Tangible Faces Scrutiny Over Undisclosed Transactions And Investor Losses

According to BlockBeats, Tangible, a real estate crypto project, is under scrutiny for undisclosed related-party transactions. Reports from CoinDesk on October 16 reveal that Joshvun Singh, brother of Tangible's CEO Jagpal Singh, purchased properties at discounted rates through his company and resold them to Tangible with markups as high as 21%. This practice has been criticized by UK real estate experts for lacking reasonable justification. In October 2023, Tangible's USDR stablecoin faced a liquidity crisis, causing its price to plummet from $1 to $0.5. CoinDesk's analysis indicates that these undisclosed markups may have resulted in losses of at least £875,590 for USDR investors, with potential actual losses being even higher. Tangible has stated that it is 'working hard' to compensate USDR investors but has declined to provide detailed responses. The company currently needs to liquidate nearly 200 properties in the UK, valued at approximately £27 million, to repay investors.