Modern Assets Australia, a cryptocurrency advisory and research company based on the Gold Coast, is being sued in the Federal Court of Australia for $800k plus damages by a French man by the name of Alexandre Raffin, following a cryptocurrency buying deal that fell through and ultimately ended up with him getting scammed.
Agreement Not Reached, Direct Contact Established
Alexandre Raffin, who runs the cryptocurrency brokerage firm GAINS Associates out of Paris, was originally supposed to receive $800k worth of the cryptocurrency Klaytn from Mordern Assets, in exchange for fiat. However, the deal went nowhere for an undisclosed reason – and as a result, Raffin was introduced directly to the supplier.
A new deal was reached with the mysterious supplier, who was allegedly supposed to provide 937,500 Klaytn in exchange for about $93k.
Unfortunately, the mysterious contact made off with the money, and went off the grid, deleting his messaging accounts.
At the time, Klaytn was only worth about 10 cents – but the cryptocurrency has increased in value 30 times over. In other words, if the deal had not fallen through, Mr. Raffin and his associates would have been nearly 2 million in the green, seeing as $93k worth of Klaytn at the time is now worth around $2.8 million.
Mr. Raffin says that although he’s been in the crypto world for a while – and as a result, is no stranger to losses and risky moves – this was a huge loss, even for him. He’s paid investors for the loss out of his own pocket, which was a big blow to his assets.
“I’m a pretty tough guy. I’ve become quite desensitised to money through these years in crypto. You lose some, you win some. But this was hard, even for me. We thought they did their due diligence. It seems they didn’t do research on their own contact. Maybe they’re just very good at marketing.”
Mr. Raffin originally enlisted a blockchain investigation company to help him get his assets back – but when that failed, he took it up with the courts.
On their end, Modern Assets have denied the allegations and have stated via a spokesman that they would be “vigorously defending” themselves in the Federal Court (which is yet to determine the claim).
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