Kuetzal review 2019

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Kuetzal Review – November 2019

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UPDATE: January 12, 2020

And that is the end for Kuetzal. They have finally spoken out and closed down the platform. Let’s all hope we can get something out of our investments and not lose all, but this serves as a good lesson to all us and is cautious about how much money we are willing to lose when we invest. Luckily for me, I was still in the testing phase of this platform and have not lost a significant amount that will hurt my pocket. This will definitely be a big hit to the other players in the P2P market and I will hold back from adding more money for a few months until the water settles.

UPDATE: January 9, 2020

The ECN (European Crowdfunding Network) has contacted Kuetzal due to many investors reporting their concerns and seems like Kuetzal did not offer satisfactory results, therefore they reported to the Estonian govt to further investigate. More in the following press statement;

UPDATE 2: January 8, 2020

This has definitely took a turn. While I had some hope earlier through their facebook message I have no hope at all after this message #KuetzalScam. One of the guys from the P2P community was able to contact one of the projects owner “Total Poker” & “Goodville” under the company TotalGames. They denied signing any final agreements with Kuetzal, yet they went ahead published the projects and raised money.

UPDATE: January 8, 2020

Someone from the P2P community managed to get in touch with their support through Facebook message and this was their answer;

Hello, We are now trying to unblock our bank account to be able to make all of our pending transfers. We are expecting to finish our AML procedure by the of January and make every payment during the first week of February

Kuetzal Support

UPDATE: January 7, 2020

On the 29th of December 2019, I have processed a withdrawal of some of my interest earnings. Like any other time, I received the notification email of my withdrawal status and since it was during the holidays I’d assume it would take a few days to process. Up until January 7, 2020, I have not received anything yet in the bank. I also talked to other investors who pushed for a withdrawal a few days before me and are yet to receive anything. There have been no replies from Kuetzal yet, so we have to wait and see.

UPDATE: December 12, 2019

Below find a screenshot of the reply from Maksims the CEO. In mid-December I have seen another communication update saying that they are looking into updating the terms, however, up till today Dec 18th, 2019, there have been no updates. Aside from that, it has emerged that in one of their projects, they lent €850,000 to a fake petrol company. There are no online records of Alborg Petrol and no company was found in the address given on project details in Riga. This shows that we should not trust Keutzal unless there is a drastic change in their operations.

Original Post: November 2019

The popular upcoming platform, Kuetzal with high returns, has gone through a few worrying changes that I had to address in this review. On the 26th November 2019, I have received an email from the team announcing that a new CEO “Maksims Reutovs” will lead the Kuetzal team and will be responsible for the platform developments moving forward.

This newsletter sounded promising and had encouraging words to the future and was all well and good at this point. A few days later I decided to log into the platform and was agreed with new terms & conditions popup to agree. I don’t normally read all the terms but I skimmed through it quickly and came across the first worrying point;

1.7. The Portal Operator may make changes in the Portal and its functionality, including expanding, changing or removing its functions, at its own discretion at any time without asking permission of the Users for it or giving prior notice to the Users. Among other, the Portal Operator may terminate the operation of the Portal at its own discretion at any time.

This was mind-blowing. So, in other words, the people running the platform are free to close the platform, take the investors’ money, retire on some exotic beach. And to compliment with 1.7 here goes more;

1.8. The Portal Operator has the right to amend or supplement the Terms of Service and all other operating rules, guidelines and policies of the Portal (including the Privacy Policy) or lay down additional conditions, without advance notice. These amendments and supplementations shall enter into force from the moment when the User has agreed with the new Terms of Service via the Portal.

Some more worrying bits;

5.6. The decision as to whether or not to provide a loan to the Borrower is decided upon by each Lender at his or her own discretion. The Lender shall read the Risk Warning (_______) before lending any funds through the Portal. If the Lender requests more information about the Borrower or the Project, it shall contact directly the Borrower. The Portal Operator does not perform any due diligence of the Borrower or the Project.

This one raises a lot of questions. Is Kuetzal then just a publisher for loans? Is due diligence handled by a third party expert firm like Wisefund and Crowdestor do? I don’t know but it is surely an alarming point to take into account. There is not much transparency from this platform like crowdestor and bondora.

With these recent updates came a lot of uncertainty. Unfortunately, there was no option to decline any of the terms and get my money back. I was forced to accept the recent terms, maybe it was something specified in the older terms. In the meantime, I have emailed the team to get further clarification on what they intend to do. I’m sure they have received a number of other complaints from investors. I’ll update you with any communication.

3 Responses to " Kuetzal Review – November 2019 "

  1. […] few changes happened on Kuetzal this month. I have published an article earlier that lists the main changes. Based on these new changes I have changed my views on the Kuetzal platform and do not plan to add […]

  2. Pol says:

    Hi,

    Is there any update on Kuetzal Terms?
    Some other opinions, specially the comments about difficulties on withdrawing, got me doubtful about the platform…
    https://financiallyfree.eu/concerns-about-kuetzal-is-kuetzal-a-scam/

    Thanks,

    • Basil says:

      Hi Pol,

      No updates so far. It also emerged that one of their projects they haven’t done the necessary due diligence and lent 850k to a fake petrol company. Of course, this is very concerning for us. I have read a lot of opinions and people wanting to early exit their investments at a fee however that would definitely result in a collapse for Kuetzal.

      Thanks

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