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

Quote from: CYPER on March 20, 2024, 08:12:23 PM

So back in 2018 I invested 720ETH in what looked like a very promising ICO - https://bitcointalk.org/index.php?topic=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.

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 don’t 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 operation 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.