Infotech

French crypto management association reports loss of millions of euros in assets



The announcement had the effect of a bomb among the members of the association. In an email dated Sunday, June 20, Vincent Ropiot addresses the members of RR Crypto, of which he is the founder and director, to announce to them that “the crypto-asset portfolio open on the Binance platform on which all the funds entrusted to management by our clients are kept, has been reset ”and that“ the funds are no longer present in the wallet ”.

Translation: up to several tens of millions of euros managed by the association have gone up. Since then, Vincent Ropiot remains unreachable and the victims struggle to realize that they will perhaps never see the sums invested again.

Binance replied to Les Echos that “based on the information uncovered so far, it is clear that the allegations made are unfounded” and that “RR Crypto does not hold any corporate account on its platform.” The world’s largest crypto exchange also clarifies that it has no process to “reset registered accounts”.

Cryptocurrency trading

Another gray area: in the email sent by Vincent Ropiot to the members of the association, the leader of RR Crypto specifies that this situation had been known since March, and that a complaint was even filed in mid June with the Beaune gendarmerie where the association sits. “A scandal”, testifies one of the victims who trusted the structure in March, on the recommendations of relatives that they told her to go “with his eyes closed “.RR Crypto presents itself as an association offering” personalized support for your projects concerning crypto-assets “. Concretely, it offers its clients active management of their funds via trading on cryptocurrencies such as bitcoin or ether. In exchange for about 15 to 20% of the capital gains realized, it promised variable returns but of up to 10% per month. A report on the performance of the portfolio was then made available every two weeks.

The association is not one of the 18 digital asset service providers registered with the Autorité des marchés financiers (AMF). If RR Crypto argued that a registration process was underway, this information was not confirmed by the AMF.

Lawsuit

The announcement caught clients and association employees alike – many of whom were also investors and now find themselves unemployed. Several hundred victims came together virtually to exchange information and share their incomprehension.

While the leader of RR Crypto presents himself as “the one and only responsible”, victims and employees left behind prepare for legal action. An association of victims is being created and a complaint should be quickly filed with the Public Prosecutor, according to a lawyer familiar with the case.

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