL GYENES by birth, and his partner NORBERT GOFFA at the Hungarian and Austrian authorities.

I am confident that the system will be restored fast as a result of swift regulatory action.

Assuming that’s not just straight up bullshit, maybe Hungarian and Austrian authorities could also look into Ilgamos operating as a Ponzi scheme itself.

Pending resolution, Ilgamos suspended new investment and withdrawals.

In a followup email sent on July 9th, Kapitany lashed out at “malicious and incompetent persons”, who he claims “published false allegations and misleading information about Ilgamos International Ltd. and me”.

Kapitany doesn’t go into details but did allege ilcoin developers were holding wallets for ransom.

The persons who performed the illegal blocking, have informed me through my lawyer that they would only make the unblocking procedure, if I paid them 2200 Bitcoin (app. 18.000.000 €) and handed over the company to them for free.

Otherwise they made sure that I would be reported to the police in many countries in the world, they have published several invitations for this purpose on their Telegram channel.

Kapitany claims he refused, prompting the ilcoin devs to try

to turn thousands of people against me in letters with untrue content, saying „ask Ilgamos for what is yours”, while they have been sitting on all of it as of today and ruining everything around them, destroying the hard work builded [sic] nearly for a decade.

As of July 9th, the date of Kapitany’s second email, “Ilgamos does not have access to the company’s own ILCoins”.

Whether that status has changed over the past month is unclear.

Kapitany states he and Ilgamos are pursing the matter with “law enforcement authorities”.

We had a nearly 1 month-long investigation which enlightened a lot of things.

In case of criminal denunciation, it is very important that – in the interest of the investigation – information must not be given about the case.

I think it goes the same from Vietnam to Kazakhstan as well in case of proceedings insituted [sic] by public authorities.

This was the reason that I was not able to inform You for a long time even though I wanted to do it so much earlier.

As a result of the dispute between the parties, Kapitany appears to have dropped the facade that ilcoin is separate from Ilgamos.

A group, named ILCoin Development Team is always included in the misleading and false communication.

There is no organisation with the name of such legal personality, and Ilgamos International Ltd. does not have any legal relationships with such named organisation.

The already mined and not yet been transferred ILCoins are Ilgamos International Ltd.’s own, exclusive property. Nobody else has legal right over them.

I will inform You about the criminal procedure. I am the only person who is allowed legally to speak on behalf of Ilgamos International Ltd!

To summarize;

  1. ilcoin scammers  want control of Ilgamos because ilcoin is worthless outside of ilgamos; and
  2. Ilgamos wants control of ilcoin, because without ilcoin Geza Kapitany can’t run his Ponzi scheme.

Good times.

We’ll keep you updated if we hear anything further.