The real estate project Tangible is suspected of related-party transactions, and USDR investors may face huge losses
ChainCatcher news reports that a CoinDesk investigation has found undisclosed related-party transactions in the real estate crypto project Tangible. The company's CEO Jagpal Singh's brother, Joshvun Singh, purchased properties at a discounted price through his company and then resold them to Tangible at a markup of up to 21%. This practice has been deemed lacking in reasonable justification by UK real estate experts.In October 2023, Tangible's USDR stablecoin faced a run, leading to the depletion of liquidity reserves, causing the coin's price to plummet from $1 to $0.50. CoinDesk's analysis indicates that the undisclosed markup may have resulted in losses of at least £875,590 for USDR investors, with actual losses potentially being higher.Tangible has stated that it is "working hard" to compensate USDR investors but has refused to answer detailed questions. The company currently needs to liquidate nearly 200 properties in the UK, with a total value of approximately £27 million, to repay investors.
