Salvatore Palella is a Helbiz founder and CEO. Official statements say that he found Helbiz in 2015, but at that time Helbiz was a hiring platform
. Till the 2018 year, Helbiz wasn't developed or existed as a business. At the end of the 2017 year, when it was the time of crypto bubbles, Salvatore Palella decided to make ICO and raise money for Helbiz - a transportation platform. Look at the whitepaper
Helbiz team did the first meetup in New York to promote Helbiz ICO
and closed ICO in March 2018. Helbiz raised close to $ 40m. During the 2018 year, Salvatore Palella promotes the Helbiz coin and pump its price, at the same time develop the Helbiz platform and waste money on luxury life. Helbiz coins that weren't sold during ICO, they were sold at the second market, and money was moved to Salvatore Palella and his team pockets. At the same time officially they said that "all Helbiz partners were compensated in Helbiz coin"
In the 2019 year, Salvatore Palella decided to do Helbiz IPO
, but how to do it with the crypto background? So, Palella decided just to make it looks like it was the ICO of Helbiz partner, not Helbiz. He deleted all information related to Helbiz coin, hired lawyers to attack Helbiz coin investors, and started to raise money from new investors, but venture investors this time.
In all official statements, he said that ICO was of 3-d party company, not Helbiz, and all crypto-investors got their money back. That's not true, that's why Helbiz coin investors filed a class action
against Helbiz, Salvatore Palella, and others.
It's just a small part of Salvatore Palella's lie, to his investors. He lied a few years ago, he lies right now, and he will lie in the future. This person should be sent to jail for the fraud he did.
At the end of this article, you will read how Palella embezzling investors' money. How it's possible? Because of Salvatore Palella ties with Jordan Saxe
, Riccardo Silva
, Massimo Ponzelini and others.
In Italy, Salvatore Palella is a very known person, the star of TV Reports and mass-media investigations.
But naive Americans, that are buying Helbiz stock (HLBZ on NASDAQ) know nothing about this investigation.