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Crypto investment firm Crypto4Winners is under investigation by the Luxembourg public prosecutor’s office after customers deposited over $100 million worth of crypto before the platform stopped processing withdrawals. Customers have hired lawyers to recover their funds. The platform, known for promising monthly returns of up to 20%, has been accused of being a Ponzi scheme. Business partners Adrien Castellani and Luc Schiltz are at the center of the controversy, with Schiltz currently hospitalized after a car crash claiming amnesia. The Luxembourg public prosecutor’s office is investigating the case for fraud and money laundering charges. Customers are advised to seek legal help to recover their assets. DL News’ attempts to contact him were unsuccessful. DL News has tried again to reach out to him for comment on this story. After serving just over two years of his sentence for previous financial crimes, Schiltz was released on probation in 2019 and promptly launched Crypto4Winners with fellow Luxembourger Castellani. Despite this, Schiltz was not listed as an owner or general partner on the Crypto4Winners website, which has since been taken offline. Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Contact him with tips at tim@dlnews.com.
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It’s a nightmare scenario for customers of Crypto4Winners, a crypto investment firm that is now under investigation by the Luxembourg public prosecutor’s office. The firm, which promised monthly returns of up to 20%, abruptly stopped processing withdrawals, leaving customers in limbo.
According to sources, customers had deposited at least $100 million worth of crypto before the withdrawals were halted. Now, customers are taking legal action in an attempt to recover their funds.
The situation came to a head on March 9 when an official post on the Crypto4Winners channel on Telegram revealed that the firm’s investigations had uncovered potential fraudulent activity that compromised the integrity of assets. This revelation led to allegations that Crypto4Winners was operating as a Ponzi scheme.
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Florian Ernotte, a lawyer representing a group of Crypto4Winners customers, claimed in an email that the trouble began when associates of CEO Adrien Castellani made substantial withdrawals from the platform in February. Castellani and his business partner, Luc Schiltz, have come under scrutiny, with Schiltz facing allegations of complete control over customer funds.
Schiltz, who has a history of legal troubles and was previously sentenced to six years in prison for financial fraud, has claimed to suffer from amnesia following a recent car crash, preventing him from accessing the funds in question.
The value of customer deposits at Crypto4Winners is estimated to be around $100 million, according to Scorechain, a platform that offers crypto compliance services. However, the exact amount remains unverified.
Legal Battles and Investigations
The Luxembourg public prosecutor’s office has confirmed that an investigation into Crypto4Winners is underway, focusing on allegations of fraud and money laundering. Two individuals, including Schiltz, have been charged and taken into custody as part of the investigation.
Customers of Crypto4Winners have not taken the situation lying down. Several groups have hired lawyers to pursue both civil and criminal actions against the firm. Andreas Komninos, a Luxembourg-based corporate lawyer, has stated that the failure to honor withdrawals within the agreed timeframe could serve as grounds for a civil case.
Additionally, Komninos has suggested that the involvement of the public prosecutor’s office may have contributed to the halting of withdrawals, indicating potential criminal implications for the firm’s actions.
Looking ahead, customers and legal representatives are exploring avenues for compensation, including pursuing Crypto4Winners’ technological partners for failing to implement adequate security measures.
A Troubled Past
The troubles facing Crypto4Winners are further compounded by the history of one of its key figures, Luc Schiltz. As an owner and general partner at C4Wave Capital, the company behind Crypto4Winners, Schiltz has a checkered past, having been convicted of fraud in 2017.
His previous conviction for defrauding investors out of over $1.5 million raises serious questions about his involvement in the current Crypto4Winners debacle. With customers clamoring for answers and seeking restitution, the investigation into Crypto4Winners is likely to uncover further details about the firm’s operations and the individuals behind it.
As the legal battles unfold and the truth comes to light, one thing is certain—investors are demanding accountability and justice for the loss of their hard-earned funds at the hands of Crypto4Winners.
The Mysterious Case of Schiltz and Crypto4Winners
DL News attempted to contact Schiltz multiple times for comment on a recent story, but their efforts were in vain. However, their persistence paid off as they finally managed to get in touch with him to shed light on the situation.
Schiltz’s Release and Business Endeavours
After serving a little over two years for previous financial crimes, Schiltz was released on probation in 2019. He wasted no time and joined forces with fellow Luxembourger Castellani to start Crypto4Winners, a venture that seemed promising at first glance.
The Curious Case of Schiltz’s Involvement
Interestingly, there was no mention of Schiltz as an owner or general partner on the Crypto4Winners website. This omission raised eyebrows and prompted further investigation into the nature of his involvement with the company. To add to the mystery, the website has mysteriously vanished into thin air, leaving behind a trail of unanswered questions.
DL News’ Determination to Uncover the Truth
Tim Craig, DL News’ Edinburgh-based DeFi Correspondent, has been at the forefront of this investigation. Despite facing roadblocks and dead ends, Tim’s unwavering dedication to uncovering the truth has propelled this story forward. His commitment to journalistic integrity and relentless pursuit of the facts have brought us closer to understanding the enigma surrounding Schiltz and Crypto4Winners.
As the story continues to unfold, DL News remains steadfast in their mission to unravel the complexities of this case. With Tim Craig leading the charge, we can expect to uncover more details and shed light on the elusive Schiltz and his questionable business dealings.
For those with any information or insights to share, feel free to reach out to Tim Craig at tim@dlnews.com. Your contributions could be the missing piece of the puzzle that brings this intriguing saga to a satisfying conclusion.
