Is former gold vendor Harald Seiz escaping the law? The district court of Stuttgart has issued an arrest warrant against Harald Seiz in March of 2023 because he did not appear to submit a declaration of assets at the request of a creditor. This is not related to the failed cryptocurrency KBC.
He is said to have moved his whereabouts to Thailand. According to BECM insider sources, however, he is said to currently be in Greece and Turkey. An extradition request from Germany to Thailand is not a problem, though. The presumption of innocence applies.
Harald Seiz planned to make it big with a gold-backed cryptocurrency. But the authorities soon suspected fraud, as there were significant doubts about the existence of said gold reserves.
The German Federal Financial Supervisory Authority has ordered that the reversal of Karatgold Coin (KBC) and Karatbank Coin (KCB) must be initiated, because the digital coins were promoted without a required permission by authorities.
The gold distributor Karatbars, has reportedly collected 100 million euros for the cryptocurrency KBC. Harald Seiz was supposed to pay the money back to investors by the instructions of BaFin, which has not happened to date. Seitz further claimed that he did not sell the coins online but added them as a bonus when buying other Karatbars products.
Hedging with gold can make sense because gold is considered a safe haven, meaning that it tends to retain or increase in value in times of economic uncertainty or market volatility. Gold also has a low correlation with other asset classes, which means it offers diversification benefits and can help reduce overall risk in an investment portfolio. Invest wisely and do your own research before investing in a project. It is all the sadder when a real thing is alienated and enriched to the detriment of others.
We will continue to investigate Harald Seiz and his top marketers.
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