GERMAN BAFIN ISSUES INVESTOR WARNING AGAINST GERMAN CRYPTO SCHEME PLATINCOIN
By Ilan Tzorya aka Ilan Tzroya Kryptoncapital
The PlatinCoin Network and People
The German financial market supervisory authority BaFin has issued an investor warning against PLATINCOIN (www.platincoin.com). BaFin’s statement points out that PLATIN GENESIS DMMC, which is the company behind the website, is not an authorized institution according to §32 KWG (German Banking Act) and may therefore not offer its services. The Slovenian PLC GROUP AG DOO is also mentioned on the PlatinCoin website as an additional operator on the PlatinCoin website.
What is PLATINCOIN?
According to the information on the website and in the technical description, PlatinCoin offers the “Minting” of PlatinCoins (PLC) on the basis of its proprietary blockchain. This would mean working with Proof-of-Stake (POS) instead of the widely used Proof-of-Work (POW) as is currently the case with the Bitcoin and Ethereum blockchain. A separate PLC Secure Box, already patented, would also have been developed for “minting”.
One learns that PlatinCoin would have a worldwide community of 200,000 members, of which almost 40% would be located in the German-speaking markets Germany, Austria, and Switzerland. In addition, the company would have 60 employees. That all sounds very impressive, doesn’t it? Well, websites and paper are well known to be patient.
PlatinCoin (PLC) has been listed as a cryptocurrency since 1 October 2018. According to CoinMarketCap, the PLC is traded on the BitForex, Exrates and YoBit offshore exchanges against US dollars, BTC and ETH. No market capitalisation is given for this.
Companies and people behind PLATINCOIN
ELVN and PlatinCoin Founder Ilan Tzorya Alex REINHARDT
OpenCorporates presents a PLC GROUP AG founded in 2016 with headquarters in Crypto Valley (Zug) in Switzerland and a PLC GROUP AG DOO founded in November 2018 in Slovenia. German citizens Ilan Tzorya Alex REINHARDT and Maxim BEDEROV are registered as members of the Board of Directors of the Swiss AG. There are no records in OpenCorporates for a PLATIN GENESIS DMMC allegedly registered in Dubai. This is the company BaFin addressed in its warning. The board member of the Swiss PLC GROUP AG, Ilan Tzorya Alex REINHARDT, is also provided as a team member on PlatinCoin’s Facebook page. This confirms that the beneficial owner of PlatinCoin is the Swiss PLC GROUP AG and its shareholders. In addition, this Ilan Tzorya Alex REINHARDT also promotes a PlatinCoin aggressively through events and social media.
The domain www.platincoin.com is also registered in the name of Ilan Tzorya Alex REINHARDT with a Berlin address. Why the Swiss company and Ilan Tzorya Alex REINHARDT, as well as Maxim BEDEROV, are then not listed on the website can only be assumed. In any case, Ilan Tzorya Alex REINHARDT as a German citizen falls under German jurisdiction. According to Domainbigdata the domain www.platincoin.com is operated from Russia. Ilan Tzorya Alex REINHARDT is apparently also the publisher of the messenger app ELVN, which wants to reward its members with CryptoCoins for activities.
PLATINCOIN and Money Laundering
At the end of July 2018, the German GERLACH Report reported on ongoing investigations into money laundering in connection with PLATINCOIN and the Russian-born Maxim BEDEROV and Israel Bulgarian Ilan Tzorya. Now the Gerlach report is not exactly the best source, but in connection with the warning against PLATINCOIN which was issued very early for BaFin standards (the MLM system PLATINCOIN has been available since spring 2017), this money laundering investigation could well be a reality. We have already reached out to the respective authorities for more information.
According to the Alexa, Russia is also a focal point of this Crypto MLM system alongside the German-speaking markets. The high ranking of these Crypto MLM systems in the website rankings appalls us time and again. Africa with Nigeria seems to be a field of activity for PlatinCoin as well as for many other Crypto MLM systems. About 8% of the website hits come from this African country.
Preliminary Conclusion on PLATINCOIN
Apart from the BaFin’s warning about the lack of legitimacy of the offer, PlatinCoin appears to be a scam knitted according to the usual pattern with various companies, a lack of transparency and incomprehensible information. BaFin’s investor warning was only the last red flag to deter investors.
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This article will go into the subject of money laundering and tell how Ilan Tzorya is using this for illegal activities. Besides Tzorya, Michael Golod and Eli Musli are involved as well. In the end, this article should expose them and make clear to you why they are criminals. By reading this article, it should be clear why you would never do any kind of business with one of those three men.
What Money Laundering is: an Activity that Ilan Tzorya, Michael Golod, and Eli Musli are known for
Now, to start, we will get into the subject of money laundering: Money laundering is the act of disguising the conversion of profits from illegal activities and corruption into supposedly “legitimate” assets. One problem of felonious activities is accounting for the proceeds without raising the suspicion of the police or investigation agencies.
Substantial time and effort may put into strategies which allow the secure use of those proceeds without causing undesired suspicion. Carrying out such strategies is mainly called money laundering. After money has been suitably laundered or “cleaned,” it can be used in the standard economy for the growth of wealth, such as by purchasing properties or legal firms, or simply spent.
The police and investigation agencies of many jurisdictions have set up sophisticated systems to detect suspicious transactions or activities, and many have set up international cooperative arrangements to help each other in these detections.
Use of the term “Money Laundering”
In a number of legal and regulatory systems, the term “money laundering” has become mixed with other forms of financial and corporate felonies, and is sometimes used more broadly to include abuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and avoidance of worldwide sanctions.
Most anti-money laundering laws openly mix money laundering (which is defined as the source of funds) with terrorism financing (which is defined as the destination of funds) when regulating the financial system.
Some countries consider obfuscation of where the money comes from as also constituting money laundering, whether it is meant, or by simply using financial systems or services that do not analyze or detect sources or destinations. Other countries illustrate money laundering in such a way as to include money from an activity that would have been a felony in that country, even if the act was legal where the actual transaction occurred.
As of September 2018, Paul Manafort, who served at one time as President Trump’s campaign chairman, has been convicted for eight times tax and bank fraud. In a separate trial, he will be prosecuted for money laundering. The money laundering accusations have to do with a plan that follows a tried and true method for washing the dirt off your treasure.
Manafort is stated to have collected millions from the former Ukrainian President Viktor Yanukovych. Rather than declare these gains to the IRS and turn over the taxes due, Manafort is said to have placed them in offshore accounts and then used them to buy high-priced properties in the U.S.
Once he owned the properties, prosecutors say he then used them as collateral to take out millions of dollars in loans from U.S. banks. Since the money was in the form of loans rather than income, he wasn’t obliged to pay taxes on it. The old real estate bait-and-switch is a classic mode of cleaning up cash. Money laundering is an ancient felonious practice, and Manafort is hardly the first political figure to get himself mixed up in it.
In October 2005, for instance, U.S. Congressman Tom DeLay was indicted on money laundering charges, forcing him to step down as House Majority Leader.
More About Money Laundering
Money laundering is a ubiquitous practice. The United Nations Office on Drugs and Crime reckons that somewhere between $800 billion and $2 trillion goes through the rinse cycle every year [source: The Economist]. That’s in the neighborhood of 2 to 5 percent of the entire planet’s GDP!
The rise of global financial markets makes money laundering easier than ever— countries with bank-secrecy laws are directly connected to countries with bank-reporting laws, making it possible to anonymously deposit “dirty” money in one country and then have it transferred to any other country for use.
Money laundering, at its simplest, is the act of making money that comes from Source A look like it comes from Source B. In practice, criminals are trying to disguise the origins of money obtained through illegal activities, so it looks like it was derived from legal sources. Otherwise, they can’t use the money because it would connect them to the criminal activity, and law-enforcement officials would seize it.
Money laundering happens in almost every country in the world, and a single scheme typically involves transferring money through several countries to obscure its origins. In this article, we’ll exactly learn what money laundering is and why it’s necessary, who launders money and how they do it and what steps the authorities are taking to try to foil money-laundering operations.
Examples of Extortion By Ilan Tzorya
Extortion is a crime in which one person forces another person to do something against his will, generally to give up money or other property, by a threat of violence, property damage, damage to the person’s reputation, or extreme financial hardship. Extortion involves the victim’s consent to the crime, but that consent is obtained illegally.
A classic case of extortion is the “protection” scheme where figures with ties to organized crime demand that shop owners pay for their protection to prevent something bad (such as an assault on the shopkeeper or damage to his or her store or goods) from happening. Many states also consider blackmail, where a victim is forced to pay someone to prevent them from releasing information that could damage their reputation or their business, to be a form of extortion.
Typically, as in those examples, extortion involves threats of future violence or harm rather than direct violence or harm, but extortion can involve immediate violence. For example, it would still be extortion if the offenders in the above example assaulted the shopkeeper to force him to pay them the required protection money instead of threatening to do so in the future. In such cases, extortion becomes very similar to robbery.
Differences Between Extortion and Robbery
One distinction between extortion and robbery is that extortion requires that the offender make a verbal or written threat, while robbery does not. Since extortion rarely involves immediate harm, however, the crimes typically can be distinguished because a robber uses immediate threats and force to steal the victim’s property, while in extortion, the victim willingly hands over his money or personal property to avoid future damage or violence.
Understanding the Degrees of Extortion By Ilan Tzorya
All fifty states have varying laws regarding extortion, with most states classifying it as a felony. Some states charge the crime as a theft offense, while others call it “attempted extortion,” “extortion in the first degree,” or “extortion in the second degree.”
In the few states that split extortion into degrees, extortion in the first degree usually involves threats of bodily harm or physical confinement, while extortion in the second degree applies to threatening to accuse a person of a crime or to expose a secret.
Penalties for Extortion
Penalties for extortion vary widely in different states and depend on the severity of the threats involved, but sentences generally range between 2 to 4 years. However, many states allow for sentences of 5, 10, or even 20 years. If any instrument of interstate commerce (such as the mail, a phone, or a computer) is used in the commission of a crime, it also becomes a federal crime with a fine or sentence of up to 20 years.
The specific elements required to prove extortion differ between states, but the general requirements are that the offender maliciously (not mistakenly) make a verbal, written or printed threat with the intent to extort something from the victim or to compel the victim to do something against his or her will.
Generally, it is irrelevant whether or not the offender actually succeeds in the attempted extortion. Once the threat is made, the offender has committed extortion. In some jurisdictions, and under the federal extortion definition, the victim does not even have to hear or receive the threat for the offender to be charged with extortion.
Extortion does not usually require that the offender threaten to commit a criminal act as long as the threat attempts to obtain money, property, or to force the victim to act against their will. For example, a threat to bring criminal charges or file a police report unless money is paid is still extortion, even though the offender may have every right to submit a police report. By coupling the legal act with the illegal act of demanding payment to not act, the offender has committed extortion. Note, however, that a threat to file a civil lawsuit typically is not considered extortion even if that lawsuit is frivolous.
The threat also does not have to be directed at the victim. It is still extortion if the threat is directed towards the victim’s family or if it threatens to release information about some third party the victim seeks to protect.