IHC Esports respond to reports of arrests of IHC crypto coin founders ESLIHC Esports have been thrown into disarray following the reported arrest of three of the founders of a major partner, forcing the Mongolian esports organization to issue a statement. The UB Post, an English-language newspaper in Mongolia, reported on February 3 that three of Ih Bit Global\u2019s founders had been arrested at the beginning of the month following complaints from a series of customers who had purchased the company\u2019s crypto token, called Inflation Hedging Coin (IHC). Ih Bit Global CEO Gantig Bayarmagnai, COO Munkhjin Otgonbaatar, and chairman Erkhembayar Bayarsaikhan face \u201ccharges of misappropriating funds\u201d from the IHC coin and \u201claundering the income earned by manipulating the market\u201d, according to the article. On its official website, IHC is described as \u201can alternative investment token positioned to increase its value by continuously burning itself following multiple burn protocols.\u201d The token has tumbled as much as 97% since it began trading, according to Coinbase. The UB Post spoke with representatives of a number of customers who have lost large sums of money. \u201cThe people who created the IHC coin often make stories on the Internet and build trust,\u201d one representative is quoted as saying. \u201cThey said \u2018It is a gold-backed coin that would not fall from its issued price. Take it even if it falls.\u2019 I had money in my account so I took it every day. I believed in what Otgonbaatar Munkhjin was saying. 142 million MNT ($40,488) reduced to two million MNT ($570). There are probably thousands of victims like me.\u201d IHC Esports respond to reports Ih Bit Global entered esports in December 2021 through a partnership with Mongolian esports organization ZEUS Esports, which rebranded to IHC Esports as part of the deal. The news of the arrest of three of Ih Bit Global\u2019s founders has raised questions about the future of IHC Esports, one of Mongolia\u2019s most prominent esports organizations. In a statement posted to Twitter on February 9, IHC Esports chairman Dave Lee expressed \u201cdeep regret over the dissemination of misleading information\u201d. There was not a single reference to Ih Bit Global, its founders, or the scandal involving the IHC token. \u201cWe would like to categorically state that certain individuals have no involvement with our management and operation, and we deny these allegations in the strong possible terms,\u201d Mr. Lee said. \u201cThe spread of misleading information has not only affected our team\u2019s morale but also threatened the stability of our operations. We would like to assure all stakeholders that we are fully committed to safeguarding the integrity of our organization and protecting the interests of all parties involved.\u201d IHC Esports have risen in prominence in the last year, in part thanks to the international success of their CS:GO team, which was known as Checkmate prior to signing with IHC in March 2022. Mr. Otgonbaatar, one of Ih Bit Global\u2019s founders, was IHC\u2019s Chief Financial Officer at the time, according to an article from CSGO2ASIA. Earlier this month, IHC\u2019s CS:GO team finished 9th-12th at IEM Katowice after defeating paiN, FURIA and Cloud9, before falling to FaZe. They are currently 21st in HLTV.org\u2019s world rankings. The Mongolian team have become a regular at international CS:GO events, attending the two most recent Majors, PGL Major Antwerp and IEM Rio. IHC couldn\u2019t go beyond the Challengers Stage at either event. In January, IHC Esports\u2019 PUBG Mobile team placed fifth at the PUBG Mobile Global Championship 2022, held in Malaysia and Indonesia. It was the team\u2019s second-best international outing after finishing third at the 2020 PUBG Mobile Global Championship while still playing under ZEUS Esports. In addition to IHC, the Mongolian organization is partnered with betting company 1xBet, cryptocurrency exchange X-META, and sports manufacturer Puma.<\/p>\n","protected":false},"excerpt":{"rendered":"
IHC Esports respond to reports of arrests of IHC crypto coin founders ESLIHC Esports have been thrown into disarray following the reported arrest of three of the founders of a major partner, forcing the Mongolian esports organization to issue a statement. The UB Post, an English-language newspaper in Mongolia, reported on February 3 that three […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-38497","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/38497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/comments?post=38497"}],"version-history":[{"count":0,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/38497\/revisions"}],"wp:attachment":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/media?parent=38497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/categories?post=38497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/tags?post=38497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}