A well-known Australian radio host Chrissie Swan decided to sell her house back in December 2017 to bitcoin trader Stefen Papas. At the time bitcoin value was around 25,000 Australian dollar. She sold her house for around 5.4 million Australian dollars. Papas bought the house quickly as the price of bitcoin was on a surge.
After buying the single floor luxurious house in South Yarra, Melbourne, Papas decided to renovate the house completely. In the coming days when the value of the bitcoin dropped, he defaulted on the payments and the transaction between Chrissie Swan and Papas was canceled.
When Swan reclaimed the house, she was informed that the house was totally gutted. Floor, Roof, walls, and doors everything was torn apart to renovate the home. Papas was unable to complete the renovation process.
After a year Chrissie Swan was able to sell the house to Melanie Stephenson for $4.05 million. Almost a million dollar less than what they had secured earlier. According to many reports, Papas was made liable for returning the house in the same condition as he bought and also to pay up the difference between two selling price, which amounted to more than a million-dollar.
Stefan Papas is currently facing a lawsuit from his clients for duping them of their investments worth $20 million. Papas use to trade cryptocurrencies on behalf of his clients, which included wealthy businessmen and lawyers. One of his clients is NFL coach Thompson, who was convicted of selling Meth and other drugs. He claims that he lost 1 million dollars because of Papas.