South American gold producer Nilam Resources’ CEO resigned after Bitcoin (BTC) news.
It was reported that Nilam Resources was planning to purchase 24,800 Bitcoin worth 1.7 billion dollars recently. One day after this news, the CEO of Nilam Resources Ron McIntyre resigned.
According to the news presented by Protos, CEO McIntyre stated that he had resigned from his position as CEO and his name was removed from all corporate documents.
When asked why he resigned from his position, McIntyre stated, “just look at the big picture, this is a classic pump-dump operation. Nilam Resources will be subject to a FINRA investigation.”
The fact that the company’s current cash assets are less than the 1.7 billion dollars worth of Bitcoin they claim to be purchasing raised questions about the authenticity of the news.
On the other hand, what the CEO referred to as a pump-dump operation was the increase in the company’s stock prices. Shortly after the news of the Bitcoin purchase, the company’s shares saw a 1,920% increase. The company’s stock price closed on March 26th with a 1,509% increase.
