Credit: PGL

IHC Esports delivers a statement following the arrest of three IHC coin founders

The Mongolian organization denies that "certain individuals", most likely the three founders of IHC, have any involvement in the management and operation.

Earlier this week it was reported that three founding members of Inflation Hedging Coin (IHC), the organization behind the IHC Esports banner, have been arrested in Mongolia for allegedly 'misappropriating their funds and laundering the income earned by manipulating the market'.

Something that could end up having severe consequences for the future of their CS:GO team – the same team that showed an outstanding and highly-surprising performance at this year’s IEM Katowice.

Today IHC Esports has decided to issue a statement saying that they are still “fully committed to safeguarding the integrity of our organization” and that “certain individuals have no involvement with our management and operation, and we deny these allegations in the strongest possible terms”

Yet they don’t mention who these “certain individuals” are nor what specific “allegations” have been made against them.  

The three founders who were arrested were reportedly Ih Bit Global (the company behind IHC) CEO Gantig Bayarmagnai, COO Munkhjin Otgonbaatar, and chairman Erkhembayar Bayarsaikhan. Regarding whether the three individuals still remain in custody or have been released, is still unknown.

Full statement by IHC Esports' Chairman, Dave Lee:

- The management of IHC Esports would like to address recent events and express our deep regret over the dissemination of misleading information concerning our organization. This malicious act has caused significant harm to our team and impacted their well-being. Despite these challenging circumstances, we remain unwavering in our commitment to our mission and vow to compete with honor and distinction in all future endeavors.

- We would like to categorically state that certain individuals have no involvement with our management and operation, and we deny these allegations in the strongest possible terms.

- The spread of misleading information has not only affected our team's morale but also threatened the stability of our operations. We would like to assure all stakeholders that we are fully committed to safeguarding the integrity of our organization and protecting the interests of all parties involved.

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