TechFlow news, October 16 — According to a CoinDesk investigation, real estate crypto project Tangible has undisclosed related-party transactions. The brother of CEO Jagpal Singh, Joshvun Singh, purchased properties through his company at discounted prices and then resold them to Tangible at markups as high as 21%. UK real estate experts have said this practice lacks reasonable justification.
In October 2023, Tangible’s USDR stablecoin suffered a bank run, depleting its liquidity reserves and causing the token’s price to plunge from $1 to $0.50. CoinDesk analysis indicates these undisclosed markups may have cost USDR investors at least £875,590, with actual losses potentially higher.
Tangible says it is “working” to compensate USDR investors but has declined to answer detailed questions. The company now needs to liquidate nearly 200 UK properties, valued at approximately £27 million, to repay investors.
