Nilam Resources gives up, no more 24,800 bitcoins

Nilam Resources, a penny stock listed on OTC Markets that has seen numerous controversies, fumbles, and miscalculations over the past month, has issued a press release stating that it will no longer be seeking to acquire 24,800 bitcoins, or a merger with Mauritius-based company, Mindwave.

The company saw its fortunes briefly rise when it was mischaracterized as a ‘South American mining company’ that was planning to acquire 24,800 bitcoin. However, its stock gains vanished almost overnight after its former CEO and president, Ron McIntyre, called it a ‘classic pump and dump.’

Nilam Resources’ stock gains vanished after it was branded a ‘classic pump and dump.

New executives, new problems

Shortly after McIntyre made his statements, Nilam Resources announced that it had a new CEO and president — but then a Reddit user noticed that the company had hijacked its logo from a small, California-based skate company called Powell Peralta. A few days later, Nilam changed its logo.

Nilam then threw caution to the wind and decided to release a token that one lawyer described as ‘obviously illegal.’ The utility token promised returns and allowed the company to trade with customer funds.

Read more: Scoop: Nilam Resources CEO resigns day after 24,800-bitcoin announcement

Good game

After around a month of outlandish claims and numerous problems, Nilam Resources looks to have finally waved the white flag. According to the company, “MindWave has determined that pursuing the LOI with Nilam Resources Inc., would not align with its strategic objectives. The decision not to proceed is primarily driven by the rigorous regulatory and compliance processes involved, which may pose challenges…”

A Nilam Resources press release also claims that the token previously offered wouldn’t be offered to citizens of various countries, including the US, however, a Protos reporter in the US was still able to purchase the token at the time of publication.

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