According to BlockBeats, on October 16, CoinDesk reported that the real estate crypto project Tangible had undisclosed related transactions. Joshvun Singh, the brother of the company's CEO Jagpal Singh, purchased properties at a discount through his company and then resold them to Tangible at a markup of up to 21%. This practice was considered by British real estate experts to lack reasonable basis.
In October 2023, Tangible’s USDR stablecoin suffered a run, which caused its liquidity reserves to be exhausted and the price of the coin to plummet from $1 to $0.5. CoinDesk analysis shows that these undisclosed markups may have caused USDR investors to lose at least £875,590, and the actual losses may be higher.
Tangible said it was "working hard" to get USDR investors compensated but declined to answer detailed questions. The company now needs to liquidate nearly 200 UK properties, with a total value of about £27 million, to repay investors.