On April 23, 2017, PlatinCoin got announced as a cryptocurrency without mining ("There Will Not Be Mining"). As soon as those responsible people realized that they are only operating a Ponzi scheme instead of an MLM system, they quickly invented without any consideration a minting option. Until today none of these scammers has been able to explain a difference between mining and minting.
After the scammer Alex Reinhardt also suffers on chronic overestimation and apparently, like all scammers, is too lazy to acquire or buy missing specialist knowledge, he has now unmasked himself. This scammer has still the opinion that it is still possible to generate LiteCoins on mobile phones. Even someone who has already robbed many people for a lot of money cannot buy intelligence with the stolen money.
Alex Reinhardt was previously known from his collaboration with SwissCoin. He was rated very high in the affiliate base and was supposedly the key promoter for the cryptocurrency team. According to reports, however, SwissCoin was a clear Ponzi system, from which was warned by Switzerland, Nigeria and Germany immediately before the administrative structure collapsed.
Today SwissCoin has a value of zero, the project is dead and worthless. According to some reports, the project was seen in its premises and processes as "almost identical fraud to OneCoin".
Alex Reinhardt reportedly stopped working with SwissCoin in January 2017, just one month after the foundation of PLC Group AG.
It has been claimed that PlatinCoin (originally from PLC Group AG) is a sophisticated Ponzi / Pyramid system that is flooded with red flags, allegations, and warnings from key financial authorities. In particular, BaFin (Federal Financial Supervisory Authority from Germany) has warned against investing in PlatinCoin. The CEO of PLC Group AG, Alex Reinhardt, was also an employee of SwissCoin, a Ponzi scheme that collapsed shortly after PLC was founded.
In order to dispel the suspicion of operating a pyramid scheme, people try to protect themselves under the guise of renting the most modern, but most likely worthless, equipment.
According to the publication [PLC] PlatinCoin - PreLaunch Cryptosystem Announcement [.pdf (350.86 kb)] from April 23, 2017, 16:27:56 in the Bitcoin Forum, the primary company behind PlatinCoin was PLC Group AG, which is still registered in Switzerland.
Here is a brief excerpt from the PlatinCoin announcement:
Wallet Client: https://platincoin.com
Official registration of the company: https://www.zefix.ch/en/ and here: www.moneyhouse.ch and here: https://zg.chregister.ch
Kraudfanding platform: http://projektstarter.eu/
Instruction to registration: https://youtu.be/IUTA7NB9_lM
The messenger: https://elvn.com/
Third generation crypto asset 10 second transactions.
First Secure PoW+PoS Coin. Based on gibrid PoW + PoS own patented system. Provably Secure.
No 51% attack.
No mining. No double spending.
There will be no TOKENS,
There will be no SPLIT,
There Will not Be Mining
So far, however, there are several follow-up companies or subsidiaries or allegedly "independent" organizations having nearly the same name, which have connections to the PlatinCoin project:
PLC GROUP AG Switzerland founded on 28.12.2016
Address: Baarerstrasse 14, 6300 Zug, Switzerland.
Registered capital: CHF 100,000
CEO: Reinhardt, Alex, German citizen, Berlin
Member of the Board: Vecellio, Orlando, from Poschiavo, area Freienbach, Switzerland
According to :gerlachreport, Orlando Vecellio, board member and sales manager of PLC Group AG, announced in an internal email, which :gerlachreport should also have, the end of the cryptocurrency PlatinCoin on July 24, 2017.
PLATIN GENESIS DMCC, founded on Oct 22, 2017.
This company was located at JUMEIRAH LAKE TOWERS SWISS TOWER UNIT NO 1004-44 DUBAI, UAE.
The license of this company expired on Oct 21, 2019 (Screenshot).
A rogue who thinks evil is involved, but on Nov 29, 2018 the BaFin published the following warning Platincoin has no authorisation under section 32 of the German Banking Act (Kreditwesengesetz – KWG) under the topic unauthorised business:
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) hereby announces that it has not issued Platin Genesis DMCC ("Platincoin") with authorisation to conduct banking business or provide financial services in accordance with section 32 of the KWG.
The company is not subject to supervision by BaFin.
PLC GROUP AG DOO SLOWENIA, founded on July 25, 2018.
Address: Letaliska Cesta 33E, 1000 Ljubljana.
Registered capital: € 10.000
Managing director and sole shareholder: Alex Reinhardt
PLATIN GENESIS ASIA LTD, registered on March 11, 2019.
Previously the company name was AMATECH LTD.
Address: UNIT 2512, 25 / F, LANGHAM PLACE-BÜROTURM, 8 ARGYLE STREET, MONGKOK, HONGKONG. (Screenshot)
This address is currently listed in the data protection regulations and the general terms and conditions.
PLC Group AG and its follow-up companies are very young companies that were founded exclusively for the purpose of this project.
Laut den oben angeführten Firmen ist Alex Reinhardt, der Mann welcher mit diesem Projekt in Verbindung gebracht werden kann und er ist das Gesicht des Projekts an jeder Ecke. Er besitzt zwei LinkedIn Profile:
- Alex Reinhardt [.pdf (1,73 mb)]
from Berlin, Germany with current 35 contacts, where he appears as Founder and CEO - ELVN
- Alex Reinhardt [.pdf (1,70 mb)]
from Berlin and surrounding area, Germany with more than 500 contacts, where he only mentions Blockchain & IT as a job title.
It is striking that he does not want to establish direct connections in his profiles to his companies or PlatinCoin. He is content to present himself as the founder and CEO of ELVN. However, the page elvn.com provides a link to the current company Platin Genesis Asia Ltd.:
The second LinkedIn profile is linked to a Crunchbase profile by Alex Reinhardt. A connection to PLC Group AG Switzerland is only established on Crunchbase. To compensate, the company Platin Genesis Asia Ltd. not mentioned at all for that. There it says (Screenshot):
Alex is a venture investor, business development expert, serial entrepreneur, co-founder and CEO of PLC Group AG, located in Switzerland.
Alex is an economist with over 10 years of practical experience in the startup and venture capital industries. He is an entrepreneur and founder of more than 10 projects in the IT and FinTech (Financial Technology) industries with a total capitalization of more than 100 million euros. In only one and one-half years, he was able to create an international community which today unites more than a quarter of a million people around the world.
More than 3 years ago, Alex became an active evangelist of blockchain technology. Given his interest in blockchain technology, he is looking for and supporting technologies and projects that will make a significant contribution to the technological development of our society.
In PLC Group AG, Switzerland, Alex is responsible for finding innovative solutions and promoting them around the world.
The address Mong Kok, Kowloon, Hong Kong only becomes visible on the ELVN crunchbase profile (Screenshot). The name Alex Reinhardt is also mentioned as the company founder.
The meaningful negative ratings for the PlatinCoin Wallet, for which according Google Play Store Alex Reinhardt is responsible. Of course you don't have to look at positive reviews, since everyone can create multiple accounts and praise the manufacturer / supplier. Scammers are naturally lazy and therefore there is no meaningful information getting found in fake reviews. With negative reviews is it of course also possible too, but there you can get more information where you can get an idea of the credibility.
The following reviews are from the German Playstore translated to Enlish:
November 20, 2019
You can look at your coins on the wallet and send them to others, but deposits and withdrawals have been blocked for a long time on the exchanges. So they have no value if you can't sell them. Shitcoin! The alleged value is artificially held up by trading bots. When I hear "innovative app with many features" - it's ridiculous. The wallet cannot do what others have not been able to do for a long time. This also applies to the stupid messenger ELVN.
February 14, 2019
a scam if you look in the code, just a mlm who don't want anything else but steal from people, this thing is not even censorship resistant. it doesn't even have 1 property of crypto. the inventors need to get skinned and killed
February 8, 2019
A non-existent coin that wants to keep up in the crypto world is rubbish. This system will not be successful and will eventually break, ultimately it was no different with OneCoin and GiraCoin. At some point the authorities (BaFin) and the state come and then there are a lot of problems with the company! You can go straight to the casino in the end, it's the same thing, because the bank always wins!
January 3, 2019
transport pin supposedly wrong !! that can't be serious! I write the transport pin 1 to 1 as I wrote it down and they tell me wrong! greatest cheek! stay away from this company!
December 3, 2018
also had 210 plc go in now, suddenly only 11 plc !!! everything lied !!! you'd rather put 200 euros in slot machines in aamina zig zag !!
September 27, 2018
People stay away from the company, they are rip-offs. I have been missing my 150 PLCs for more than a year, which I am not being paid. Support written a thousand times everywhere, even on Facebook. I also sent screenshots and screenshots of the transactions as proof, no reaction from PLC just that my request was processed and that has been over half a year. Simply disgusting. Stay away from the company and never deposit here !!!!!!!!! You will never see your money again !!!!
June 6, 2018
How can it be that my dashboard suddenly has 1000 PLC less after the update, I can also prove this with screenshots, since I already thought that someday no one would be able to see through. 1000 coins are already a lot of ashes for me at the current exchange rate. I wrote the support twice, but so far only one "we will take care of your concerns".
April 25, 2018
Nothing works here. Even after the update I can not transfer my coins .. because I am not verified, it should be 3-7 days that is now 1 month ago you can not get your coins you can not trade or anything! let alone the payment in cash or the like !!!
April 7, 2018
Wallet imported, allegedly wrong transport PIN ... But if it is not ... new wallet created, there is no way to get the coins from the dashboard ... only the famous "Coming soon ..." which you can know already from the Homepage ... was almost no different and would be a huge step forward if everything would work immediately ...
April 7, 2018
After the update you have to import your wallet. The transport PIN code is said to be incorrect, but this is not the case. So I can't get into my wallet.
March 30, 2018
My plc are simply gone after an IPO .. that is not the purpose of crypto the vision of crypto is that you have control over your own money, the plc group ag has clearly broken it and should be punished hard for it!
January 8, 2018
Similar experiences as Viktor Nuamow. Bought coins worth € 250. The transaction was eventually deleted, 1250 coins gone. Several emails sent to support, not even an answer. A company that shits on customers. With me down through. Thank you PLC, gave you several times the chance to make up for it all, but I cannot recommend it to anyone.
December 23, 2017
Can't connect the wallet to the PLC account manufacturer, nor can I register for the wallet.
December 20, 2017
My platinum coins just disappeared on the wallet .. Fortunately, deleted again immediately were free.
July 24, 2017
Error over error, coin cannot be changed on a exchanger and is not listed anywhere, who knows if it is a coin at all.