Rentberry ICO Update

[PropertyClub]

One of the biggest crypto failures is at it again. After raising over $20MM worth of ETH and seeing their token holders lose over 99% of their investment, Rentberry is no longer focusing on blockchain and moving onto new victims- reg-CF investors via Wefunder. Rentberry claims over $4 million in revenue in 2019 (revenues from selling their crypto holdings it would seem). But in their audited financials, they're only doing $1,500 a month in real revenue over the past 3 months. What sort of due diligence is Wefunder even doing?

https://wefunder.com/myrentberry/about

[CaVO32]

They already got a handful of investors here raising about $800k from 534 investors. Do you think investors can refund their investments if they decide to do so? I hope people are more careful in dealing this project, should have done at least a background check on them before throwing money again to this team.

[qazgroup]

Actually they have almost raised the amount of funds they were looking for successfully which is not good they should have been held accountable for the previous ico funds first, it is anew trend now that some projects from 2 to 3 years ago that raised millions in their icos are now ditching the ico investors and looking for new alternative funds and disowning previous money that they raised which is criminal act.

[pakhitheboss]

Their concept is good but as all real estate ventures have failed they have done the same in the market. I am not sure what made the 534 individuals invest in it. Currently real estate is one of the worst affected sector due to the covid 19 situation. It might take a while for them to raise funds now.

[PropertyClub]

The reason they've raised over $700k is because they're claiming their ICO proceeds were revenues. So basically, Rentberry's position right now is if you bought Berry tokens you bought a type of worthless airline miles. Their actual revenue in the past 3 months is $1,530/month, but that's in the fine print. Instead, they show over $4 million in revenue which is likely from the ETH they were holding after their ICO.

It's really very shady, and just a money grab. They're currently claiming to be operating at a $250k/month loss so I feel bad for the folks investing in this offering.

[bitkanu]

The reason they've raised over $700k is because they're claiming their ICO proceeds were revenues. So basically, Rentberry's position right now is if you bought Berry tokens you bought a type of worthless airline miles. Their actual revenue in the past 3 months is $1,530/month, but that's in the fine print. Instead, they show over $4 million in revenue which is likely from the ETH they were holding after their ICO.

It's really very shady, and just a money grab. They're currently claiming to be operating at a $250k/month loss so I feel bad for the folks investing in this offering.

That has proven if any update that created by this project will be useless.

is the team telling you about that? If they were operating at a big loss and it's better for them to stop it.

They have made a false claim which can't be tolerated. This project must be avoided by everyone.

[PropertyClub]

The reason they've raised over $700k is because they're claiming their ICO proceeds were revenues. So basically, Rentberry's position right now is if you bought Berry tokens you bought a type of worthless airline miles. Their actual revenue in the past 3 months is $1,530/month, but that's in the fine print. Instead, they show over $4 million in revenue which is likely from the ETH they were holding after their ICO.

It's really very shady, and just a money grab. They're currently claiming to be operating at a $250k/month loss so I feel bad for the folks investing in this offering.

That has proven if any update that created by this project will be useless.

is the team telling you about that? If they were operating at a big loss and it's better for them to stop it.

They have made a false claim which can't be tolerated. This project must be avoided by everyone.

It's a reg-CF filing and requires a lot of disclosures. In the documents they filed with the SEC as well as on their offering page they claim to have 2019 revenues of $4,398,259. They also claim a 2019 profit of $1,769,739. The issue is that in their financial disclosures these revenues and profits are just from the sale of the ETH raised during the ICO. The actual revenues from the Rentberry platform are almost nothing as they claim $1,530 in monthly revenues and $250,000 in monthly expenses.

Another interesting point is that they project $5 million in 2020 revenue. This seems very strange considering the monthly revenue so far this year is $1,530/month. My guess is this either means: a) they have ICO funds somewhere that they will run through the system as "shill revenue"; or b) they made a forward-looking projection that is potentially fraudulent. Forward-looking statements generally need to be based on a past track record and unless they plan on another ICO scam they have no way of meeting this projection. The track record of their platform seems to be one of little revenue and traction. The only thing they've been good at is duping investors out of their money. This statement has the potential to lead to all types of trouble as it seems to be very misleading and potentially fraudulent.

[EV+5000]

WTF!?! What does SEC think about this? Now they are fooling US citizens

I lost >$1000 investing in Rentberry ICO. In return received candy wrappers

[EV+5000]

Join a group to get your Rentberry ICO moneyback https://t.me/icorentberry

[stsfi]

please report them if you ever held tokens, sign a message from ownership address and open scam accusations !

[riverdip]

consider yourself lucky

i got scammed for 20 BTC by RFR TOKEN [ All my life worth ]

https://coinmarketcap.com/currencies/refereum/

[ElmedoRator]

Join a group to get your Rentberry ICO moneyback https://t.me/berrylawsuit

I think you will never get the money back. And this telegram team is just a collection of victims who bought an ICO and are trying to find hope to be able to claim their money back, but the opportunity is not much.

[riverdip]

Join a group to get your Rentberry ICO moneyback https://t.me/berrylawsuit

I think you will never get the money back. And this telegram team is just a collection of victims who bought an ICO and are trying to find hope to be able to claim their money back, but the opportunity is not much.

if they can manage to have multiple complains, they can do something depending on where they live, lets hope for best.

[EV+5000]

Join a group to get your Rentberry ICO moneyback https://t.me/berrylawsuit

I think you will never get the money back. And this telegram team is just a collection of victims who bought an ICO and are trying to find hope to be able to claim their money back, but the opportunity is not much.

This ICO has a product. We can confiscate it and sell it.

[PropertyClub]

Join a group to get your Rentberry ICO moneyback https://t.me/berrylawsuit

I think you will never get the money back. And this telegram team is just a collection of victims who bought an ICO and are trying to find hope to be able to claim their money back, but the opportunity is not much.

This ICO has a product. We can confiscate it and sell it.

Here's the problem. In the US you could probably go after them and win a lawsuit, but unless you're going to pay a top securities attorney $800/hour it's unlikely you'll find someone to sue on a contingency fee unless Rentberry goes out and raises tens of millions. If you lost a lot of money you can try someone like https://www.silvermillerlaw.com/.

The second problem is that savvy investors will not invest in Rentberry. Why do you think they went the reg-cf route instead of the VC route? It's very strange for a company that's raised VC money to go reg-cf. The likely reason Rentberry did it is that no respectable VC would invest in them. Besides the fact that they're a huge lawsuit risk due to the ICO disaster, all you have to do is to just look at their traction- it's awful for how much they've raised.

So even if you win a lawsuit, they won't have many physical assets as they're running out of cash- and their platform and digital assets aren't really worth that much. The value of most real estate portals is derived from a combination of tech and visitors. Rentberry's tech is something you can build out for under $1 million and for a global site they have a pathetic number of visitors.
Put it this way- even ignoring big markets like NYC, there are local sites in small markets like Nashville that have more traffic in their small market than Rentberry has globally. This is important because you need a lot of traffic in a geographic area to be able to monetize your product. If you have 50,000 visitors in Nashville and you're a market leader there, everyone will know you and you can monetize easily, as customers will come to you. If you have 50,000 visitors spread across 1,000+ markets as Rentberry does, nobody will know you and you have to hire salespeople to try and monetize your product. The value you provide as the 30th largest site in a market is also minimal so you'll also have incredibly high churn rates and you likely won't be able to be profitable in any market. So a site with 50k visitors in 1 market can be very profitable while a site with 50 visitors in 1,000 markets is basically going to be losing money in every market it's in.

[tabas]

consider yourself lucky

i got scammed for 20 BTC by RFR TOKEN [ All my life worth ]

https://coinmarketcap.com/currencies/refereum/

20BTC * $9485 = $189,700.
RFR's 24 hour volume isn't even reaching up to that point. It's just around $95k. Why invest that amount into an altcoin? That's very unfortunate for you if you have lost your life savings with that token.

[Galley]

Having lost my money once by contacting Rentberry, I will never contact this company a second time. Without answering the previous one, they again begin their ingenious manipulations for the next scam. For this, they must be punished.

[seoincorporation]

consider yourself lucky

i got scammed for 20 BTC by RFR TOKEN [ All my life worth ]

https://coinmarketcap.com/currencies/refereum/

Damn, sorry about your loss. 20BTC was a huge amount my friend. it wasn't a cheap lesson at all. I don't understand why people invest huge amounts on an untrusted project, we already know more than 90% of ICO's end in a scam, so why people keep investing in them, its really sad and it only brings terrible reputation to cryptos.

[Twinkledoe]

consider yourself lucky

i got scammed for 20 BTC by RFR TOKEN [ All my life worth ]

https://coinmarketcap.com/currencies/refereum/

Damn, sorry about your loss. 20BTC was a huge amount my friend. it wasn't a cheap lesson at all. I don't understand why people invest huge amounts on an untrusted project, we already know more than 90% of ICO's end in a scam, so why people keep investing in them, its really sad and it only brings terrible reputation to cryptos.

Usually they invest into this kind of project for the hope that they will get huge returns. But unfortunately, it is not the case. But that's actually a learning experience for them, I am sure he will be very careful the next time he touched an unknown project.

[EV+5000]

On June 2, I created a group to collect investors https://t.me/icorentberry
On June 3, a member of Rentberry team ordered fake bots to the group.

I was lucky that the person doing the addition of fake bots warned me as the admin of the group and sent screenshots of the customer

https://i.ibb.co/1nKp8r0/8888.jpg

I found a member of the "Leshuk" nickname team on Google

https://i.ibb.co/GMCHGqY/leshuk.png

Rentberry team wants to close the Telegram group.