Auscoin Founder’s Bail Conditions Relaxed

In 2019, Auscoin founder Sam Karagiozis was arrested for suspected drug trafficking. In mid-2019, he was granted bail, but on certain conditions – such as a nightly curfew.

Mr. Karagiozis – a native of Bulleen, is currently on bail on a $600,000 surety and must check in with the police twice a week. He is also forbidden to leave Victoria.

Sam Karagiozis, an entrepreneur who even tattooed “Self Made” on his fingers was well on his way to accumulating ever-greater fortunes – before legal troubles forced his crypto platform Auscoin to halt its activity.

Auscoin was a crypto exchange platform with plans to install bitcoin ATMs across the country. However, the amount of Bitcoin ATMs that were actually installed was far less than predicted, due to a lack of funding.


The company also minted crypto tokens, namely AUSC – which are currently valued at around 0,0077 AUD per token.

Conditions Lessened For A Hopefully Once-In-A-Lifetime Experience

On Tuesday, Mr. Karagiozis’s bail conditions were relaxed, citing the need to administer his chain of Greek restaurants – and the wish to attend his brother’s wedding as the best man, as well as the buck’s night taking place 2 weeks prior.

Defence counselor Dermot Dann obtained the loosening of Mr. Karagiozis’s bail restrictions, stating that Mr. Karagiozis had complied with all bail conditions to date and that his client was eager to attend what would  “hopefully be a once-in-a-lifetime event”.

Furthermore, Sam Karagiozis is expecting a child in April and hopes to avoid any possible legal troubles that may arrive from having to drive to a hospital past curfew.

Magistrate Andrew McKenna granted the request despite the opinions of detractors present in court – on the condition that Mr. Karagiozis will not be allowed to talk to co-accused Victorian police officer Emmanuel-O’Neil about the upcoming court hearing.

“They can talk about how wonderfully well the night is going or the weather or the pandemic, but nothing about the proceedings.”

The hearing will take place in March – and will determine whether the pair will face trial or not.

Cristian Lipciuc

Cristian Lipciuc

Cristian Lipciuc is a blockchain journalist working with startup companies across multiple domains such as freelancing, app development & cryptocurrency. Cristian specializes in applied blockchain technologies, cryptocurrency integration, the adoption of new technologies by governments, and cybersecurity.

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