It becomes more and more obvious that Kuetzal was a complete scam. Many of the loan projects posted on Kuetzal’s website do not seem to be real and it is currently unclear if the funds that were deposited by investors were ever actually used to fund these projects. More and more information is being uncovered every day and and least now it seems that there is some progress in the Kuetzal scam.
In order to stay up to date on the legal case that is being built and to stay in touch with other affected investors I recommend to join the Telegram group @kuetzaldiscussion. Also, there is a Facebook group for the same purpose.
Today, Kuetzal sent an email to probably all registered investors which I paste here:
Dear Kuetzal investor,
Our team wants to apologize for delays in payments and replies to e-mails received.
Unfortunately we have to inform that Kuetzal is announcing wind-down, furthermore the company will only process withdrawals of the funds, the company is no longer accepting new project applications, investors registrations and deposits. Company’s reputation was harmed sufficiently for the past weeks, and Kuetzal management does not see a way to recover investor’s activity, therefore we may not return to usual working process. The mission of the company may not be reached anymore.
Due to high number of reports, claims and negative messages SEB Bank and PAPAYA (the only two banks that Kuetzal used) initiated the AML check and has temporarily blocked Kuetzal’s bank accounts. Kuetzal is currently unable to perform any operations for undefined period. Kuetzal management is aiming to reestablish the activity of both operational bank accounts and perform buy-backs and withdrawals in shortest terms respectively.
Kuetzal will keep the investors informed.
We have not been able to make Kuetzal a successful player on crowdfunding market. We will however aim to exit the market quietly with minimum repercussion to our customers and the whole crowdfunding market. The website functions furthermore will be limited, only the user area will be kept. All the user area functions will continue working as before.
In case of technical issues with withdrawals or other question we kindly ask to use our contact mail instead of social networks or cellphone to receive the fastest service.
So, every investor should immediately file a withdrawal request for free funds on her/his Kuetzal account and request a buyback of all active investments.
I recommend to take screenshots of your Kuetzal account details, to archive all emails, to document all money transactions and to archive the current (and older) versions of the Kuetzal website. Archiving of historic Kuetzal website versions is already done by quite a few people in the Telegram discussion group.
Above email from Kuetzal is not a guarantee that any funds will be recovered but at least it shows that someone is still working there and is feeling the growing pressure. It’s the first sign of life from Kuetzal since weeks and some small progress in the Kuetzal scam case.