The Tangible Scandal: A Cautionary Tale for Cryptocurrency Investors

The cryptocurrency industry has been plagued by scams and fraudsters, with the latest example being the Tangible project, which has been exposed for its misleading practices, resulting in significant losses for investors. Tangible, a cryptocurrency project that promised to offer a stablecoin pegged to the US dollar, has been found to be engaging in misleading and secretive practices, leading to significant losses for its investors.

The company had previously claimed to invest in real estate to support its stablecoin, which was expected to trade against the US dollar at a 1:1 ratio. Many investors were lured to the project by its promise of stable yields and value, but an investigation has revealed that Jagpal Singh and his brother Joshvun Singh were involved in a profitable deal. This resulted in investors receiving more money than they paid for the property, which they then transferred to Tangible’s companies at significant markups of over 20%.

This covert business deal diverted a minimum of £875,590 from USDR’s treasury to the brothers’ firms, enriching them and investors at an unsustainable cost of around £2.5 million. The estimated value of the markups on these companies is almost £27 million, but investors suffered heavy losses when the USSR token dropped from $1 to 50 cents. The crash has erased a significant amount of investors’ wealth, leaving many wondering how they were misled by Tangible’s promises of stability and security.

The collapse of the Tangibility project is symptomatic of what is to come for investors in the cryptocurrency space. While investors are often lured by claims of high returns and stability, they must also do their due diligence on legitimate projects that are not fraudulent. The absence of regulations and oversight in the cryptocurrency industry makes it a prime target for scammers and fraudsters.

The case of Tangible serves as ill-advised advice to investors to exercise extreme caution when investing in cryptocurrency projects. It is crucial to conduct thorough research before investing, particularly in terms of the team involved. It is important for investors to be aware of projects that promise high returns or stability, as they may be a scam. Additionally, the collapse of Tangible highlights the importance of transparency in the cryptocurrency space.

For more insights and information on the importance of due diligence and transparency in the cryptocurrency space, read our article on “How to Avoid Cryptocurrency Scams” on CoinSeeks.com.

Investors should exercise caution and be cautious when investing in cryptocurrency projects, and transparency and accountability on the part of the project developers are necessary to build trust with their investors. The industry must take a lesson from this experience and strive to create fewer risks and create more secure and dependable environments for all involved.