France: the RR Crypto association “loses” the funds of its customers – 4500 victims, 40 million euros missing?

It was a massive blow that probably turned thousands of members of the RR Crypto association into a waking nightmare over the weekend. By email, Vincent Ropiot, the founder of the Dijon association and CEO of the structure, indeed announced to his community that the funds deposited on the Binance platform have disappeared since last March. The damage would amount to 40 million euros. A complaint would also have been filed by the head of the structure.

RR Crypto, an association in turmoil

Relatively discreet in the French ecosystem, existing in an associative form and more particularly active since early 2020, RR Crypto presents its raison d’être on the few pages of its official website.

The latter, rather sparse in content, allows you to get to know an associative structure advocating pedagogy, mutual aid and education in the complex world of crypto-assets.

“RR Crypto is an association that offers education and personalized support for your projects concerning crypto-assets with individuals in order to participate in a reliable and sustainable economic alternative to current challenges. It was born from the vision of Vincent ROPIOT, passionate and committed in the world of crypto-assets since 2013. RR Crypto has developed its own method of support as the sector evolves in order to democratize our service to the greatest number. “

RR crypto official website

In fact, what RR Crypto means by its “Own method of support” appears to be nothing less than a commercial crypto fund management service.

In other words, RR Crypto is notably made up of a trading team whose core activity supposedly consisted in making the funds of the members of the association grow, in exchange for a commission of around 17% on capital gains. carried out.

If there is no mention anywhere of what ultimately constitutes the bulk of RR Crypto’s business, it appears that the association’s services have met with great success, well beyond the outskirts of Dijon, where the company recently bought a 2-storey building to set up its activities, with a gym, ping-pong table, like any good start-up that respects itself. A success story which was echoed in rather dithyrambic terms, the local press.

“In a true inspiring start-up atmosphere. One example but we could multiply them: the qualifier of sustainable is attached to that of Human Resources Department … Offering crypto-active investment services to individuals and companies, RR Crypto, advised by big names – Légi Conseils in the legal field or Emmanuel Robin for the financial aspect – is currently working with the AMF (Autorité des marchés financiers) to move towards corporate status ”

Dijon Hebdo article on RR Crypto

“Crypto-asset investment services” therefore, distributed by an entity (of an associative nature) that does not have PSAN status as it stands, unlike the 18 French players who have won the sesame.

From sources interviewed by the Journal du Coin, RR Crypto would currently represent 4,500 customers (it seems that the terminology is necessary), in increase of 3000 people, since the beginning of 2020.

Recruited clients mainly by word of mouth, by members of the association, happy – against a fair commission – to benefit their families and loved ones yields announced at 10% per month.

The services of RR Crypto are notably praised by some members in July 2020 on (the excellent) forum CryptoFR and presented as an opportunity not to be missed, despite the skepticism displayed by the forum community.

“I invested in a company called RR CRYPTO, yield about 10% monthly, I’m very happy, they buy different crypto at low prices and then resell them, I don’t take care of anything, they take 17 % commission on my profits ”

“A friend is commercial for this company of which he brought in all these friends and people of his family […] I have confidence because he is also a childhood friend and has a colleague in common »

Different posts from members on the CryptoFR forum

Problem, if everything indicates that the members of the association have never had to complain about the seriousness of the team in place, or the monthly returns, an email this weekend from the CEO of RR Crypto informs his community that the funds would have purely and simply… disappeared.

A “reset” to 40 million euros?

In an email dated June 20, titled “Important: Status of RR Crypto”, Vincent Ropiot informs the members of the association:

“During the month of March 2021, the crypto-asset portfolio opened on the Binance platform on which all the funds entrusted to management by our clients are kept, was reset (sic)”.

Not dwelling on what is meant by the term “reset”, the CEO goes on to say that he regrets to announce “that the funds are no longer present in the portfolio, without access to the history”.

Vincent Ropiot indicates having lodged a complaint with the local gendarmerie on June 17, and insists that he is solely responsible for the situation (members of the team having been threatened in the previous days).

From the elements collected by the JDC, it seems that in view of the potential damage, the territorially competent criminal brigade was seized. Indeed, still from JDC source, it is a total of 40 million euros in crypto-assets which would have disappeared from the association’s accounts.

It should be noted that 2 weeks before the events, RR Crypto informed its customers by email that as part of a compliance investigation of the Binance exchange (itself supposedly caused by the actions of RR Crypto vis-à-vis the ‘AMF), the interested parties were informed that if the fund deposits remained open, it became temporarily impossible to make withdrawals. An announcement which, retroactively, does not reassure members.

For the time being, it is amazement and anger that dominate within the RR Crypto community, stunned by a well-established structure, member of a referent entity such as ADAN (Association for the Development of Actives). Digital) or even in connection with French ICO, could put them in front of such a situation. Solicited, the CEO of RR Crypto as well as representatives of the Binance platform had not yet answered the questions of the JDC at the time of publication of this article.

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