The future of Mongolian CS:GO group IHC Esports could possibly be in peril after numerous people associated with the business had been arrested in a scandal that is shaking up the Asian crypto market.
The UB Post, an English-language newsprint in Mongolia, reported on February 3 that three of Ih Bit Global’s founders was arrested at the start of the thirty days after complaints from a number of clients that has bought the company’s crypto token, called Inflation Hedging Coin (IHC).
Ih Bit worldwide CEO Gantig Bayarmagnai, COO Munkhjin Otgonbaatar, and president Erkhembayar Bayarsaikhan face “charges of misappropriating funds” through the IHC coin and “laundering the earnings made by manipulating the market”, in line with the article.
On its formal site, IHC is called “an alternative investment token placed to improve its value by constantly burning it self after multiple burn protocols.” The token has tumbled just as much as 97% because it started trading, according to Coinbase.
The UB Post talked with representatives of lots of clients that have lost big amounts of cash. “The individuals who created the IHC coin frequently make stories on the net and build trust,” one agent is quoted as saying. “They said ‘It is a gold-backed coin that could maybe not fall from the granted cost. Go even in the event it falls.’ I’d profit my account therefore I took it each day. We thought in just what Otgonbaatar Munkhjin ended up being saying. 142 million MNT ($40,488) paid off to two million MNT ($570). You will find most likely large number of victims just like me.”
IHC Esports future in question
The news of this arrest of three of Ih Bit Global’s founders raises questions regarding the ongoing future of IHC Esports, that have recently risen up to prominence in components because of their CS:GO team’s worldwide outcomes.
Ih Bit worldwide joined esports in December 2021 through a partnership with Mongolian esports company ZEUS Esports, which rebranded to IHC Esports included in the deal.
In March 2022, IHC Esports finalized Checkmate, Mongolia’s top CS:GO team. Mr. Otgonbaatar, certainly one of Ih Bit Global’s founders, ended up being IHC’s Chief Financial Officer during the time, according to articles from CSGO2ASIA. it is unclear if he’s nevertheless mixed up in organization.
Earlier this thirty days, IHC’s CS:GO group completed 9th-12th at IEM Katowice after beating discomfort, FURIA and Cloud9, before dropping to FaZe. They truly are currently 21st in HLTV.org’s world ratings.
The Mongolian group are becoming an everyday at worldwide CS:GO occasions, going to the 2 newest Majors, PGL significant Antwerp and IEM Rio. IHC couldn’t rise above the Challengers Stage at either occasion.
In January, IHC Esports’ PUBG mobile phone group put 5th during the PUBG Cellphone worldwide Championship 2022, held in Malaysia and Indonesia. It had been the team’s second-best worldwide outing after finishing 3rd during the 2020 PUBG Cellphone Global Championship while nevertheless playing under ZEUS Esports.
IHC Esports never have yet commented regarding the arrest of Ih Bit Global’s founders. The business has betting company 1xBet, cryptocurrency exchange X-META, and recreations maker Puma as the other lovers.