I need help/advice on how to efficiently recover money invested in an ICO

[zasad@]

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.   

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.

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 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.

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.

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[pakhitheboss]

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.

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.

[Kavelj22]

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.

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.

[CYPER]

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.

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.

I did withdraw rent numerous times, a bit over 60ETH.

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? (real.liquidation@protonmail.com) 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.

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 real.liquidation@protonmail.com

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 real.liquidation@protonmail.com

Regards,

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

[zasad@]

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.

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.

In my country it is also possible to open a company without the presence of the applicant, but this will require a notarized power of attorney, and the person must issue a power of attorney in my country.
In this case, I have not yet understood who owned the real estate, but it seems to me that the company Platform Ltd, which is registered in St Vincent and the Grenadines, did not own anything, but only received money.

[Lucius]

~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? (real.liquidation@protonmail.com) 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.

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 :

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.

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.

[CYPER]

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.

The email came from what appears to be a real lawyer.
Btw is it against my interest to publish selected identifying information here? For example the email and website of said lawyer.
I can't think of a valid reason where this can be used against me.

However, the message also mentions some interesting things like :

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.

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.

The Terms & Conditions document only appeared in August 2018, posted on the ICO thread by Miguel Covas, COO
The ICO ended on 30 September 2017 and all ETH were invested prior to that date.
The document itself was backdated and states "This Token Crowd-Sale Agreement (this “Agreement”) is made as of this August 31st 2017 (the “Effective Date”) "
But it was created and published well after the ICO.
I actually remember this: at some point the team hired a lawyer, who I assume advised them to create said T&C and also remove some of the content they have previously published on Medium.com
It looked like damage control to me.

I contacted ZachXBT as someone suggested here, but he refused to help stating that:

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

Any other recommendations for a reliable person/service to do an investigation on the ETH movement?

[Lucius]

The email came from what appears to be a real lawyer.
Btw is it against my interest to publish selected identifying information here? For example the email and website of said lawyer.
I can't think of a valid reason where this can be used against me.

I'm not sure if publishing such information could have negative legal consequences for you, given that you received a serious warning from someone posing as a lawyer for the people whose information you would publish. If you already want to publish information that is sensitive (personal), then you should do it according to the rules of the forum in this board -> Investigations

But it was created and published well after the ICO.
I actually remember this: at some point the team hired a lawyer, who I assume advised them to create said T&C and also remove some of the content they have previously published on Medium.com
It looked like damage control to me.

In that case, if you could prove that these things were added to the contract after your investment, it is possible that you are somehow exempt from them, although you probably should have reacted to it much earlier. Whoever was behind that project obviously decided to protect themselves legally in case something goes wrong.

Any other recommendations for a reliable person/service to do an investigation on the ETH movement?

I would suggest that you open a new topic in Services and post that offer, and maybe someone will respond, even though it's been a really long time and maybe it really is a very long-term and complex job.