The orange Mercedes was parked along the promenade in Davos. No one around saw who parked there. The license plate reads “Kuna”, which is the name of a Ukrainian cryptocurrency exchange. Michael Chobanian, the founder of Kuna, confirmed that the car belongs to him.
Arjun Kharpal | CNBC
DAVOS, Switzerland — The mystery of the orange Bitcoin car first spotted by CNBC on Monday at the alpine resort of Davos in Switzerland has been solved and the owner is unfazed by his critics.
The Mercedes, which sports a bitcoin logo and the words “in crypto we trust” on the wheels in place of the car’s iconic badge, was parked in front of the Blockchain Hub, a Casper Labs-operated area along Davos Promenade.
The Promenade is the main street in Davos, where corporations and governments have taken over shops and cafes for this week’s World Economic Forum – an annual gathering of business leaders, celebrities and global policymakers.
Last year, crypto firms from all walks of life took the place. But since the crypto market crash in 2022, there have been far fewer crypto firms with flashy storefronts in Davos.
CNBC asked nearby people Monday whose car it was, but no one saw who parked it. Two crypto executives who spoke to CNBC did not welcome the car’s presence as the market has been wiped out by nearly $1.4 trillion over the past year and the excesses of the industry are under scrutiny.
A senior executive said the presence of such a car didn’t help the industry’s reputation, which took a hit last year.
The license plate had “Kuna” printed on it, which is the name of a Ukrainian cryptocurrency exchange.
Michael Chobanian, Kuna’s founder, confirmed in a statement to CNBC that the car is his and that he parked it there for convenience only.
“The car is there because that’s the closest parking spot I’ve found,” Chobanian said.
He also hit back at the car’s critics.
“How is the crash related to my property? It’s me [in the] Crypto and finance industry for 10 years. I don’t sell anything and I don’t advertise. If someone made bad decisions and lost money, it’s their fault and not my cars,” Chobanian said.