{"id":38508,"date":"2018-03-07T01:21:13","date_gmt":"2018-03-06T23:21:13","guid":{"rendered":"https:\/\/bivol.bg?p=38508"},"modified":"2018-04-09T11:06:13","modified_gmt":"2018-04-09T09:06:13","slug":"ginkas-gencoin-is-no-joke","status":"publish","type":"post","link":"https:\/\/bivol.bg\/en\/ginkas-gencoin-is-no-joke.html","title":{"rendered":"Ginka’s “Gencoin” Is No Joke"},"content":{"rendered":"

An article by Bivol’s editor-in-chief Atanas Tchobanov, titled “Fundamentals of the Ginconomics,” was published in the 24th-anniversary edition of the satirical newspaper Prass-Press<\/em><\/a>. It mocks the cryptocurrency gencoin,<\/strong> introduced by the unknown until recently businesswoman Ginka, who rose to fame after the news broke that she is buying the Bulgarian assets of the Czech State-owned electric power utility CEZ.<\/p>\n

However, it is not a joke, but 100% truth that on August 25, 2017 Kalina Kambanova had registered the company Gencoin Bulgaria Ltd<\/strong>., whose main activity literally includes the following:<\/p>\n

“Creating e-commerce solutions and cryptocurrencies”<\/p>\n

\"\"<\/a>

Gencoin Bulgaria had been established on August 25, 2017<\/p><\/div>\n

A week later, on September 1, 2017, the company Gencoin Ltd<\/strong>. had been established, with Gencoin Bulgaria holding 24% of the capital. The majority stake of 76% is owned by CEZ Bulgaria\u2019s buyer Inercom Bulgaria,<\/strong> whose sole owner is Ginka Varbakova. Ginka’s husband – Slavcho Varbakov – became then the manager of the new firm.<\/p>\n

After the incorporation of Gencoin Ltd, two Cypriot citizens, Panagiotis Tamvakidis and Nikolaos Haralambos, have joined the original company of Kambanova Gencoin Bulgaria<\/strong> as co-owners.<\/p>\n

Gencoin Ltd\u2019s main business is also cryptocurrencies and its incorporation act is in English. It also lists the name of the company in Latin as GENCOIN Ltd<\/strong>..<\/p>\n

\"\"<\/a>

Gencoin Ltd. was founded on September 1, 2017 with Ginka Varbakova\u2019s Inercom as majority shareholder<\/p><\/div>\n

Gencoin<\/strong> coincides with the name of the cryptocurrency in the TV series Startup. The gencoin.com<\/a> domain was registered as early as 1985, and is now owned by Sony Pictures Entertainment, according to Bivol\u2019s research. The domain redirects to gencoin.io, which is an advertising site for the Startup series.<\/p>\n

If Ginka Varbakova is still insisting on launching her own cryptocurrency, the chosen name of her company is a wrong move and needs to be corrected. Unfortunately, Gincoin<\/strong> (gincoin<\/a>) is not a free domain in the cryptocurrencies\u2019 world either, but Ginkacoin (<\/strong>ginkacoin) is an option as it is available for the time being.<\/p>\n

Bivol’s readers have rightfully noted that if an individual owns an electric power utility, it would not be that difficult for them to organize cheap cryptocurrency mining by redistributing the cost of electricity to end-users. Of course, this cannot remain hidden for a long time, but the temptation is there.<\/p>\n

Headline photo: Screenshot from the site\u00a0Gencoin.com<\/a> \u00a9 Sony Pictures Entertainment<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

An article by Bivol’s editor-in-chief Atanas Tchobanov, titled “Fundamentals of the Ginconomics,” was published in the 24th-anniversary edition of the satirical newspaper Prass-Press. It mocks the cryptocurrency gencoin, introduced by…<\/p>\n","protected":false},"author":1,"featured_media":38495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","kia_subtitle":"","_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[8365,5542,5806,5550],"tags":[],"class_list":["post-38508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cez-en","category-investigations-en","category-leading-en","category-short-stories"],"yoast_head":"\nGinka's "Gencoin" Is No Joke - Bivol!<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bivol.bg\/en\/ginkas-gencoin-is-no-joke.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ginka's "Gencoin" Is No Joke\" \/>\n<meta property=\"og:description\" content=\"An article by Bivol’s editor-in-chief Atanas Tchobanov, titled “Fundamentals of the Ginconomics,” was published in the 24th-anniversary edition of the satirical newspaper Prass-Press. 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As revealed by The New York Times, last year she traveled to Rome for an event at the\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":103336,"url":"https:\/\/bivol.bg\/en\/update-hal-billion-social-ministry.html","url_meta":{"origin":38508,"position":1},"title":"UPDATE: OVER 0.5 BLN BGN OF EU FUNDS EMBEZZLED THROUGH SOCIAL MINISTRY","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"30 March 2023","format":false,"excerpt":"Financial abuse valued at a couple hundred million euro have been exposed at the Ministry of Labour and Social Policy. The embezzlement is primarily tied to funds from different European Union programs awarded under the law for public procurement. The procedures, however, were conducted in gross violation of the law.\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":47886,"url":"https:\/\/bivol.bg\/en\/cez-boss-tpp-varna-cannot-provide-cold-reserve.html","url_meta":{"origin":38508,"position":2},"title":"CEZ Boss: TPP Varna Cannot Provide Cold Reserve","author":"Atanas Tchobanov","date":"9 July 2019","format":false,"excerpt":"Tom\u00e1\u0161 Pleska\u010d, Vice Chairman of the Board of Directors of Czech power utility CEZ, declared during an official meeting with Czech politicians that the Thermal Power Plant in Bulgaria\u2019s Black Sea city of Varna (TPP-Varna) had not been upgraded to operate on gas, therefore it cannot be used as a\u2026","rel":"","context":"In "Comments"","block_context":{"text":"Comments","link":"https:\/\/bivol.bg\/en\/category\/comments-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/07\/pleskac-tec-varna.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/07\/pleskac-tec-varna.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/07\/pleskac-tec-varna.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/07\/pleskac-tec-varna.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/07\/pleskac-tec-varna.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/07\/pleskac-tec-varna.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":38304,"url":"https:\/\/bivol.bg\/en\/organized-crime-past-lurks-behind-present-sale-of-cez-business-in-bulgaria.html","url_meta":{"origin":38508,"position":3},"title":"Organized Crime Past Lurks Behind Sale of CEZ Business in Bulgaria","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"23 February 2018","format":false,"excerpt":"Duplication of social security numbers (known as unified civil number(s), EGN) is a rare case in Bulgaria, and when such case involves not two, but three persons, then it borders on a mystery. This is precisely the case of one of the managers of the company Inercom Group, which was\u2026","rel":"","context":"In "CEZ"","block_context":{"text":"CEZ","link":"https:\/\/bivol.bg\/en\/category\/b-files-en\/cez-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/02\/paytakova-300x255.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":38521,"url":"https:\/\/bivol.bg\/en\/concealed-from-bulgarian-public-bad-apple-fibank-and-dubai-connection-in-cez-deal.html","url_meta":{"origin":38508,"position":4},"title":"Concealed from Bulgarian Public: \u201cBad Apple\u201d Fibank and Dubai connection in CEZ deal","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"7 March 2018","format":false,"excerpt":"\u201cWhen I opened what the Czech Prime Minister had sent me, what did I see: Russian-Georgian offshores, Russian banks, Bulgarian ones, and those banks that for some reason have had problems.\u201d This is how Bulgarian Prime Minister Boyko Borisov described before the media the information that, in his words, he\u2026","rel":"","context":"In "CEZ"","block_context":{"text":"CEZ","link":"https:\/\/bivol.bg\/en\/category\/b-files-en\/cez-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/03\/lidove-article.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/03\/lidove-article.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/03\/lidove-article.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/03\/lidove-article.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/03\/lidove-article.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/03\/lidove-article.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":38719,"url":"https:\/\/bivol.bg\/en\/cez-deal-50-mafia-50-state.html","url_meta":{"origin":38508,"position":5},"title":"CEZ Deal: “50% Mafia, 50% State”","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"19 March 2018","format":false,"excerpt":"On Monday, March 19, Bivol sent questions to the Parliamentary Ad-hoc Committee tasked to examine all the facts and circumstances regarding the privatization and the planned sale of the Czech State-owned power utility CEZ Group in Bulgaria (AKA \u201cThe CEZ Committee\u201d). We publish them below. We expect the Committee to\u2026","rel":"","context":"In "CEZ"","block_context":{"text":"CEZ","link":"https:\/\/bivol.bg\/en\/category\/b-files-en\/cez-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/03\/mitko-karatista.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_featured_media_url":"https:\/\/bivol.bg\/wp-content\/uploads\/2018\/03\/gencoin.png","_links":{"self":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/38508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/comments?post=38508"}],"version-history":[{"count":0,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/38508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media\/38495"}],"wp:attachment":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media?parent=38508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/categories?post=38508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/tags?post=38508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}