Tangible's Undisclosed Deals: A Closer Look at Ethical Concerns in Real Estate-backed Crypto Investment
An investigation reveals alarming connections and questionable practices within the Tangible crypto project, impacting investors severely.
Overview
An investigation has uncovered concerning practices within Tangible, a crypto project that backs its stablecoin USDR with real estate, revealing undisclosed family connections affecting investor returns.
Key Findings
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Undisclosed Relationships
The investigation highlighted that the CEO Jagpal Singh's brother, Joshvun Singh, operates a company that bought properties at a discount and sold them to Tangible, inflating prices by over 20%.
Translation: La investigación destacó que el hermano del CEO Jagpal Singh, Joshvun Singh, opera una empresa que compró propiedades a un descuento y se las vendió a Tangible, inflando los precios en más de un 20%. -
Lack of Transparency
U.K. real estate experts reviewed the case and deemed the markups as unjustified, creating significant ethical concerns regarding Tangible's investor relations. -
Impact on Investors
Following USDR's rapid decrease in value due to liquidity issues, many investors found themselves locked out from retrieving their funds.
Profiles of Involved Parties
- Jagpal Singh: CEO of Tangible
- Joshvun Singh: His brother and director at BMS Luna Stacks.
- ZilAYO: An investor, first optimistic about USDR, later regretting his decision.
Conclusion
The investigation into Tangible serves as a critical warning for crypto investors about potential conflicts of interest and the importance of transparency in emerging financial technologies.
