Tim Dawson, one of the managers of Countinghouse, the $40 million Australian crypto fund that seems to have lost all its investors’ money, has declared that the fund managers are themselves the victims of a scam involving “sophisticated offshore crooks”. Dawson, who has been a figure of hate for investors who accuse him of either stealing or losing their funds through incompetence, has been under immense pressure to divulge information about the alleged sale of the fund last week that has left some investors hundreds of thousands of dollars out of pocket.
Dawson at Risk of Drowning in his Creek of Silence
Dawson’s appearance in the group’s community Telegram on Friday didn’t do much to quell the ranks of outraged investors, and his pleas for patience likely won’t do anything to prevent the legal action being taken by investors, who have already applied for an injunction which they hope will be granted today. This will allow them to see what funds, if any, remain on the company’s two brokerage accounts and should offer an insight into the truth behind Dawson’s assertions that the fund was sold to scammers posing as employees of brokerage firm JFD Wealth. Dawson claimed on November 29 that he was actively trying to freeze the funds, although he has still not confirmed if this was successful or not, and Monday’s injunction may well answer the question for him. Whatever the outcome, it will likely pile more pressure in his shoulders.
Not Your Average Crypto Scam
The question of what really happened with Countinghouse is naturally at the heart of investors’ concerns, but with very few hard facts actually known, the gaping holes in the narrative have been filled by the opinions and theories of angry investors. The problem is that no theory, from planned exit scam to Dawson’s claim that they were duped by scammers, fits all the facts, leaving investors no option but to try and find out what they can and form theories in the absence of any official news. Australian Securities and Investments Commission (ASIC) and police reports have been filed but are making little headway, at least outwardly, and until more hard facts emerge, either in the way of a discovery of funds or an admission by Dawson, the mystery remains as to whether Countinghouse’s fund managers are guilty of gross negligence or extreme malevolence.
