Nilam Resources fires back, says Xyberdata has 24,800 bitcoin

Nilam Resources has published another press release attempting to clarify public concerns about the company.

Their stock price increased (and then decreased) by over 1000% recently after they announced an acquisition which would supposedly result in them gaining 24,800 bitcoins, currently worth around $1.7 billion.

After days of silence from the holdings company, they have released a second statement, saying that Pranjali More would be taking over as CEO, that a recent caveat emptor designation from OTC Markets was not explained to them, and that the company with which Nilam Resources would be merging—Xyberdata— does indeed have the 24,800 bitcoin that are destined to be acquired.

Nilam saw the price of its stock balloon from $0.02 to nearly $0.38 on Tuesday, and then subsequently plummet to $0.006 on Thursday after revelations from the former CEO were published by Protos.

War of Words

This second press release does little to clarify the origins of the 24,800 bitcoin supposedly held by Xyberdata. Nor does it explain why the former CEO of Nilam Resources called Nilam Resources a “classic pump and dump”, however it does state that audited financial statements have been provided to OTC Markets verifying the existence of the 24,800 bitcoin, and that “any alleged comments regarding this transaction made by the company’s former CEO were not made on behalf of the company and don’t represent the views of management”.

The press release failed to acknowledge that Ron McIntyre, the former CEO, has also held the roles of president, treasurer, director, and secretary of Nilam Resources. By Thursday afternoon, McIntyre had been replaced with Pranjali More in all of these positions, according to the Nevada corporate registry.

Meanwhile, OTC Markets continues to splash the “caveat emptor” designation on Nilam Resources, suggesting that “OTC Markets has determined that there is a public interest concern associated with the company.”

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