Back in 2018, I put in 720ETH into a seemingly solid ICO. The team seemed legit, the White paper was impressively done, and the overall concept felt promising, so I went for it.
If I remember right, something like 34k ETH was raised, and they sold it originally for $800 per ETH. They ran into trouble finding a bank to manage the funds, so they ended up buying the ETH back and reselling it later at around $300.
They did buy some properties in Thailand, and for a while, I was actually getting rent payments until COVID hit.
There's a lot that happened afterwards, but now the company has gone into liquidation, which I genuinely believe is a planned exit scam. I have all the documentation, including the website and everything related to the property purchases.
I'm trying to come up with a solid plan to recover my funds, and I'd appreciate any advice. I'm ready to spend quite a bit to try and get back some of my money.
To return the money, the company must have it. If the company goes bankrupt because of Covid, then your strong beliefs will not help you. You need to prove the fact of fraud in order to claim losses from the company's managers, but this will be very difficult and impossible to prove in court.
I dont know the legislation of your country, but in my country (Russia) for a very long time there has been a register of companies that are subject to bankruptcy or closure. Before closing, a company must publish a statement of its intention to cease operations and remain on the register for a period of time so that creditors can suspend the procedure if they have evidence of fraud or evidence that management has driven the company into bankruptcy.
If there are no complaints, after a certain period the company will be closed; if there are complaints, then this procedure is suspended.
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.
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.
That is the idea. I need to find a legal firm to have a consultation with and see if it's even possible.
Supposedly they purchased these properties, so there are still assets to recover.
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.
If you have information that suggests that it was an exit scam then it is of great value. I do not know what kind of information you have but when you do use them to prove that it is an exit scam then remain anonymous as these start-ups are not created by a team but by a consortium of gangsters. It is how they operate wherein they onboard newbies who are looking for jobs and then they commit their plan of action. Thailand and Burma are famous with such gangs and they are known locations for crimes like these.
This happened in my country when a piece of news came out as how Indians were held captive to do digital scams. This issue was reported and that is the reason we know it but it is quite evident now that any project that is dealing in such a location should be ignored.
Sorry to hear about your bad experience with investing in ICO's.
ICO's are not all scams and this one may or may not have been one, but they are all extremely risky. Most projects do not make it. I think the number was over 90% failure rate. Your only hope is finding evidence that they did something wrong and hope that they are somehow able to reimburse you. But if they went bankrupt then it is most likely that that money is gone forever.
To answer your PM: let's see if "Show All" on long topics still works. If it works, click https://loyce.club/showall/2064991.html in about 30 minutes.
Update: It only got the first page. I'll look into this later. Fixed
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.
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.
Yes, but I am uncertain in which country it would be best to look for a lawyer? Europe? Thailand?
In terms of ownership of the properties, the documents that were uploaded to their platform were:
Property titles in Thai
Lease agreements for each apartment
Property management agreement for all properties
In both agreements the lessor and the manager is the same thai person and there is also a witness, who is the manager of Noon Capital - another public person.
I assume these can be checked by a local solicitor.
I completely agree about the legal route, but not sure where to look for one.
I assume most investors only invested very small amounts and have since forgotten about it. I am yet to find another person, who is interested in pursuing this matter legally.
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 don't know if you have heard of this user on X (formerly Twitter) https://x.com/zachxbt, He is an expert on issues relating to this and can possibly give you solid proof if this is really scam and I believe he might be able to help you find a trusted lawyer.
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
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.
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.
Yes I get this, it will really be dishearten to anyone if they are in such situation, the Lord is his strength
This is the reason I recommend him to reach out to this guy https://x.com/zachxbt
If you do follow him on X, you will see he is good in investigating such scam.