Topic: I need help/advice on how to efficiently recover money invested in an ICO (Read 393 times)

Some of my layman's opinion would be that the e-mail was written by the same people who were behind the project with the reason that they would scare you into continuing with what you are about to do.

However, the message also mentions some interesting things like :


which would mean that you somehow became familiar with the possibility that you could lose your investment, and that you could not claim any compensation for the damage if it happened.

However, in order to clarify the legal situation, you will have to find someone who will study all the documentation in detail and then conclude whether you have legal grounds for any claims.

Sorry too much time has passed for me to investigate
I have to trace 6 years of transactions
I only accept things from 1-2 years
Should have asked someone sooner
It makes me look bad if I cannot find anything and too much time has passed

~snip~
The last message posted on their website before being taken down was supposedly from the liquidators but overall gives off a very scammy vibe. What kind of a liquidation company used proton main? ([email protected]) Whoever is behind this email obviously wants to be anonymous.
I did email them, but never received a reply.

Also received a Cease and desist request from Harassment and Defamation from supposedly the owner's lawer. They claim the owner ceased managing Real Estate Asset Ledger Pte. Ltd in 2020 yet this was never communicated to investors. If he claims that he must know who are the people behind the company since then? And what happened with the properties that were purchased with investors money. But there is only silence.

Please be reminded that your purchase of tokens was a high-risk investment (as you can double-check in the “Real Crowd-Sale Agreement” you executed with Real Estate Asset Ledger Pte. Ltd on the 31st August 2017, and its exhibits, particularly, Exhibit C), undertaken with full acknowledgment of its speculative nature and the clear understanding that there was no guaranteed return.

The laws in registering a company are so shit that you can even register a company in a few countries without even being in that country. I saw a few YouTube videos on how scammers, money launderers, and even politicians can open up a company in the UK without physically being in that country. This news was alarming to me as many Indian businessmen who could not repay the debt of banks have left India for the UK. If this is common in a first world country then imagine how a third world country works. In my country to form a company it takes more than 2 months and then bribing is still common if we need to expedite the process.

Op said that the investment is for more than five years. The project has been running for years before turning into a scam. It may be that the information published is false or the credibility has been manipulated. But there must be physical traces for this project. Op mentioned that he received profits before the Corona period and did not mention whether he could withdraw his investments before the Corona period to confirm whether it was really a Scam project from the beginning.

This letter serves as a formal notice for you to cease and desist from all harassing and defamatory activities against my client, Mr. xxxxxxxxxx, in relation with your purchase of tokens in 2017 from Real Estate Asset Ledger Pte. Ltd, of which my client was a director.

It has come to our attention that you have engaged in a series of unwarranted and baseless accusations against my client, including but not limited to, alleging involvement in fraudulent activities, and threatening to defame my client publicly. Your actions have not only caused significant distress but are also unfounded and legally untenable.

Please be reminded that your purchase of tokens was a high-risk investment (as you can double-check in the “Real Crowd-Sale Agreement” you executed with Real Estate Asset Ledger Pte. Ltd on the 31st August 2017, and its exhibits, particularly, Exhibit C), undertaken with full acknowledgment of its speculative nature and the clear understanding that there was no guaranteed return.

Please also note that my client ceased managing Real Estate Asset Ledger Pte. Ltd in 2020, and the subsequent liquidation of the company was a business outcome that neither implicates my client in wrongdoing nor entitles investors to personal redress from my client.

Your persistent harassment and threats towards my client, and dissemination of unfounded allegations to third parties, constitute a clear violation of the applicable laws, specifically regarding harassment and defamation.

By this communication, we kindly request you to cease all communication and attempts to contact my client directly or indirectly, and refrain from making any further false, defamatory statements about my client to any third party, including on public platforms or through direct communication. Failure to comply with these demands will leave my client with no choice but to pursue all available legal remedies.

This letter is written without prejudice to my client's rights, all of which are expressly reserved.

To All Creditors / Clients of Re Platform Ltd (In Liquidation) (“Re Platform”)

We refer to the last update of the liquidation of Re Platform Ltd which was posted on Re Platform’s official website “www.realplatform.vc” (“Re Platform Website”) on 15th September 2023 and sent by email to all known potential creditors / clients of Re Platform based on the information available (“Creditors”).

During the past 2 months, the Liquidators have received certain enquiries commonly raised by many Creditors. In the past, the Liquidators have attempted to answer the queries either by email and/or phone call. However, in light of the volume of the enquiries and the urgency to recover Re Platform’s data, records and assets, it is not efficient (if not impossible) for the Liquidators and their staff to answer the Creditors’ queries one by one.

This update summarizes the Liquidators’ answers to the queries by the Creditors and will be sent to the Creditors by email. The Liquidators will also post a notice in respect of this update on the Re Platform Website.

The Liquidators’ answers to any further queries from the Creditors will be similarly consolidated and sent to all potential Creditors by email (with a notice posted on Re Platform Website) as and when appropriate.

Status of the Liquidation

To date, the Liquidators are securing and taking control of all of Re Platform’s cryptocurrencies which are identifiable based on the information available to the Liquidators.

The Liquidators’ primary focus (at this stage of the liquidation) remains to be securing and taking control of all assets, data and records of Re Platform and establishing Re Platform’s liabilities due to the Creditors.

Re Platform Website and Account Balances With Creditors / Clients

The Re Platform Website was shut down upon the making of the winding up of Re Platform on September 10th 2023 as, by statute, any business of a company shall cease upon the making of a winding up.

As a result, you are currently unable to access your account through the Re Platform Website.

We appreciate that you are unable to access your account and the Liquidators are ascertaining the feasibility and considering the appropriate means to provide the Creditors with details of their respective account balance with Re Platform based on the information available to the Liquidators. The Liquidators will provide an update in this regard as soon as practicable.

Claim against Re Platform Ltd.

Pursuant to the Saint Vincent and the Grenadines law, any potential Creditors who wish to file a claim against Re Platform must submit to the Liquidators a proof of their debt in the prescribed form (“POD”).

Any Creditors who do not submit a POD (and supporting documents) to the satisfaction of the Liquidators may be excluded from the benefit of any distribution of assets and/or funds in the future.

Accordingly, the first thing you, as a potential Creditor of Re Platform, should do at this stage of Re Platform’s liquidation is to complete and return a POD (with documents supporting your claim) to the Liquidators before November 30th.

For the avoidance of any doubt, the Liquidators are required to consider all the information and documents available in order to identify the appropriate means to distribute any assets and/or funds to the relevant Creditors and this will be undertaken in accordance with the contractual terms between Re Platform and the Creditors and the relevant law and regulations.

The Liquidators will start adjudicating the Creditors’ claims against Re Platform at the later stage of the liquidation after the Liquidators have secured all necessary data and records of Re Platform to establish Re Platform’s liabilities due to the Creditors.

The Liquidators will notify the Creditors when they intend to distribute any assets and/or funds to the Creditors.

Submission of Proof of Debt

It is therefore important that you submit a POD to the Liquidators before November 30th .

The Liquidators recommend that any Creditor (who has not yet submitted a POD to the Liquidators) file a POD with his best estimate of the amount due to him by Re Platform (with all supporting documents that he may have) before November 30th by email to [email protected]

If you are unable to estimate the amount of your claim, please insert “to be confirmed” on the POD and state the reason why you are unable to do so.


We will contact you directly (at later stage of the liquidation) if they require any further information and documentation from you in respect your claim against Re Platform.

We will provide further updates to the Creditors as and when appropriate.

Should you have any queries or require any further information, please contact this office at [email protected]

Regards,

Joint and Several Liquidators
Re Platform Ltd
St Vincent and the Grenadines under Licence number 24762 IBC 2018

The laws in registering a company are so shit that you can even register a company in a few countries without even being in that country. I saw a few YouTube videos on how scammers, money launderers, and even politicians can open up a company in the UK without physically being in that country. This news was alarming to me as many Indian businessmen who could not repay the debt of banks have left India for the UK. If this is common in a first world country then imagine how a third world country works. In my country to form a company it takes more than 2 months and then bribing is still common if we need to expedite the process.

This is the right start. Fraudsters usually have an exit plan in mind, and I have often seen scams with the same company names. They can register companies with the same names for completely different people or register a company that will be similar in its activities to a decent company. And in such cases, the chances of getting the money back are zero.

I have not yet, I am just starting this journey.
I found some related Thai legal services on Fiver, which might help me get that information.

Have you found out who owns this property now?
How many owners of the property changed after the company went bankrupt? If this company sold the property to affiliated parties, then you have a chance of creating legal problems for the owner, but if the current owner is not associated with the company in which you invested and is a bona fide buyer, then you have very little chance.

I think this is what OP is currently seeking to do, to prepare all the necessary data to compile a conviction file through a lawyer or one of the competent bodies. It will not be easy for OP because, from what I understand, the rest of the users on the platform do not seem interested in favoring the hypothesis that OP is the most affected, as he is the largest investor.

The task is certainly not easy if we take into account that the company liquidated its assets and property in a legal manner. Proving that this is a confirmed scam will be a somewhat difficult process and may take some time longer than expected.

I am currently researching my options and trying to figure out in which country I should be looking for legal representation.
There are enough clues to suggest it was an exist scam. It will take hours for somebody new to absorb all the information related to the case.

The main thing is there are assets (properties) that are still standing and being used to generate income. I know the exact buildings, locations, etc. They are listed on Booking.com and on the developer website too. I have copies of the deeds/titles of said properties.

I guessed the most important would be getting a concrete proof would be the first thing here before getting a lower, though I don't really know much about legal issues but have thought about contacting SEC  in US and FCA contacting them after getting a solid proof that's a scam

Looking up the legal team in previous similar cases is a start. You can follow them up on professional platforms like LinkedIn and see their full portfolio.

As a heads up, consecutive post is agajnts the forum rules. You should edit newer text into the original post.

I completely agree about the legal route, but not sure where to look for one.

You'll firstly need proper legal advice from a lawyer who has experience with legal battles related to cryptocurrency and get honest feedback on the chances of actually getting some or all of your outstanding investments back. Properly document all the information you have about the owners, your investments and your profits during the short time the project worked.
This by itself will cost some money and will basically be committing you to the recovery chase.

Are you aware of other investors who are equally interested in going down this road? If you all pool together the legal expense it will lighten the load.

I have no doubt that the properties are there, but the question is who are the owners who rent them out - it is possible that they are not the people behind the ICO in which you invested. It is possible that the real estate has been sold, and that seems the most logical - because if your business goes downhill, you can also face claims from clients, and then why risk something that can be seized and sold at auction.

What you need is a good lawyer who is familiar with real estate and also knows something about ICO/cryptocurrencies + to go with him to Thailand and try to find out on the spot who the owners of those properties are.

I am currently researching my options and trying to figure out in which country I should be looking for legal representation.
There are enough clues to suggest it was an exist scam. It will take hours for somebody new to absorb all the information related to the case.

The main thing is there are assets (properties) that are still standing and being used to generate income. I know the exact buildings, locations, etc. They are listed on Booking.com and on the developer website too. I have copies of the deeds/titles of said properties.

There are two things that I can see in this issue and the first one is that they were paying you rent. The amount and for how many days/weeks/months you have received it is not mentioned in your topic. The problem started happening when COVID hit and there was a lockdown, which is considered a natural global disaster as it happened globally. Now, my question to you is how would you like to challenge a global disaster that did affect business or organizations. Some countries that are tourist destinations are still not able to get out of the problem they faced 5 years back due to COVID.

The next problem is that under liquidation, you cannot ask for money that is already starved. This is not a case where you can spend thousands of your money to get that amount which I feel is practically lost. You can talk to a lawyer and try to find a loophole in the law that can only help you in getting your amount back. I am certain that you have already done that and that is why you have come up with this topic to find out if anyone here has gone through the same situation. Which might help you in finding a solution to your problem.   

If the company has gone into liquidation, it is highly likely that the owners of this company has no funds or had hidden it somewhere safe. So legally you cannot do anything unless the court decides to sell their properties and pay out the money to the investors. That's how it ideally happens.

If you know the registered address of this company, you can file a lawsuit against them and put up your demand in a legal way. It is better if you can speak to a qualified lawyer.

So back in 2018 I invested 720ETH in what looked like a very promising ICO - https://bitcointalksearch.org/topic/ann-real-estate-blockchain-crowdfunding-technology-2064991
The team behind it looked very professional, the White paper well written and overall, the idea very promising, so I decided to invest.
Basically the idea was to purchase properties with the invested money and then receive rent based on your invested amount.

From memory around 34k ETH were invested in the project, which were originally sold at $800 each, but because they couldn’t find a bank to hold it they had to buy back ETH and again sell it at $300 at a later date.
Then a number of properties were purchased in Thailand and I started receiving rent until COVID hit us.

There are too many details to mention as to what happened next, but as it stands now the company went in liquidation, which I very strongly believe was a premeditated and planned exit scam.
I have a copy of their entire website + all documents related to the purchase of the properties (deeds, lease agreements).

I am currently preparing a plan of action and any advice is greatly appreciated as I am willing to spend thousands of dollars to try and recover some of my investment.