The big bluff
The sad story of The Rock Trading, one of the first cryptocurrency exchanges in Italy whose activities have been suspended for more than a month, is unfortunately only the latest example of companies born with the aim of expanding the cryptocurrency market in Italy as well. virtual currencies and ultimately turned out to be a big bluff. The latest on the group founded by Andrea Medri and Davide Barbieri they say that the appointment of a commissioner is expected within hours and that on April 4 the Court of Milan will examine the bankruptcy application presented by a creditor. In short, everything suggests that the road to compensation for the approximately 12,000 investors – we are talking about a shortfall of between 15 and 20 million not yet certified – will be impervious and quite steep.
Before The Rock Trading, however, there had been other cases of crypto disappointments with decidedly different methods and seriousness: starting with Bigtrail and going as far as Friendsz, Multiversum and New Financial Technology. All stories of start-ups that started with the wind in their sails which then ended up running aground among the rocks of accounts that didn’t add up and opaque balance sheets. In 2018, the Postal Police of Rome and Florence carried out precautionary measures against a young Florentine entrepreneur who allegedly defrauded more of 230 thousand savers for what is probably the most striking story among the strange cases of Italian-style cryptocurrencies.
The sole administrator of the platform had reported the theft of a large sum of the Criptovaluta chamata Nano for about 120 million euros. But the investigators’ checks revealed that the complainant was aware of the thefts of the crackers and would not have prevented them by failing to implement the platform’s security. The goal was to continue to attract investors without creating the panic effect and thus increasing its commissions.
The story is decidedly different Friendz (but the example can also concern Multiversum)the Italian startup that in 2017 had raised 24 million euros through ICO, “initial coin offer”, a form of fundraising through cryptocurrencies. What was he doing? Working mainly on Facebook and Instagram, Friendz invited app subscribers to participate in social media campaigns for various brand partners. In essence, users turned into many micro-influencers who, in exchange for their activity, received credits that could be converted into gift cards from major brands.
What a capital gain
In a short time Friendz has reached hundreds of thousands of users. But the initial promises have never been kept. Friendz guaranteed the landing in the United States in 2020, in Spain and Eastern Europe already between 2018 and 2019. None of this happened. The phenomenon deflated at the same time as the release of Triboo, the Digital Transformation Factory, which after a few months resold the Friendz share purchased for 300 thousand euros for 3 million.
And what about New Financial Technology and its founders Emanuele Giullini, Christian Visentine Mauro Rizzato which through an alleged cryptocurrency arbitrage system guaranteed returns of 10% per month through an unspecified system of algorithms. At one point, due to “unforeseen internal problems”, the company communicated to customers the blocking of accounts: it had become impossible to withdraw money. A classic. The numbers speak of about 6,000 investors involved for 300 million euros.
Many examples with only one conclusion: Italy is not a land for crypto. Market that would need precise rules, transparency and a surplus of controls. And precisely for this reason it never took root in our country. And when she caught on, she did badly.
The article From Bigtrail to The Rock Trading, Italy is not a country for crypto-investors comes from Verità e Affari.