German It-girl Sophia Thomalla has been beating the advertising drum for a questionable crypto project since December. What – and who – is behind G999?
The year is 2019, and G999 has not yet seen the light of day. In October, the German Federal Financial Supervisory Authority (BaFin) bans the Belize-based Karatbit Foundation from continuing to offer the „cryptocurrency“ KaratGoldCoins (KBC) in Germany. At the same time, the authority orders the liquidation of the Foundation: Investors should get their money back. The reason: BaFin classified the business with KGC, a gold-backed token, as an e-money business, which requires a special license to operate in this country.
Prologue: Karatbars CEO Seiz reports back
The Karatbit Foundation is part of the Karatbars Group around entrepreneur Harald Seiz. At the time, Seiz was not satisfied with the BaFin slap on the wrist and filed a lawsuit against the decision, which is still not final. In mid-December 2020, Seiz showed remorse on his YouTube channel. In a speech titled „Breaking News,“ he came clean without really going into detail. He had done nothing wrong, but instead former employees and partners had played fast and loose with his name and trust.
In the past, there were often enough small hints and signs of what was going on in the background. You noticed them, but didn’t really register them. Only gradually did you realize that something had to change. I had to realize that we were far from perfect in some things. All our trust, my trust, was abused. In my name and in the name of Crowd Millionaire review, things were done that I didn’t know about and that I didn’t want.
That is why he got rid of certain old burdens:
I separated myself from those who claim to be part of the leadership, [although] they never were. And I parted ways with those who simply stole my ideas and vision, used them for their own profit, and used and still use the developments and work of the entire team for personal profit to cover up shady deals.
So says Seiz at a later point in the video, which he simultaneously uses to promote a new project called „V999“.
G999: Karatbars 2.0?
I wonder if Josip Heit is one of the aforementioned legacy members? The former CEO of the Karatbars Group launched a project with his Hamburg-based company GSB Gold Standard Banking – also in December last year – that is closely related to Seiz’s new platform, at least in name: G999. An elaborately produced commercial, in which German influencer Sophia Thomalla knocks a G999 coin out of a gold nugget in superheroine fashion, has already flickered across giant screens in New York’s Times Square.
On its homepage, G999 makes no secret of its ambitions. Nothing less than „a peer-to-peer electronic cash system that aims to become a solid global money with fast payments, micro-fees, a new generation of communication and high transaction capacity“ is what the G999 project wants to become. The latest press release, dated Jan. 6, is no less thick: „a uniquely electronic system, card reader and app that enables fast payments, micro-fees and a variety of other options for telecommunications and messenger in one, inspired by the deflationary token economic model,“ it says. A thoroughly ambitious undertaking.
The G999 token
Whatever the platform will later accomplish, at the center of the ecosystem is the G999 coin. Like KaratGoldCoins, G999 is about combining crypto technology with the precious metal gold. However, the ability to exchange G999 tokens for gold appears in the whitepaper as more of a side note than a central use case.
the G999 wallet can be used to send voice messages, text messages, emails, payments, passive income, and also for redeeming physical gold via our partners‘ blockchain.
So far, the project is significantly behind its roadmap. According to it, for example, an app for voice and text messaging should have appeared as early as Q1 2020. The fact that the roadmap has not been updated makes one wonder when looking at the age of the project’s domain: after all, the website was only registered on September 29, 2020. One of numerous indications that G999 is a project that requires closer examination