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Detroit Sues Florida Crypto Firm Over Alleged RWA Ponzi Scheme
Detroit Sues Florida Crypto Firm Over Alleged RWA Ponzi Scheme
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BTCCSquare news:
Detroit has filed a lawsuit against RealT, a Florida-based cryptocurrency real estate company, accusing it of orchestrating a Ponzi scheme through tokenized property investments. The firm allegedly raised $2.72 million from investors by offering shares in 39 Detroit homes it never purchased—homes now described as vacant or dilapidated.
The case casts a shadow over the real-world asset (RWA) market, which has shown resilience during crypto bear markets. "If this is true, the very notion of a Real World Asset is void," said one anonymous investor, who vowed to withdraw all funds from RealT. The city is also pursuing code and tax violations tied to the properties.
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