Overview of the allegations:
Allegations surfaced that PlatinCoin (from PLC Group AG) is an elaborate Ponzi/pyramid scheme bursting with red flags, allegations and warnings from key governing financial bodies. In particular, BaFin have come forward to warn against investment into PlatinCoin, owing to their lack of compliance with financial legislation and lack of background information. The CEO of PLC Group AG, Alex Reinhardt, was allegedly previously a key team member and an affiliate of SwissCoin, a Ponzi scheme that collapsed just after the incorporation of PLC.
Reports indicated that this scheme is allegedly sheltered behind the guise of renting ‘state-of-the-art’ (but ultimately valueless) equipment in order for users to mint PlatinCoin coins, for thousands of Euros. Consumers reported that the organisation is hidden behind a string of shell companies littered around the world, from Dubai, to Switzerland, and from Hong Kong to Slovenia.
Working with a rudimentary calculation, we can estimate that anywhere from 24m USD to 100m USD has been allegedly accumulated by PLC Group AG since it began the PlatinCoin project in July 2017.
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It has been alleged that the primary company behind PlatinCoin is PLC Group AG, registered in Switzerland. However, reports indicated there are several subsidiaries or ‘independent’ organisations that bear the same name, and that allegedly have connections to the PlatinCoin project. The incorporations are as follows:
PLC GROUP AG SWITZERLAND, founded 28/12/2016. Registered at Baarerstrasse 14, 6300 Zug, Switzerland. Registered capital: 100,000CHF
CEO and main shareholder: Alex Reinhardt
PLATIN GENESIS ASIA LTD, registered March 2019, previously AMATECH LTD, registered in February 2019. Registered at UNIT 2512, 25/F, LANGHAM PLACE OFFICE TOWER, 8 ARGYLE STREET, MONGKOK, HONG KONG. Registered capital: undisclosed.
PLC GROUP AG DOO SLOVENIA, incorporated 25/07/2018. Registered directly under PLC Group AG, and at Letaliska Cesta 33E, 1000 Ljubljana. Registered capital: 10,000EUR.
Director and sole shareholder: Alex Reinhardt
PLATIN GENESIS DMCC, allegedly not present on Dubai Companies Register. Located at JUMEIRAH LAKE TOWERS SWISS TOWER UNIT NO 1004-44 DUBAI, UAE. Registered capital: not registered.
Allegations indicated that these are all faceless and generic buildings with no company identification present.
Reports suggested that in the ‘PlatinPaper’ (White Paper) the official “Overview Company Structure” lists only PLC Group AG, as the technological and development company, and Platin Genesis Dubai as the marketing and sales agency. There is no reference to the offices located in Slovenia or Hong Kong, reports said.
Allegations indicated that PLC Group AG and its subsidiaries are very young companies that have had no prior endeavours and have been incorporated for the sole purpose of this project. As previously stated, BaFin have thrown up a red flag against the incorporation of the parent company and have warned investors to stay away from them, reports said.
it has been alleged that one of the only tangible names that can be associated with the PlatinCoin project, or with PLC Group AG, is Alex Reinhardt. Reports indicated that his name is present on every register and he is the face of the project at every turn. He’s at the top of PLC Group AG, currently occupying the CEO position, and having a hand in each subsidiary company, reports indicated.
Investigations reported that his LinkedIn profile currently has no association with PlatinCoin or PLC Group AG, and instead lists only a CEO position at ELVN, his company allegedly founded to develop a “Crypto Currency Messenger” platform. Allegedly, there is a second LinkedIn profile, connected to Reinhardt’s profile on Crunchbase, but this is equally as misinformed: https://www.linkedin.com/in/reinhardtalex/.
Allegations have surfaced that Reinhardt was previously known as a result of his association with SwissCoin, having been ranked very highly in the affiliate base and allegedly acting as a key promoter for the cryptocurrency team. However, reports indicated that SwissCoin was/is a clear Ponzi scheme that received direct regulatory warnings from Switzerland, Nigeria and Germany, before its management structure fell apart.
Today, SwissCoin’s value is almost nil, the project is dead and worthless and social media has been abandoned, reports said. The project was regarded as being a “near-identical scam to OneCoin” in its premise and operations, reports stated.
Reinhardt allegedly ceased his association with SwissCoin around January 2017, only a mere month after PLC Group AG was founded.
Reports suggested there is little-to-no information available regarding the structure of PLC Group AG, aside from the position of Alex Reinhardt. However, another name that was uncovered throughout investigations was Maxim Bederov, allegedly listed as CFO and/or a board member of PLC Group AG, before his subsequent alleged resignation in October 2018.
Reports suggested information taken from his LinkedIn profile, alleging Bederov had no public ties to the project and was actually listed as self-employed during the windows of operation at PLC Group AG.
Reports indicated another name listed on a registration document was Orlando Vecellio: https://ch.linkedin.com/in/orlando-vecellio-a87a275b
It has been alleged that Vecellio is officially stated as a ‘Board Member’ and does bear recognition of this on his LinkedIn profile, but before that, allegations suggest he was simply a ‘sales partner’ for Platinum Genesis DMCC. There is no public recognition of this man from the company itself, reports suggested.
Reports showed the profile on LinkedIn – and tied to the company profile – is a mystery, private account that bears the job title: “President of PLC Group AG”. Reports were unfortunately unable to see exactly who this profile belongs to:
An article from the website TouchJustice makes strong allegations regarding PLC Group AG’s potential ties to cybercriminals involved in extortion and investment fraud. This article draws an image of the company structure and suggests that the hidden owner and project sponsor is one Ilan Tzorya (Tzroya), a Bulgarian-Israeli “Entrepreneur” slammed online in many outlets for crimes such as blackmail, fraud, identity theft and embezzlement.
While this article isn’t endorsed by any governing body, reports supported the case to back up the allegations it aims at PLC Group AG, Ilan Tzorya, and Alex Reinhardt. If proven accurate, these allegations would shade a clear red flag for the project and for the incorporations behind it, reports indicated.
It has been alleged that the only tangible result of this project so far are the “Secure Boxes” that PLC Group AG have manufactured for its users. There are claims this is ‘patented’ but reports did not find evidence of this. It has been alleged there is no sign of further development, and certainly no indication of proper allocation and regulation of funds accrued from the project.
Allegations surfaced that the PlatinCoin project was built as a pyramid scheme, to ensure a deep and consistent spread among users. Allegedly, these users or ‘investors’ will sign up to the project, and try and sell the product to their friends, who sell it to their friends, and so on. Pyramid schemes are unsustainable and recognised by many regulatory bodies as being illegal or bearing high risks at the very least.
Reports indicated the first key indicator of a pyramid scheme is the need to pay to join. PlatinCoin, at its highest level, charges thousands of dollars for a user to integrate at the ‘best tier’ they offer. Reports indicated another indicator of a pyramid scheme is the offering of ‘goods or services’ that have little, or doubtful value. In this case, allegations said it’s the PlatinCoin token. Reports alleged this is a cryptocurrency that makes no sense and serves no purpose. Allegedly it has no utility but is the basis of the project, reports said.
Reports indicated that another key indicator – and one that PlatinCoin exhibits – is the promise of ‘guaranteed income’.
Allegedly, PlatinCoin boasts state of the art data centres that users will rent in order to ‘mint’ the PLC tokens. However, reports alleged there’s no indication of these centres existing. In fact, the company has shown very little in the way of innovation, development or advancement since its inception, reports pointed out.
Coincidentally, even their whitepaper bears evidence of a pre-warning that you won’t benefit from their platform:
“First item of contract: Platin Genesis is an innovative company that informs its community, for free, of how to work with the latest FinTech Technology.”
And then further down, it states:
“Platin Genesis does not guarantee that training materials or other information are complete, correct or reliable.”
Reports alleged the majority of PLC’s trades are done over P2PB2B, a little-known exchange, despite being registered to trade on several others. Reports point out one of these exchanges is the infamous Yobit exchange, which has been in the news many times for alleged scamming or fraudulent behaviour.
On P2PB2B there has been some strange behaviour, such as sales of 33USD per PLC, jumping to 3USD per PLC in the next transaction. Although CoinMarketCap lists an all-time high of almost 35USD (as of June 14th 2019), reports suggested the majority of transactions go through with a value of cents, not even breaking the 1USD mark.
Reports suggested several allegations of fraudulent schemes associated with PLC Group AG and PlatinCoin. There are countless articles online that determine this to be a Ponzi or a Pyramid Scheme, and reports suggested clear evidence. Reports indicated the company has no published team structure, no financial regulation or control, and to-date it remains unaudited.
Mr. Alex Reinhardt
Mr. Maxim Bederov
Mr. Orlando Vecellio
Approx funds raised:
At a glance:
– Hidden team
– BaFin warned
– Associations with
– prior scams
– Wash traded
Rating from allegations:
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