Arbitrade Claim: ‘Received Title To Gold Bullion’

November 6, 2018

[Updated] According to the latest statement from Arbitrade, they claim they have received title to gold bullion “with a current market value in excess of $10 billion.”

This follows after the company announced last month that they have “completed the acquisition of the Victoria Hall Building” which “will serve as Arbitrade Ltd. Bermuda World Headquarters.”

The statement, which was linked to from their official website yesterday, said, “Confirmed today, Len Schutzman, Chairman and Chief Executive Officer of Arbitrade Ltd., on behalf of the Board of Directors, announced today via its Agency of Record for Traditional and Non-Traditional Media, Creative Management Partners LLC [CMP], that Arbitrade Ltd. has received title of gold bullion stored at independent security facilities in the amount of 395,000 kgs with a current market value in excess of $10 Billion U.S.

“Arbitrade has completed the required regulatory gold vaulting verification compliance: As mandated, an independent public accounting firm has verified the account in good standing, confirmed Safe Keeping Receipt “SKR” totaling 395,000 kgs of gold, by direct confirmation from the independent secure vaulting company.”

Mr. Schutzman added: “Since most crypto-currencies are not backed by gold, this feature should make purchase of Arbitrade’s coins and tokens more attractive to the blockchain community”.

“Arbitrade, through its proprietary software and strategic partnerships, plans to be in all segments of the crypto-currency business, including currency mining, trading [The Arbitrade Exchange], gift cards, debit cards, money transfer, and Point of Sale processing.”

Tweet sent from their account yesterday:

Arbitrade Exchange tweet Bermuda Nov 5 2018

Back in July, the company stated they made a deal with Sion Trading FZE Dubai to acquire $10 billion in gold bullion, and when that appeared to be in question, the company posted a subsequent statement saying it was in Ras Al Khaimah, which is not Dubai, but is part of the United Arab Emirates.

“There has been a large amount of confusion as to why Arbitrade negotiated the initial deal for all gold, and there is a simple answer. The bullion vaults primarily hold gold for these types of transactions,” the company said in July.

“As Arbitrade pays off the gold bullion debt to Sion, the gold can be traded for the appropriate metals backing each token before being shipped to the vault in Bermuda, where it will be audited once a year, again, as the reserves build up.”

Tweet sent by Arbitrade in July:

Arbitrade Exchange tweet Bermuda July 2018

The document the company linked to on their website in July appears to no longer be available, with the page currently rendering as ‘not found’.

Arbitrade did not specify who the accounting firm or vaulting company were, and yesterday Bernews attempted to contact both Arbitrade and their ‘Agency of Record’ to seek clarification and further information, and we will update if able.

Update 4.02pm: We followed up again today, seeking clarity, and the ‘Agency of Record’ did get back to us, just to say they passed our queries on to Arbitrade, so we will update if Arbitrade gets back to us about these claims.

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Comments (54)

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  1. Family Man says:

    I call BS.

    • MB says:

      Truly shocking that neither govy bma bda or anyone has stepped up to call BS!
      It’s so BS it’s just embarrassing.
      These clearly crazy people are harming Bermuda’s reputation and need to be sent packing.
      If the office bldg had actually been sold dont you think the realtor would be singing from the sky? Instead silence….

      • Retro says:

        Truly embarrassing and also suspicious. How can the Government stay silent over such an obvious scam ? I hope we don’t get sued because of this.

      • Reason says:

        What if it’s not BS?

        • Family Man says:

          What if the moon really is made of cheese?

          • Reason says:

            What if you’re just not as bright as you think you are?

            • Question says:

              is there evidence it’s not bs, or are you just raising the theoretical question?

              • Xero says:

                Arbitrade has consistently followed up with their press. Just as they announced intention to buy Victoria hall, then followed up confirming it’s purchase.

                As Premier Burt has indicated, Arbitrade has financially committed to Bermuda in multiple ways.

                It appears they have a DABA license on the line & big business plans.

                That public press release is one step in providing gold vaulting verification. It is to build market awareness & confidence.

                More detailed info will come. This is just a good idea of what they have coming. Lying would be a serious mistake on their part, and likely derail their plans. We will see what more evidence they provide as it becomes available.

    • Quintin says:

      Please stop with your emotional FUD. Arbitrade will transform and innovate. The tokens are backed with bullion. It is Derek Foreal (legit) and you just can’t stand it! Audit coming shortly so you don’t need to worry about it anymore. Take a sedative and relax.

  2. Prove it says:

    $10 Billion in Gold! PROVE IT!!! Can’t? Right, I thought so

  3. What? says:

    Another scam. Their PR firm’s email address bounces back as undeliverable, their phone number goes to an anonymous voicemail and there is no indication of what firm confirmed SKR. This is price manipulation.

  4. What? says:

    Impressive, a company has access to more gold bullion than the United Kingdom?

    • legalgal says:

      And if they do, whose is it and is it clean or in the process of being cleaned?

    • question says:

      They have a man standing there stroking a white cat in front of a tank with sharks swimming around. As you walk in he says “Ah, so glad you could drop in. Do you want to see my gold bullion? Or shall we take a tour of my subterranean fortress?”

  5. trump supporter says:

    Sounds ponziesh to me..
    I know grammer palice.

    • sandgrownan says:

      That’s why Flip FLop loves these guys. There’s not a snake oil salesman he didn’t like.

  6. WSP says:

    Great,now lets have the chicken farm so Pastor Bean can do some real work to justify $92,000 a year.

    • question says:

      Maybe he could put the chicken farm on White’s Island? Find some use for that sweet deal 21-year lease he got.

  7. Truth is killin’ me... says:

    Gold plated $h*t!!

  8. question says:

    Sounds legit.

  9. Lol says:

    @all the comments above and below, cant say anything factual so you come on here lying trying to say it’s a scam and prove it blah blah blah….jus pure LIES and at this point blatantly trying to sabotage the effort to build a new PILLAR in the economy that can and will revolutionize Bermuda in terms of technology and will benefit our children to build wealth all in favor for another sail boat race that only the few benefit from….listen here you OBA trolls and ingornat idiots, nobody cares what you lie about or say now. The Jig is up. Your party can put as many black faces they want to try and pull another one but it’s not going to work. You all are afraid that the PLP will be successful with this and this will make sure the OBA or whoever they are when the next few elections happen that they will never ever get back in power….mark my words

  10. legalgal says:

    KYC/AML that!

  11. Toodle-oo says:

    ~jus pure LIES and at this point blatantly trying to sabotage the effort to build a new PILLAR in the economy~

    Even if that was true it’s still not anywhere near the vile racial nastiness that was hurled at the AC in an all out attempt to sabotage it.

  12. Mark says:

    Come now you doubters, they got the backing of Onion Juice and Titty Milk.

  13. legalgal says:

    An interesting KYC/AML scenario. How/with what did the “acquire” the Bermuda property?

    • while the rest of us wait... says:

      over 6 months to open a bank account…

      decades for immigration reform…

      responses on how we are going to cope with the budget deficit…

      responses on how we are going to fund underfunded pensions…

    • Ok says:

      It’s called money. Read a book!

  14. question says:

    Troy James Hogg
    The Affluence Network TAN coins.

    There are people who think this is a well-orchestrated scam. Hard to believe, isn’t it.

  15. Playstation says:

    unless they have found Hitler’s Hidden Gold train in Poland or have stolen Jewish Gold from the Nazis,
    riddle me this,where the f… did they suddenly get $10 Billion in Gold.

  16. kevin says:

    Wow the plp faithful are putting all their eggs in the basket for this …….they will be sorely disappointed and then what …….We need a real plan for energizing the economy , but wait their isn’t one ….1.2 to Dr Brown …another million for the hotshot lawyer from the uk to fight against SSM
    Still we have Bus cancellations
    Once a week Trash pick up
    Pension Programme failing fast
    we will borrow more its coming ….
    Great job 25 -11 you voted in those that BS well not those that have great vision

  17. de insider says:

    Is this similar to the stuff that flavors thick stews etc

  18. chart says:

    It’s distressing that Bermuda, which once had delusions of being “the gold standard”, is now consorting with scam artists.

    • Xero says:

      Maybe this is them actually creating the ‘gold standard’?

  19. Feel the Berm! says:

    If this is true this will be huge. But huge claims must be verified.

    I’d like to see more info and details on the specifics. What is their business plan? Where is this gold vaulted? Who are the independent audit parties?
    I hope their house is in order…

  20. Quintin says:

    A lot of great news coming to support the investment thesis. The naysayers will get proof but they will still nay because they are jaded and angry. #watch_token_price market never lies

  21. aceboy says:

    If our Government somehow guarantees transfer of this through some dubious transaction and it gets “lost” on the way here, call the IMF, we are done.

    This is just a steaming pile. How can these supposedly intelligent PLP ministers be so gullible?

  22. Sad says:

    PLP is going to be the death of Bermuda. If only PLP supporters had their own vision instead of believing EVERYTHING (BS) that their blind MPs spout. The lack of jobs and opportunity on this island is no fault of anyone but the PLP but they’re so quick to blame it on inequality and the previous government. Total nonsense but yet their supporters eat it up.

    It’s the blind leading the dopey.

  23. QUestion says:

    Can you find out how they intend on bringing the gold to Bermuda? Gold Bullion in the form of bars is subject to a 6% duty to Customs. That 6% is a huge amount when talking 10 billion dollars. Is the government going to waive this tax?