The noose tightens around Karatbars. A few days after his South African counterpart, it is indeed the German financial regulator who has just ordered the company to cease all activities related to the KaratGold token, a token backed by physical gold (and this which seems to be mistaken for a pyramid system).
The beginning of the collapse for one of the most sulfurous projects of the moment?
Karatbar, golden mountains, revolutionary smartphone and red flag
First of all, it is necessary to go very usefully spending 5 minutes of cerebral alertness to the very good survey / retrospective of France 24 (media that can hardly be accused of being driven by competition, ” argument “Classic defenders of this type of project), “Karatbar’s cryptocurrency, just one more scam?” “.
The article will present you in detail, the history and the characteristics of this very strange project, highlighting a certain number of disturbing details, to put it elegantly.
A sprawling organization
Karatbars, KartGold, Karatbit, KaratBank… A myriad of names that bury under the glitter and the effects of sleeves a protean galaxy. A bank bought in Florida (but without a banking license), Madagascan gold mines which in reality belong to another company), smartphones and computers “Linked and functioning thanks to the blockchain” and “To military security standards”…and of course, tokens, backed by physical gold (the KBC and the KCB).
Problem, society has been accumulating for a while incredible twists and turns. From the misappropriation of hundreds of millions of tokens by a felony employee, to the establishment of conspiratorial sites to discredit society.
A slap by BaFin
This little revision done, and in line with the nothing less than chaotic course of the Karatbar company, it is in a quite relative astonishment that the news has just fallen: The German financial supervisory authority ((BaFin) revealed that she had issued an order on October 21 “To stop and to abstain” meet the Foundation Karatbit for having issued its cryptocurrency KaratGold without license required in the country.
Faced with the most serious accusations (the German financial policeman is not really the first “hater” or an alleged jealous competitor), Karatbar and his CEO decided to fight back in the strongest way, via a Facebook post :
“We are completely transparent, we have nothing to hide, if there are unanswered questions, we will clarify them, of course, we fully cooperate with the relevant authorities and are very keen to clear up any misunderstandings as quickly as possible ”.
“BaFin relied on a bogus website karatgoldinternational.com) as the basis for its verification. Karatbars has started legal proceedings against this website since September 2019, as it has published false information. “
“It should also be noted that Karatbars International GmbH with its headquarters in Stuttgart is not the transmitter of the coin. The KaratGold (KBC) and Karatcoinbank (KCB) corner transmitter is the Karatbit Foundation, headquartered in Belize. ” Harald Seiz, CEO of Karatbars, statement on Facebook
In other words an effective first argument in the form of a “Plot! it’s not us! “ of good quality, immediately followed by a no less effective “And anyway, you can never catch us”
So far, BaFin has ruled that – beyond the fund and the sincerity of the project –Karatbit was doing business in Germany without the necessary license. She therefore logically ordered the company to cease all activity in the country (stating, however, that this decision was subject to appeal).
Beginning of a domino effect for a company that has already had problems starting in South Africa and Canada or a simple pebble on the way to a project that projects – as it is original – a financial revolution? Case to follow.
Nice to meet you, it’s Hellmouth! Editor-in-chief of Bitcoin, the crypto media you are honoring to survey right now (well done, you have taste).
Crypto-enthusiast of the second hour, nothing is more important to me than supporting the global adoption and democratization of the treasures that the blockchain offers us.
I write articles between two cocktails in Tahiti, my adopted island, and do not hesitate, if the opportunity arises, to feast on a plump scam or a little too enterprising Ponzi pyramid.
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