Concerns about Kuetzal – Is Kuetzal a scam?

Updated 16.01.2020

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Is Kuetzal a scam? Is Kuetzal a fraud?

These questions are often posted in many private forums and Facebook groups these days. I think it’s time to share my concerns about Kuetzal with my readers. EDIT: It’s not really a question anymore, it’s more a statement.

I have been investing with Kuetzal since 13.05.2019, so about 6 months. It’s a much shorter duration than many other platforms in my portfolio. Unfortunately, I keep finding things I don’t like.

I’ve discussed most of the issues with the former CEO Alberts, who have been giving his best explanation every time. There’s probably a logical explanation to some of the concerns, I just don’t see it! EDIT: There’s no logical explanation.

I will meet the new CEO Maksims on December 18th. I hop e he’ll be able to shed some light on the concerns I have listed below. EDIT: Maksims had not much value to share.

Before we get into the details

Despite the concerns listed below, keep these facts in mind as well:

  • Most of the projects by Kuetzal seem legit. The concerns mentioned in this post are related to a few specific projects. EDIT: While most projects were “real”, the project owners didn’t know Kuetzal in most cases or there was no signed loan agreement!!
  • Repayments from all projects are being paid back to investors according to schedule. EDIT: This is most likely because of the automated software, which doesn’t reflect real transactions.
  • Withdrawing money from the platform seems to work, even though there are some delayes. EDIT: I have not heard of any successful withdrawals since medio December.

Concern no. 1: Trailer Trade

Before I made my first deposit on Kuetzal, they had a project called Trailer Trade. It was supposed to be a loan to a Danish company. Being Danish myself I got excited and called Trailer Trade to hear if they could confirm this project with Kuetzal.

Long story short, the CEO of the Danish company was very rude. He said they had talked with Kuetzal but there was no deal. When I confronted Kuetzal about it, they said there had been some misunderstandings but everything was sorted out now and I could invest in the project. I told Alberts that I had  just been on the phone with Trailer Trade and there was definitely no deal.

A few days after, Alberts got back to me and apologized for the confusion. It should have been a 3-way deal but the Danish company had “backed out” of it. So Kuetzal had decided to close the project and pay the investors back.

A new project emerged called “VM Cargo – trailer and truck reseller”, without the Danish participation.

Due to the rude attitude of the Trailer Trade CEO, I gave Kuetzal the benefit of doubt in this case.

Concern no. 2: ALPA Büve

The former CEO, Alberts, told us that “The owner of SIA Alpa Büve is having issues with his company. For this reason, repayments will now be made from another company by the same borrower – SIA Alpa Building.

However, I invested into the ALPA project on 13.05.2019, 23.05.2019 and 07.06.2019. According to the Latvian land register, the land plot was bought by AA development on 17.06.2019. Why does AA Development buy a property with funds raised by Alpa Büve? Is the owner of ALPA and AA Development the same?

I previously asked Alberts if Alpa Büve and AA Development was owned by the same person, because they had identical quotes to their pictures. He answered: “AA Developement (Eugene) and ALPA with (Aleksejs) are two different companies and are not connected at all. The case is that they are both running these constructions in Marupe region (and both building row houses), that is why quotes and market research is similar.”

Even if it’s the same owner, it still raises some legal questions. And I’m not sure why Alberts didn’t tell the truth, maybe he didn’t know any better. Lack of due dilligence perhaps?

The economy of the project doesn’t make sense

550.000€ was borrowed to fund the 4 row houses. At 21% interest 665.500€ must be paid back.  However, the houses are for sale at 145.000€. 4 x 145.000€ is 580.000€, just enough to cover the 550.000€ loan but not enough to pay for the interest payments as well.

The row-houses are being built though. If you compare the pictures I took on September 19th with the pictures taken today, a lot of progress was made in those 2 months:

Mid September 2019:

Mid December 2019:

The case gets quite complicated because:

  • It involves a suspended company which borrowed the money (Alpa Büve)
  • According to Kuetzal, the loan is being paid back by another company by the same owner (Alpa Building).
  • A 3rd company actually owns the plot according to the land register. (AA Development)
  • The selling price of the houses doesn’t cover the principal + interest payments.

What’s going on here?

Concern no. 3: Marina Code

As stated in my Portfolio Update October 2019, one of my readers found some flaws with another borrower on Kuetzal, Marina Code SP. The company was using stock pictures for it’s employees. Kuetzal confronted the borrower immediately but Marina Code could not give a good explanation.

Due to lack of trust and violation of “ethical business conduct”, Kuetzal offered the borrower to close the project and pay back principal and interest to current date to investors. The borrower paid back all invested funds + interest to the investors.

The big question here is: How could Kuetzal get the money back from the borrower so quickly? If Marina Code had the liquidity to pay back the loan instantly, why did they take a loan in the first place? Those loans does not come cheap.

Concern no. 4: Alborg Petrol

This is the hot potato at the moment. Similar to Marina Code, Alborg Petrol have copied content and images from other sources and they might not who they say they are.

Read all the details in the post from Explore P2P.

UPDATE: Kuetzal decided to invite independent auditor, who would perform a company research on current and past operations of SIA Alborg Petrol. The main purpose is to establish a transparent process, where all the investors and other stakeholders will also be able to contact auditor directly.

Concern no. 5: New terms and conditions

As many readers have complained, the new terms and conditions are just horrible. First of all, if you don’t agree, there’s no option to deny.

Section 1.7 states: “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.”

I’m not worried about section 1.7 but many people have mentioned it, so I’ll give you my take on it.

I guess this sentence is put here in order to be able to make platform upgrades (a service window, as we call it in the IT world). I could think of many other ways to say it, eg. Pause the operation, put the operation on hold, take the site down for maintenance etc. Terminate is not the right word to use here!

Section 5.6 states: “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.”

To say that they do no due dilligence at all is just horrible. If they don’t do any due dilligence I could just as well lend my money to uncle Phil or the homeless guy on the street.

Response from Kuetzal on Terms and Conditions:

Kuetzal informed all investors today by email:

“We have received a sufficient number of complains regarding new terms and conditions of the platform, especily point regarding due diligence of the project.

Kuetzal has performed it’s own analysis for all the projects on the platform, and so will continue furthermore.

We would like to inform you that terms on the platform will be updated soon, and therefore dispel doubts that have risen.”

Concern no. 6: New bank account

Kuetzal now uses a bank account in Malta. When I asked why they switched, Maksims said, “For us it’s more convenient to use another bank account, but our Estonian bank is still working and we still can accept transfers that are made to Estonian account.

I have no data to back up this hunch; Is it a coincidence that Kuetzal have funded a project called “Impaya – payment solutions” and the name of the new bank is “Papaya LTD”?

Is it more convenient, because it’s easier to deal with AML procedures in Malta, especially if the payment provider is your friend? Why don’t they just live up to the AML procedures like all other platforms?

Concern no. 7: Lost or stolen ID of the Kuetzal owner

This is no longer a concern. Viktoria is definitely the owner of Kuetzal (at least on paper).

Concern no. 7: They didn’t show up to our second meeting

2 blog followers/investors and myself met Maksims on 18.12.2019. We asked if he could prove that Victoria is a real person, like simple proof of communication eg. mail, texts or anything from her.

Maksims said he met Viktoria one time and that was for the job interview in Tallinn 14 days ago. He said he also had email conversations but he couldn’t show it to us because he didn’t have work email on his phone. He only used PC.

Maksims assured us, he was going to Tallinn right after our meeting. Kuetzal’s bank was the reason of the slow withdrawals, because they had initiated some AML checks. Viktoria and Maksims had scheduled a meeting for the 19th at 8 AM, where they’d discuss how to fix the issues with their bank and problems with the projects mentioned above.

My friend/follower from Berlin asked if he could have breakfast with Maksims and Viktoria in Tallinn. He was going to be in Tallinn tomorrow anyway and would love to meet her. Maksims agreed to that and said he was welcome to join their meeting.

Despite several attempts to get in touch with Maksims, my friend did not hear much from Maksims again.

As we expected, neither Maksims nor Viktoria showed up.

Concern no. 8: Viktoria’s husband

Maybe Viktoria didn’t want to meet us, because she’s only the owner on paper? Viktoria’s husband, Andrei Korobeiko, could be in charge of Kuetzal. He was sentenced for money laundry in 2012 (which happened in 2010).

In 2017 he was involved in a minor criminal case, (which happened in 2015). Probably a bar fight or something. (I’m not worried about that one, this happens all the time.)

Even though this is a new concern to add to the list, I’m happy to find out that Kuetzal was not created from a stolen ID. A stolen ID would have indicated clear intentions of fraud, which is much worse than a husband with a less attractive background!

As it is now, Viktoria is actually risking her future if Kuetzal is involved in fraud. If I was a criminal, would I risk putting my wife’s future at risk? Definitely not!

Update: Maybe Andrei is Viktorias ex-husband? He’s single according to his facebook profile.

Concern no. 9: SIA AA Development

The founder of SIA AA Development is Alberts Cevers wife Evelina Milus, not Eugene Koshakov:

Concern no. 10

Project “Anniņmuižas bulvāris” was financed by EstateGuru, NOT Kuetzal. Someone called borrower and asked about the situation. The borrower told that they had discussions with Kuetzal, but thats all.. They haven’t got any money and there’s no agreement.

Same story with Project “Velox”: “Thanks for your inquiry! I’m the director of a company SIA Velox Latvija, but this is the first time I’ve seen these companies and announcements! We are not familiar with companies Kuetzal or AA Development. I’ll try to figure out tomorrow what it is! But it looks like some kind of fraud!”

Update 18.12.2019:

I and two other investors met Maksims today. He started in Kuetzal less than 14 days ago and didn’t know all details about the projects yet. We were not impressed by his answers.

One thing he did say was, that the Latvian employees of Kuetzal followed Alberts to his new job. So Kuetzal will move their office to Tallinn now, to be closer to the owner, Viktoria Gortsak.

He agreed to a second meeting with the owner of Kuetzal tomorrow morning in Tallinn. She knows more about the projects and should provide better answers. Unfortunately, I am not able to attend the meeting but I have have a good friend who is going for me.

He’ll report back to me tomorrow. I’ll let you know when we know more.

Update 19.12.2019:

Concern no. 7 added to the list.

Maksims response to our questions was too weak for us to trust him.

The fact that he couldn’t live up to his promise to us and show that Viktoria is real is the nail in the coffin for me.

On top of that, rumors are flowing in Riga about who the real people behind Kuetzal are. I don’t know if the rumors are true, I like to stick to facts only. However, I’ve heard the rumors from different independent sources and I don’t like what I hear.

Kuetzal might keep paying everyone for a while, or maybe forever, I’m not sure.

Something smells very fishy and I only want to do business or invest with honest transparent people who keep their promises. In my book, Kuetzal failed this task and I have zero trust in them anymore.

Update 20.12.2019:

Renamed Concern no. 7 from “Lost or stolen ID of the Kuetzal owner” to “They didn’t show up to our second meeting”.

I’m happy that Kuetzal was not created with a stolen ID.

Concern no. 8 was added to the list.

Update: 08.01.2020

Kuetzal update their about page – Only Maksims is listed now.

Maksims replied to my LinkedIn message. Other investors got the same reply today:

Reply from European Crowdfunding Network:

Reply from TotalGames (borrower of Total Poker and Goodville):

How can Kuetzal raise money for a project without a signed agreement by the borrower?

Update 09.01.2020

Maybe the situation with Kuetzal and TotalGames isn’t as bad after all… Communication is a tough task, especially when English is not the native country of most people in Europe.

I received answers to my follow up questions to TotalGames. This is his response. What do you think?


Concern no. 8 added.


Concern no. 10 added.

We can probably keep adding to the list, it looks like everything was setup to be a fraud. I don’t think more proof is necessary.

I have sent a buyback request of all my investments to Kuetzal.

354 Replies to “Concerns about Kuetzal – Is Kuetzal a scam?”

  1. I have access to the Malta Business Registry and will try and get some info on the new banking partner (currently travelling so will provide next week)

  2. clearly a scam at least as it relates to those couple of projects.. too many holes to poke.. questioning these type of things is a MUST – it is your money at stake. also shows that these high teens or low 20s returns are very rare.. can NOT invest a significant amount of your wealth in unreliable and/or new platforms.

  3. Thanks for the post! What is your plan? Will you continue investing on Kuetzal? Will you pause till 18th? Or do you plan to start withdrawing?

  4. Excelent post, Jørgen, thank you very much for your clear view. I have not invested yet at Kuetzal, I’m waiting a few months to see its evolution. Thank you for your excelent blog, for the time you have invested and invest meeting the people from so many plattforms and for sharing your doubts

  5. Thankyou Jørgen for raising your concerns about Kuetzal.

    Since 9th December I have been trying to withdraw 2000 euro from Keutzal.
    It simply showed an error message when I tried to make the withdrawal.

    So I emailed Kuetzal and Maksims Reutovs replied and said I must submit documents.
    So I attempted to upload these several times but it simply did not work.

    On 10th Dec I sent again an email with my passport attached explaining that
    the upload feature on their website simply is not working.
    So far I have not heard back.

    I appreciate that you are planning to visit CEO Maksims on December 18th
    and I hope that these and other issues can be sorted out.

    1. Hello Melanie,

      I have exactly the same experiences as you. I have uploaded the required documents more than one month ago and since then they are still in the state ‘submitted’ meaning I am unable to withdraw my money.

      And Jorgen: good luck with your visit. Hopefully everything is going to be explained. I am quite curious about the result of your visit and at the same I am a little bit sceptic.

      Kind regards

    2. Hi Melanie,

      I wrote also with Maksims and he said that the document upload and verification process have some problems at the moment. That’s the reason I think.

      I also don’t like the not answering of mails

      1. Hello Phillipp

        Sorry to hear that you are experiencing the same as me.
        To be fair today I received an email from Anna Masalska
        and signed by Alyona Krancmane requesting a further
        document from me which I emailed as an attachment.

        Let us hope that these are just teething problems of
        their business. And that they will resolve the problems.

    3. Hello Jan

      Sorry to hear that you are experiencing the same as me.
      To be fair today I received an email from Anna Masalska
      and signed by Alyona Krancmane requesting a further
      document from me which I emailed as an attachment.

      Let us hope that these are just teething problems of
      their business. And that they will resolve the problems.

      Good that we can share our experiences and help each other

      I have great respect for Jørgen, who is so thorough and
      has integrity.

      1. hi Melanie, I’m new to Kuetzal and the P2P industry. I also tried to withdraw the available funds that I disposed to my account there and got the same information that I had to submit documents that still haven’t been reveiwed or approved. I emailed Kuetzal several times but never have received a reply. Can you advise how I can get in touch with Anna Masalka or Aloyna Krancmane?

        Thanks for sharing your experience!

  6. I think that you are very brave person to invest such amount of money into this platform:/ I would say more than brave.

  7. Hi Jorgen, thank you for this update. Well, one can never be too critical reading this material, also when you take the information of exploreP2P into account. With that in mind, I’m really curious about the answers of Maksims.

    Two important questions that need an answer:

    One: Kuetzal Care is not applicable to Alborg Petrol. It was to Marina SP, did this Kuetzal Care kick in here? And who is the third party next to Kuetzal and is financing this Kuetzal Care?

    Two: what is the role/connection of the two CEO’s of Kuetzal? They both should have known about it or at least they do know now… If Maksims didn’t knew, well he got in a pretty ugly situation.

    One thing needs to be taken care off when investing in such projects, also on other platforms: you have to have the opportunity to check the facts and numbers before the actual project opens up for investment. Now we sometimes rush into an investment when it opens, afraid or loosing out on the opportunity and checking the numbers later or not at all.

    Credit for Kuetzal on one thing: I did transfer some money to Kuetzal this morning, and within three hours it was transferred into my account.

    1. Hi Pieter. Actually, Marina Code did not have buyback either. This is what makes me wonder. If you see buyback in the description of the project now it’s because of a well known bug which hasn’t been fixed yet.

  8. I have just tried to upload some docs as a ID verification and their website does not allow for it so email been sent directly. Waiting for response.

  9. Hi Jorgen,

    As far as I understand you haven’t had any problems with repayments and withdrawals, have you?

    Goodville looks like a legit project so I invested but I am quite concern now. Are you in contact with the previous CEO that you met before?


  10. Perhaps the interest payments are always on time because the platform withholds part of loan (don’t pass the full amount to the borrower). And the interests are paid with that.

    For example, loan 750k, the borrower gets 500k, the 250k are for interest payments during 2 or 3 years (duration of loan).

    And before the loan ends, the borrower ask a new loan, pays the old loan, and the cycle continues.

    Like some other P2P platforms do. The investors receive interests from their own money, first lent to borrower, That why some platforms are always on time, paying.

    1. Very interesting comment! What other platforms would you say are using this scammy practice? No need to provide me with evidence, just tell me your hunch!

      1. I thought that was weird some platforms, mainly P2B paid always paid on time. With zero late loans.

        Claus Lehmann from P2P-Banking just confirmed that in the forum thread dedicated to the Kuetzal project “Alborg Petrol project – strange events”:

        Thaek – “I dare to say that the day-to-day payment on many of these platforms has nothing to do with the punctuality of the wage earners but with the fact that the loan is probably not being paid out in full and you are initially being paid back your own capital”

        j789 – “well you want to say that they take out a loan for 850K for 2 years and only get a good 500K paid out, keep the rest to pay the interest for the next 2 years? I can not believe that”

        Claus Lehmann – “Saving Stream (aka Lendy) did it that way. Interest was always retained for the first 6 months and was not paid to the borrower. Was also communicated by Saving Stream .”

        (Automatic translation from Google Chrome)

      2. Perhaps a question to be made to some platforms, asking why they are always 100% on time. I suppose they will say that they only choose the very best projects. If they are so good payers, why the high interest rates? Why the banks don’t lend them money?

        If someone are interested, could ask the platforms if they withhold money from the loan and don’t pass all the money to borrower.

  11. Great that you give your readers heads up! If I had invested probably I would try to withdraw because 10% loss is better than nothing.

    Sorry for those who did not verify accounts earlier. I find it always important to do that before things go South.

  12. Good. All VCS as investors are aware that any investment has its risks. If you want security, create a savings account with your bank. I as an investor manage risk and 21% is very tempting.

  13. The problem was that Jorgen initially had a favorable deal with Kuetzal when they were new, and as such was promoting the company in his previous blog posts.

    Imagine how many blog readers Jorgen mislead about Kuetzal, when the company in actuality seemed quite ‘off’.

    1. There’s a good chance that you’re trolling but I’ll answer anyway. There’s no favorable deal, I have access to the same deals as anyone else. Not many people have done extensive research, visited Kuetzal’s borrowers, asked critical questions and documented their experiences like I have. Like with any investment, readers should always do their own due dilligence as well. I know my regular readers appreciate the work I do, trying to make sure that P2P/P2B investments evolve in a favorable direction for everyone involved.

  14. Hello Jørgen,

    thank you for the time you spend on your blog that I found very interesting.
    This morning I have found the following email from Kuetzal in my inbox:
    “Dear Kuetzal Investor,
    For the past days we have received a sufficient amount of questions regarding the SIA Alborg Petrol company and it’s activities.
    As the complex, and, in our opinion, the most effective solution Kuetzal and Alborg Petrol management decided to invite independent auditor, who would perform a company research on current and past operations of SIA Alborg Petrol.
    Several potential candidates have already been selected, therefore mentioned person will be announced very soon.
    The main purpose is to establish a transparent process, where all the investors and other stakeholders will also be able to contact auditor directly.
    As Kuetzal team mentioned before, our general position about the project is rather optimistic, even though doubtful facts about the company were confirmed.
    To date Alborg Petrol fulfilled all their financial obligations, there were no interest payments delays by the company.
    Kuetzal is planning to announce the auditor name and contacts shortly, all the project participants will be informed respectively.
    You may always share your opinion and recommendations via:
    Kuetzal Team”
    Fortunately, I heven’t invested in Alborg Petrol, nor in ALPA project, however I’ve decided to invest in a couple of projects on this platform and I’m really curious about how things will go on.
    Anyway, another platform (Mintos) has exposed me to the LOs which operated in Kosovo and now has seen their license revoked (Monego and IuveCredit). This just to say you that what we are doing here is high risk investments, and we must be aware that from great interests, great risks arise, including the lack of transparency of the platforms to which we rely as intermediaries.
    Have a nice day.

  15. Thank you for your work Jørgen. I am impressed with the level of due dilligence you have done, I doubt many other bloggers go to these lengths.
    Also I feel like you wrote about some concerns when you did your original review. Plus you also have your own money invested. So thank you for adding incredible value to the community.

  16. Hi, Jørgen!
    About ALPA Būve project:
    1.They are NOT building 4-section Row-House but twin house at Mauriņu 29B Mārupe. Twin house consists only of two apartments which corresponds to what appears in the sales advertisement (2 x 145 000 eur).
    2.It`s not possible to build one more twin house at Mauriņu 29B. The land plot is too small to divide (min area for new plot – 1200 m2, existing – 1806 m2). Only one house is allowed in land plot.
    3.Maybe there is another place where a second twin house or 4-section Row-House will be built. There is no information about this.
    4.In any case, twin house (two times smaller than 4-section Row-House) does not correspond to the project’s description and initial purpose of fundraising.

    1. Hi Talis,
      You’re right, there’s only one twin house on this land plot. Alberts told me the borrower decided to build two twin houses instead of one 4-section, because they would make more profit this way. I’m not sure where the other twin house is located.

      1. I’m not sure where the borrower will make more profit this way… 🙂

    2. Hi Talis, there are one free land plot near Mauriņu 29B, maybe they plan to build house there.

      1. Yes, Dmitrijs, there are several free land plots, but I don’t know the owners. The construction information system does not contain any information on the ongoing construction processes near Mauriņu 29B. Maybe they’re building in a completely different place (if they’re building).

  17. Thanks for your post Jørgen, I invested some money in Kuetzal but not much, because of your concerns in your review and the young stuff of Kuetzal. In a way you protect me from investing more money. Your information is very alarming. I trust you and your work, not many bloggers pass on so much inside info. Continue the good work.

  18. Good morning Jorgen,

    I am an investor with a similar amount of money than you invested in Kuetzal and, by chance, all of this amount is invested in two projects: Marupe Houses and Alborg Petrol. The same projects which you have stated your reasonable and well-argumented doubts about them.

    I am really worried about them. I had this company as a great, trustworthy and transparent company, and I recommended it to much people who have put their investments in it because of my advices, so I have much responsibility at this time, for my money and for the money from my relatives and friends.

    I will be grateful if you can update me about every piece of news that you get. Last night I sent an email to Maksim to ask for explanations about these concerns, and I am still waiting for his response. I will tell you as well if I have new information as far as it concerns me. For the moment, Kuetzal have planned to get the services of an independent company to delve into Alborg Petrol intricacies, but it is not enough and I expect that they could act on time to stop this snow ball effect.

    Thank you very much for your work. It is absolutely professional and it deserves an acknowledgement for its importance, especially in such moments.

    PD: If you finally decide to change your life-plans and decide to come to Catalunya to settle in, instead of Portugal, don’t hesitate to reach me to recommend you some amazing places to live. Thank you again.

  19. If its too good to be true, its probably not true! And 21% with buy back guaranteed is too good to be true…

  20. Hello,

    I’ve got this new message from Kuetzal:
    “Dear Kuetzal Investor,
    We have received a sufficient number of complains regarding new terms and conditions of the platform, especily point regarding due diligence of the project.
    Kuetzal has performed it’s own analysis for all the projects on the platform, and so will continue furthermore.
    We would like to inform you that terms on the platform will be updated soon, and therefore dispel doubts that have risen.
    Yours faithfully,
    Kuetzal Team”
    Let’s see how their terms will change in the next update…
    However, all this changes and clarifications show a not-so-expert team in Kuetzal.

  21. I have just received this e-mail from Kuetzal:
    Dear Kuetzal Investor,

    We have received a sufficient number of complains regarding new terms and conditions of the platform, especily point regarding due diligence of the project.

    Kuetzal has performed it’s own analysis for all the projects on the platform, and so will continue furthermore.

    We would like to inform you that terms on the platform will be updated soon, and therefore dispel doubts that have risen.

    Yours faithfully,

    Kuetzal Team

  22. I’m puzzled by the very rational approach and in the same time obvious rationalization for all the red flags concerning Kuetzal, all in the same article. Jorgen, I found a lot of useful info on your blog on my start in P2P but some of your conclusions make me question your judgment.

    1. That’s good Reiner. I wish every investor/follower/reader will question what I write and think for themselves. Your investments should always be based purely on your own judgement.

  23. I hope to see soon the new Terms, my feeling at the moment on Kuetzal in not good, i have also a fair amount invested in the poker game and the Goodville game.

    From both projects there’s not much info to find on the www i have send a email to the company website from the owner but no reply.

    And if you search for the Green Dev project you find that it was started at 28-08-2019, region Podunavski, tax number 111618236.


  24. After your reviews I tried to invest as well with them, and they closed my account after my documents were verified. They told me it’s due to AML regulations because I’m located in Dubai but have an EU bank account.Luckily I had no time to add money with them.Since it’s the first platform that did this I felt something it’s off about them. Good job with the blog btw.

  25. this reminds me of Bitconnect and Bernie Madoff
    be careful don’t wait any further just withdraw all your capital and go to a safer solid platforms that proved legitimacy in years, the evidence and concerns you’ve shown should suffice but yet your still in the water dipped in deep. A scammer can always fool you with legit projects running to prove to you that they are clean however what they actually do is wear the clean mask while doing the dirty work under the table and by the time they are discovered everyone will be screwed, if everyone suddenly wanted to withdraw their profit/capital the system will decline and they will go down (hence why they are changing the terms/policy).

    I have warned you.

  26. I had contact with the guys from Goodville and the told me to its legit! The even send me the tender pps for Goodville with al the data and info.

  27. I called yesterday to tokyo55 restaraunt owner to check that is the kuetzal legit at all. He told me that yes, he took a 55k loan and paying it monthly. I have 200 eur in Alborg petrol “thing” invested and i am intrested who is paying me the monthly interest payments. Is it just monopoly money that i can see virtually on my account? If so, then kuetzal team must be part of this.

    1. That’s a very interesting question. Who is paying for Alborg petrol monthly interest

    2. @Rain: With whom have you spoken? Name Andrey Korobeyko? It could be the (ex)husband of Viktoria 🤫

  28. Thank you all for the information, and specially Jorgen!

    My main concern is the withdrawal, with Kuetzal and with any other p2p platform. Repayments seem to be made on time and without problems. But if you cannot withdraw the money (like reported by Melanie and Philipp), all the numbers in your account seem fictitious.

      1. Hi Jorgen,
        When did you launch the withdraw request?
        I launched one (for test also) on 12th but the money didn’t arrived yet.

      2. I also tried to withdraw some money (4 days ago), but have not received anything. I emailed them yesterday, but have not received any answer….

  29. Hi there, i wanted to see if there is a problem with withdrawing the money,
    so i withdraw 200€ on 12.12 and still didnot arrived.

    1. 2-3 banking days are considered normal for withdrawals. I withdrew 300€ Thursday morning and received them Friday afternoon.

  30. Let see what thay will say regarding this issues when you meet them ,hope they can explain it.

  31. I also confirm the successful test withdrwal without any problems by Kuetzal….payout request sent on 9th dec…added to my bank account on 11th.dec

    I think no one should be panic….I am also invested in Alborg…..but what do you think…’s p2p and this is high risk……sometimes more, sometimes less.

    Kuetzal is a young plattform with young people and Alborg will be a lesson to them.

    Almost all other projects are transparent and if you google you will find a lot of serious information about the companies and persons in charge.

    So please be cool……

  32. I also tried a withdraw and the money came the day after. So far no issues with Kuetzal

    1. Confirmed by me, the money was 2 days later on my bank account….so, no panic…..

      Almost all projects are flawless and transparent. all information about the companies and persons can be found very comprehensively after a search in Google.

      The Kuetzal team is young and will learn from the Alborg disaster, in which I am also invested.

      Besides….what do you think….that’s p2p…..high risk….sometimes more, sometimes less….you should always be aware of that.

  33. I recently registered on this platform and waiting to be verified. I also had a problem uploading ID and bill, it seems there is a bug: 1) I uploaded the files, I left the fields “Document name” and “Comment” blank, documents didn’t appear as uploaded. I tried two times. 2) After that, I tried a third time adding something under the two fields (a short description) and finally I got them listed with the status Submitted

  34. Does anybody know something about the company AA development. They raised 2.4 mio. for four Marupe projects and 0.6 mn for the two Spilve Projects. According to lursoft the Company is pretty small with no tax paid until 2018.

  35. My email of 12 Dec has not received a reply.
    Again today tried to withdraw funds back to the N26
    account from which I invested in.
    Still getting the error message….
    So emailed again to Kuetzal
    mentioning Maksims Reutovs the MD.

  36. Does anybody know something about AA Development sia. They raised around EUR 3 mn for their projects. At lursoft they are realy small.

    1. For Latvian companies you can search historic records at this website:

      If you type the company name in search it will display all matches to any changes made to the company, so for AA Development there are 3 records you can find.
      And in one of the records you can see who is in the member board for the comapny

      So the new Board member is:
      Jevgēnijs Košakovs

      And you can also see, that they added annual reports for 2017 and 2018 have only been added in August 2019. Also they have not paid any taxes in 2018 nor in 2017.

      So this company does not seem very trustworthy for me.

  37. Dear Jorgen!

    i want to thank you and congratulation on the impresive blog you have there and wish you all the best for your FIRE in Portugal , you deserve it ,

    I am from Spain and issue is that there is a lot of blogers that follows you and thay only translate you in order to get the benefit of afiliate/refferal links and nothing else….as they are not real investors.

    I will not mentionete any !!!!!!!!!!!!!!!!
    but the things is here that people need to take care and think twice before make any investment.!!!

    Regarding this issue with Kuetzal i already sent email to them in order to cancel all investment i have with then in buyback ,some 500 €, as there is lack of trust.

    JORGEN,I DONT WANT,……..and supposed a lot of ordinary pople here to get in deep with due diligence or whatsoever to get proper info if the loan is good or bed,

    We just want trustfull platataform for our money and that it…………nothing else

    For me KUETZAL is not anymore!!!!!!!
    so i will withdraw all money and cancel all investmant i have even loosing the money …………
    Also please note, you Bloggers are the people that we trust and we follow so for us your opinion is important as we small people follow you !!!!!!

    It is passive income and i dont want to be over to see if everything is correct

    so people —————-!!

    Thank you Jorgen!

  38. Jørgen,

    Thanks for the research! I’m looking forward to Kuetzal’s explanations about your concerns. I’m surprised that some people are whitdrawing all their cash now after your post. Were they completely oblivious to the risks involved in this game!? It’s like when stockmarkets crash and everybody is in panic and sell their shares. Just to find out later that it wasn’t the right choice. Let’s hope for the best and I’m (as always) really looking forward to your experiences in Riga.



  39. I too am extremely concerned that Kuetzal have not been responding to my emails since around mid November. This is worrying not least because whenever I have contacted them previously, I would get replies within fours hours at most, from one of two individuals: COO, Ruslans Dorosenko (website spelling) or Ruslan Doroshenko (as spelt on his email signature) and Project Manager, Romans Antonovs  – I wonder if these individuals are still working at the company? I speculate and fear they may have abandoned a sinking ship of their own making. 

    Jørgen did you actually sit down and meet with these and other key individuals from Kuetzal? In your review you mentioned that you asked them many questions and they gave convincing answers – did they provide any evidence to back these up or did you take them at face value (eg. did they show you their financials, provide details about the four private investors/investment fund, etc)?

  40. Hi Jorgen, I also asked for a withdrawal on Wednesday, 2019-12-11 21:31:07, and it still hasn’t reached my bank account. It’s already 3 business days, hopefully tomorrow comes Tuesday. Since I know more people who asked for a withdrawal on Wednesday and it has not reached them either.

  41. Hi, I asked for a withdrawal on Thursday, 2019-12-12 06:46, still nothing. My account is verified and in past I had received withdrawals

    1. Those of you guys requesting withdrawal on the 12th…
      Have you received it?

      1. I have a pending withdrawal request since 8th of December…and email-silence. What’s going on?

        1. Today (17/12) I just received my withdrawal to my N26 account but no answer to my emails…Has someone taken over for them?!!?

          1. I made a withdrawal on the 11th and received it a week later on the 18th.

  42. I think you have made quite an effort to show us that something is not right. Thanks for that, and looking forward to the respons of Kuetzal on your meeting tomorrow!

  43. I have done some research on the latest project – Meza Veltes – and both Iveta and Elina are genuine individuals. So at least some of the projects look legit.

    Can’t really understand what’s going on with them. I’m invested in 2 projects both with buy-back guarantee. Sent them a request on Dec 12th to cancel those and provide the balance except 10% fee. Today is 17th and nothing has happened, my balance is still EUR 0, even if their policy in FAQs stats that they should do it within 2 working days.

    If they don’t provide the funds by Friday 20th I will explore legal proceedings.

    1. I am also beginning to look into court proceedings.

      While most of Kuetzal’s “projects” are based in Latvia, it is itself an Estonia-registered company and would therefore operate under the regulations of the European Union. My understanding is that EU wide regulation around P2P is sparse which is unsurprising given that P2P is a relatively new phenomenon. This will change over the next few years but that is no good for us (there are draft proposals but these have yet to be written into EU law). 

      In terms of the regulations in Latvia/Estonia, the regulatory financial regulatory authorities (The Financial and Capital Market Commission in Latvia and  Finantsinspektsioon in Estonia) also would not be particularly helpful due to the lack of specific regulations relating to P2P in those countries. These regulatory bodies will no doubt license P2P platforms in the near future, but again, that’d be no good for us. 

      We would still be protected under Estonian/Latvia laws though (eg, civil and commercial law) and this would be the basis of any court proceedings.  

      I will also await Jorgan’s feedback following his meeting with Maksims, but I think it maybe sensible to seek collective redress (ie. ‘group litigation’) – please get in touch if you would like to explore this further. 

  44. It looks like you started a chain reaction. I hope they have enough money saved to give buybacks and survive.

  45. Money still didnot arrive ,requested withraw on 12.12, so it is little more then 4 working days and todays calling without replay ,saying mobile is out of reach..
    Let see what happens ,but not good!

  46. Hello,

    I transfered money on Dec 6th to Keutzal and is not yet in my account. Also I have sent three e-mails and I have not had any response.
    It´s a strange situation and unusual.

  47. I requested payout on 10.12 from my balance (not buyback). The amount was immidiately charged.
    I did’t receive any mail about the processing, nor the money on my account till today.
    I wrote them 2 more mails but no reply.

    Maybe the CEO can give answers about the lack of communication in case there are financial delays. A statement would calm the situation.

    1. the lack of communication is the real problem, not the delays.

      where is the auditing company for the potentially fake project?
      where are the new T&C?
      where is the outsourced team taking care of extra complaints during these weeks?

      etc etc

  48. Requested withdraw on 2019-12-11, got money on 2019-12-19, I had my account verified before the request

      1. Hi Jørgen,

        You are having a meeting with him today, aren’t you?
        Could please update the outcomes as soon as possible, as I pretty sure there are number of people that are in doubts.


    1. Sorry, I ment today (18th), when I made the request I got an email confirmation of the request right away

  49. Dear Jørgen,
    first of all thank you for this blog and for all the time and effort that you are putting into it: it’s been very inspiring and informative.

    I would like to give my little contribution by forwarding you a message regarding Kuetzal, that I have sent today to the European Crowdfunding Network (

    Dear European Crowdfunding Network,
    I have several crowdlending accounts with different providers and I decided to give Kuetzal a try at the beginning of this month.
    I opened an account, sent all the documents to verify it, and transferred 1.000 EUR on Dec 6th.

    Today after almost 2 weeks my current balance is still 0.00 €.

    I tried to contact Kuetzal several times using the web form, via email or by phone but I have never received an answer.
    In the past I needed to contact the other crowdlending providers, for different matters, and they all were very responsive and professional.

    I believe this is not how any kind of business should be carried out, especially one that operates in this sector.
    The way Kuetzal is operating is damaging not only its customers but all the P2P/crowdlending/crowdfunding companies because it hinders the Trust that We are giving to these companies.

    I hope this might help you and other people following this blog.


  50. Hello,

    my account has been finally verified. Now wondering whether to use buyback function and take 90% or take a risk and stay in the game.

    I guess Ill await for the output of Jorgens meeting with CEO.


  51. I requested a withdrawal on 2019.12.11 morning, no money arrived at my bank account until now.
    Welcome to the club.

  52. Buyback guarantee is a double-edged sword. Yes, it attracts investors, gives them an illusion of safety, they think they can always request their money back if for some personal reason they need it. Investing platform can accommodate such requests if there are only a few per month.

    But in case of panic when a horde of investors request buyback the platform is unable to fulfil such demands as their reserves are not high enough and cash is already locked in loans.

    People need to understand that and hold their horses.

    Of course this whole situation is Kuetzal’s fault. Alborg looks like extremely dubious company and rightfully so it triggered a reaction. The communication is also bad and could be handled much much better…

  53. As someone who is affected by both Alborg and Marupe on Kuetzal. I am very interested to hear how your meeting goes and how Kuetzal will act going forward.I have made a small withdrawal to see if they are responsive. I have made a successful withdrawal in the past so this will be interesting to see how things have changed.

    I don’t think it’s asking too much for P2P platforms to do some serious due diligence on loan opportunities. Not checking on identities or assets used in public facing documentation is negligent, IMO. Did they check passports on the beneficiaries of the loan?

    If a platform actively states in its T&Cs that it will do no due diligence, then its worthless. It’s open to too much potential abuse. I would not be surprised if insurance providers supporting these platforms get cold feet if they have fraudulent loans listed and going wrong.

    I suggest that bloggers that review and analyze these platforms take into account how much DD is performed or promised in the T&Cs as part of their recommendation process. Just as the ability to buyback loans is part of the overall picture of the viability and risk profile of a P2P platform. It’s a learning process but we need to hold Kuetzal and others to higher standards.

    I am holding on right now, but Kuetzal have to clean up their act before they get any more of my money.

    1. How are you affected by Marupe? It was just a remark of Jorgen, nothing confirmed yet, like Aalborg P.

  54. I have a remark regarding the whole situation. As I see it, right now a lot of people are trying to withdraw their money from Kuetzal. To be honest I don’t expect they have that much on hand to pay even with 10% penalty. (I assume total amount of withdrwas will be for about a milion euro at least) So that’s probably the reason all of you didn’t get anything right now until they receive more on the new projects started (the mobile app and the fruit investment). For sure they cannot ask already funded projects to return money or ask for a bank loan of such amount.

    As somebody said above me its a chain reaction. So our only option is to wait for the meeting Jorgen will have and then give more info. I just hope more of the projects are legit and pay back what they owe, otherwise we all are doomed 🙂

  55. Most of us (imho) is trying to withdraw uninvested money. This is something different than buyback.
    Only Kuetzal knows what sum of € in waiting withdrawals has accumulated.

  56. People, i have received the money that was withdraw on 12.12 right now, i just wanted to share with you !!

  57. Requested withdrawal of a small amount (25 EUR) on the 12.12. Received it just now.

  58. Im staying calm and will wait for a response. People that have withdrawn are getting their money, so no reason for panic. Panic bank runs aren’t good for anybody. Im holding and giving them a chance to improve due diligence and communications.

  59. Requested early quit from current investment by email – no reply at all..
    Did smb received funds for Buyback?

    Am I right that the only way to receive it – email contact?

  60. I confirm also, my request for withdrawal made on the 12.12, today arrived to my bank as well !!!

  61. Transfer received from kuetzal, one of the 11th and the other of the 16. All made in one payment

    1. Hey Jørgen
      Thanks for the updates. What’s your opinion on Impaya ( no buyback)

      Do you advise us to withdraw the money using the buyback? I believe there’s a 10% penalty.


      1. Hi Rick,

        I met the guy from Impaya so at least I know that he exists.

        I can only tell you what I experience and what I do. What you do with the information is up to you.
        There’s a 10% buyback fee on all the projects where buyback is offered.

    2. Thankyou Joergen for the update. Just read your FB post. Again today I emailed them. Still nothing received…..

  62. Hi everyone,

    Just wanted to let you know that I got my withdrawal in my bank account yesterday. Made a withdrawal the 12th as well as on the 16th, and got it all at once yesterday. So there is some delay, but eventually it will be oke!

    1. Thanks for the update George. When did you submit your withdrawal request? Does your withdrawal of 25k euro refer to uninvested money or is it buyback?

  63. Thanks for your comments Stefan and George. When did you make a withdrawal /buyback request? And who is it that responded to you?

    1. Sent buyback request on 15.12. evening… got today the email from Maksims Reutovs. Withdrawal is not confirmed but got a mail that it will be processed shortly.

  64. i have received also buyback of requested investments and received the money withdrawn on 12.12. it takes time but for now it is accomplished.
    i have in Goodwile investment that i did not ask for buyback. will see how the situation will develop.

    1. I feel bad for KUETZAL so I think I should deposit 20.000€ for support. Is it a good idea? What do you think????

  65. hello, i ordered a buyback the 17th, today i have the money on my kuetzal account. today (19th) i have ordered a withdrawal. i will tell you when the money reaches my bank account.

    the mail aproving the buyback was sent by maksims

  66. What about projects that don’t have buyback? Have you received back money for those projects, too?

  67. I’m in the same boat David. I have ordered a withdrawal on the funds just received from buyback. Let’s see how it goes

    1. Hi Guillermo,
      Did you make the buyback request sending an email to
      Did you get any answer from them by e-mail to your buyback request, or the money (-10%) just showed up in your balance account after some days?

      1. Yes, received my buyback funds and asked for withdrawal on 19th. Still waiting

  68. Hi Jørgen
    Are you withdrawing all your money from the platform or are you still going to stay in some? (Besides the one without Buyback)
    Regards Soren

  69. What is the t&c for buying back investments ? Will They be bought back at A discount ?

    1. You can find the terms and conditions for buyback on Kuetzal’s website. It’s a 10% fee and only applies to the projects where buyback is offered

  70. it seems Goodville is funded completely and Meza Veltes, i have investments there and let see what happends!!

  71. My Emails are answered quickly by Alyona Krancmane.
    Payout of 3100€ was done accurately on 10th of december.
    Let’s try to avoid overreaction.

  72. Requested withdrawal of unused balance (<1k€) on 13 Dec and still not received yet.
    Strange if they have this process as manual task, given very low #employees they got🤔

  73. Jørgen – thanks for updating report. I am just trying to get my head around all this.

    So there is a suspicion that:
    a. Kuetzal was set up under fraudulent circumstances?
    b. Kuetzal is no more than one individual – Maksims?
    c. There is no office and no staff?

    I think key to all of this is Albert’s role in all this. You mentioned that he received a very “good offer from a big holding company” and decided to take it. I note the other members of his team followed him to this company – all this simply doesn’t seem credible. Have you been in touch with the ex-CEO since your meeting with Maksims? Has he provided any further explanation?

    Another question – I am thinking about litigation as I have over 20K invested in the company, but this presupposes that the litigants (persons I’d be suing) are real – did you check whether Alberts Cevers was who he said he was, ie. did you check any documents/ID with his name on it?


    1. Amar, you could contact the Estonian Office of the Prosecutor General (Google for contact information). Piret Paukštys was the prosecutor in charge of the last money-laundering case in which Andrei Korobeiko was involved. I’ve already written to her myself.

  74. It seems that my message from 12.12 regarding the owner of the apartment that is specified as Kuetzal address (Mustamäe tee 149a-24) went unnoticed. The apartment belongs to a guy with possibly a criminal record (according to media). Of course, it doesn’t necessarily mean that he is somehow related to Kuetzal, but who knows… Checking his name is a simple task that anyone can do:

  75. Withdraw request from Kuetzal on 14.12,. I received the money to my bank account today (20.12)

  76. I have sent a buyback request dec. 13. No reaction at all. Withdrawal request small amount from balance is executed.

  77. I assume kuetzal is making a lot of money from invesment cancelations 🙂

  78. Hello guys, Im quite curious of how will Kuetzal handle these massive buybacks. As has been mentioned in few comments above, Kuetzal probably doesnt have such a big capital to cover all these withdrawal requests. It will be quite interesting to observe whats going to happen.. good luck for everyone!

  79. what if its a bussines plan. Collecting money from investors as much as possible, after half year they make like we have today “create massive panic”. All will cancel investments with -10%, so 10% form 5-10M is not bad…fck fck, its so simple

    1. I wish it was that simple, that would enable us to get our money back at least and losing only 10% in the Process 🙂

  80. I just had a messenger contact with Kuetzal. They told me that the buyback process can take two weeks. There is still hope.

  81. i withdraw yesterday all,500 eur…will linform here if arrive and still waiting buyback confirmation for goodville…what a pitty of Kuetzal!!!!!! i liked this plataform..

  82. So a few days ago I had put 100€ there to test. Now I cannot withdraw it because I need to have 1 investment. Does anyone know if you need to have 1 *active* investment to be able withdraw?

    1. I have heard this 1 time before. Maybe you can send me a screenshot??

      You should not accept this requirement by Kuetzal!!! If you want to withdraw, contact Kuetzal and tell them you want to withdraw.

      1. Hello Jorgen, Im quoting Kuetzals FAQ:
        “Minimum amount of single investment at Kuetzal is 100 EUR. To be able to withdraw (min amount 15€) your documents must be accepted, and you must have at least 1 investment.”
        This is quite ambiguous statement. Does that mean you must have a history of at least one investment or at least one live and active investment? I would expect the first case to be true. It makes sense a little bit, but I still dont get it. Its your money until you invest them, so naturally you should be able to withdraw them.

  83. Are our investments “really” in danger…also those with buyback garantie. Would you recommend withdrawing those? My first principles should be available in 3-4 months… Wait or not? Thanx!

  84. I asked for buy back Thursday. It arrived the same day. This morning I withdrew about 1000 euro’s so lets see when it arrives.
    Usually at the end of the month I make investments in peer to peer lending. This month I don’t feel like it for some reason 🙂

  85. I asked for buyback today! I will keep you posted with what hapened!

  86. Hi Jørgen

    How did you come to find out about this Andrei Korobeiko person? How do you know he is Victoria’s husband/partner?

    1. He owns the Kuetzal office in Tallinn and you see him with Viktoria on their Facebook profiles. Looks like they have a child together. I’m not sure if they’re still together or if they split.

  87. Holy Moly.. what a stressful end of year.
    So I guess, AlBorg Project and no buy back will default and others will do well..

  88. His name jumps out as tokyo55 restaurant owner. Same that raised 55k eur for renowaiting on kuetzal. His last company was t55group which is deleted, he was in a inkasso wanted list with that one! T55group was registered in the same address that kuetzal is now.

  89. Thank you for your input Inve Inve, Luke and Rain. It’s a good idea to file a case with the Latvian and Estonian police (this is infact something I was discussing with someone contacted me by email) – I am looking into this right now.

    I would comment that it is useful that both Estonia and Latvia, being part of the EU, work closely with INTERPOL, which takes financial crime quite seriously. The worry would be for Andrei Korobeiko and his accomplices to abscond to Russia, which is not far fetched given the Estonia shares a border with that country.

    1. Why would you file a case with the police? No criminal acts has happened as far as I know? Andrei was convicted in 2012 but it doesn’t mean he’s not allowed to do anything for the rest of his life.

      1. Erm, because this Andrei person was sentenced to 2 years and 6 months in prison for money laundering, coupled with the fact that he is the owner of a company with millions of euros of loans in its book, many of which, are demonstrably fraudulent. Am I missing something?

        I cannot understand why a ‘watch and wait’ approach being suggested when so much is at stake (atleast for some of us)? I think a proactive approach is needed here, given the objective facts…

        1. I think he already served his sentence for the money laundry crime he committed in 2010. He’s not officially the owner of Kuetzal, Viktoria is. Suspecious information has been found in 2-3 out of ~25 projects. We don’t know for sure if these projects are related to Kuetzal or if these borrowers are trying to cheat Kuetzal.

          1. Hi Jørgen, yes but why does Kuetzal not take position? Are you still in contact with Alberts? Why should Maksim have met with you, if they intended to shut down the site in the near future…? What can we do in this worst case? 🤔

          2. Here we see typical mentality of Western European, who is raised in a way that one should trust to people… 🙂 Eastern Europeans are different kind, guys, it’s clear to any sensible finance expert that this Andrei is professional conman and Kuetzal is just one of many companies set up for money laundering and pyramid schemes… But you still can keep investing with 20% “buyback” guarantee and hope for the best… 😀

  90. Dear Jorgen, I’ll give you my personal hunch on this affair. I don’t quite believe there ever was an intention to actually defraud investors, what we would typically call a scam. I rather see the possibility that the platform may have been set up with the prospect of complementing its ordinary operations with an extra stream of revenue from covert money laundering operations. Had all this late mess never come up, it is quite possible that we might have been investing for years without ever noticing anything untoward about it.
    The poor results of your interview with the new team, just hastily put together, were really not hard to predict. Far more interesting would have been an interview with the former chief of the platform, who likely knows a lot about the current situation, not least because it all developed under his watch. It also would be very interesting to find out the true reason why he left.

    1. “Far more interesting would have been an interview with the former chief of the platform, who likely knows a lot about the current situation, not least because it all developed under his watch.”
      I couldn’t agree more

  91. Jorgen, I think it’s the right right time for a second review of Envestio, getting to know all the new management.

      1. He is right. I saw it too that day but disappeared the next day! I guess many turned to Envestio for high returns. Fingers crossed.

  92. Hello Jorgen,

    I will start by saying that I have also invested 1k in various projects and feel
    very disappointed with the findings in this comment section. I sincerely don’t want to believe that this whole KUETZAL was a setup. Some of the problems reported (communication delays, deposit/withdrawal delays and such) are also common in other platforms that are new and only employ a handful of people. This does not necessarily make them suspicious, just inexperienced as a startup in my book…

    Having said that, I cannot deny that my trust in the whole P2P idea has been shattered and that also includes established platforms such as Mintos. Is this just the tipping point for just another ponzi scheme!??

    What can we do to prevent this from happening/repeating again?!? I had my hopes high for the p2p model because it offered a lot of opportunities for great ideas and innovation…Is this the end of it?

  93. Jørgen, thank you very much for raising these concerns. I still think we need a bit more evidence and investigation before quickly jumping to conclusions. There are several concerns about Kuetzal and I do not trust their new CEO, but as you and others have correctly pointed, we should not set too high expectations on a new business and a young man who is about to start his CEO job in a new country (and may not be very good at communicating in English). It will take them time to sort some of the issues out so instead of having all the investors in a panic mode, I think more investigations and follow-ups (including asking for clarifications from their formal and current team members) are crucial and I wish you could keep pressing Ketzal to immediately openly respond to and address some of their issues. They need to rebuild their team and reputation quickly and calm investors down in the next couple of months otherwise it is hard to image how they could survive in competition (and other crowdfunding platforms would also suffer from the lose of investors’ confidence). At the moment, I am most worried about their cashflow after so many withdrawal requests during the past few days. If they delay/stop paying out, it should be understandable.

    I closely follow too. Well, they disapprove Kuetzal (as well as other crowdfunding platforms plus many Mintos LOs) since the very beginning so that in many of their p2p news, I think the authors chose to use some excessively harsh wordings and though I trust the facts/information provided, I would not take their analysis too seriously for now.

    Thanks again for this great post.

  94. Yesterday I made a buyback request. I talked to them on facebook messenger and they told me that the buyback request will be processed during 2 weeks. I will keep you posted!

  95. Hi guys,

    I found an interview with the previous CEO Alberts Cevers in where he stated the following:

    “Q: Has Kuetzal sufficient capital to cover a potential mass exit of investors (At the 10% loss)

    A: I really don’t believe that such scenario (mass exit) is possible, but still we are keeping sufficient capital as a backup in case many investors will prefer to use this tool one day.

    Q: What would happen if the company goes on bankrupt? Is there a designated plan and will investors still be able to receive their payments?

    A: We are preparing a document which will support each investment made on Kuetzal. This may add some trust of investors and they will be able to use it against Kuetzal if the terms will not be complied. Even is the worst case scenario, Kuetzal will do the maximum possible to provide investors with not only the initial investment, but the interest payments as well.”

    The source is here:

    If this is true then there is nothing to worry about. Right? Is the mentioned document prepared or not?!

    Can anyone verify this?

  96. Dear Jorgen, when you say that “Kuetzal was NOT created with a stolen ID”: we haven’t demonstrated yet that Viktoria is even aware of her role in Kuetzal, we haven’t seen yet her, nor her (true) signature on the paper, nor talked to her. There’s a possibility that the ex-wife is completely unaware about Kuetzal at all. Imho that is a major concern and agree with Amar about immediately informing the competent authority before they leave EU with our 10% fees (or worse, with all the dough). Kind regards

  97. Hi all,

    Is there anything going on with Envestio? Its latest project has not been funded yet (weird!). A quick google check about Wise Holding Limited (the company behind the last project) points to money laundry….

    Any toughts?


    1. Hello Marina,

      a dubious company with its registered office in Malta as borrower.

      Everybody’s mind should be turned on and greed turned off!!!

      Not all projects are good and credible, but many are. You can easily research them yourself.

      1. Hi Patrick,

        I see that. But as soon as one single project seems not legit, I start thinking the whole platform is somehow affected. Their due diligence could be questioned now…

        I am not going to exit any project early, but, as soon as I can, I am going to withdraw at least 50% of what I have invested.


  98. I’ve contacted Total Games, its CEO Aleksey Meleshkevich, and some developers regarding Goodville. This particular company and project seems legit and I’m hoping to get further clarification.

    However; the key factor, as Jorgen states, is the lack of proof regarding Viktoria, Kuetzal’s owner, which leads to the original question in this post about the whole platform being a scam.

    1. Just by the way…Victoria has been a member of the Management Board since 04 July 2018, i.e. since the day the company was founded. There are no other members of the board in the whole time…..any questions??

      Neither does the alleged former CEO Alberts Cevers nor the new CEO Maksims Reutovs appear anywhere.

      The whole thing was planned exactly the same way from the beginning and was designed to be fraudulent.

      Translated with (free version)

    2. Just by the way…Victoria has been a member of the Management Board since 04 July 2018, i.e. since the day the company was founded. There are no other members of the board in the whole time…..any questions??

      Neither does the alleged former CEO Alberts Cevers nor the new CEO Maksims Reutovs appear anywhere.

      The whole thing was planned exactly the same way from the beginning and was designed to be fraudulent.

    3. Can you let us know about this? I have invested in goodville aswell. We might get something back from the borrowers

  99. any updates? im not getting my withdrawals or buybacks… not responding to messenger, emails, phone is not reachable. How can we proceed together to get our funds back?

  100. Any updates during today? Has anybody received any withdrawals or been in contact with K?

    1. No, I have ordered all my projects via e-mail for repurchase.

      Nothing happened, no feedback, no sale….not at all……but the Alborg interest was paid as usual.

      I expect that the platform will soon be unavailable too.

    1. Did you get an email that the request will be processed shortly? And did you get another email after that?

  101. Hi Jørgen, yes but why does Kuetzal not take position? Are you still in contact with Alberts? Why should Maksim have met with you, if they intended to shut down the site in the near future…? What can we do in this worst case? 🤔

  102. Yesterday interest appeared on my Kuetzal account from Green Dev – Pyrolysis and Distillation systems. I did not ask for withdrawal since it is under 15€.

    Meanwhile I think it’s a good idea for everyone to change their passwords in all other websites and accounts (especially p2p sites with no two-factor authentication) if they use the same one as Kuetzal. You never know but I suggest we are on the safe side in the worst case scenario.

    Keep calm everyone…risk is part of this whole p2p business. We knew it from the start. Right? I believe that eventually everyone will get his/her money back even if it takes a bit longer…

  103. Hi,
    Request for withdrawal of 170 € on 12-16, I still haven’t received my money.
    No response to the 2 messages addressed ……..

  104. I have requested buyback and after withdrawal. On Facebook, someone said it will take two working days to complete the process. Two days later I asked again, they have said it will take TWO WEEKS. What is happening?

    1. You are not the only one investor, so that’s happening…..see comment by Jørgen. Panic will not be helpful for ALL investors…..

  105. Did a member of this community receive the funds following the repurchase of a loan?

  106. Crypto mining container 2 should be closed on the 22.12.2019, but you can still invest as it seems… Sign of missing maintenance!? 🤔

  107. So far, only the liquidity on the accounts has been returned, the projects sold will never be reimbursed, they have already escaped to the sea with our money, unfortunately !!!!!!

    1. Not true. Had <1k unused balance on account, requested withdrawal 13Dec, still nothing. All the ppl may me in Russia already, letting the system run automatically

  108. I’ve just requested buyback. They seem responsive by Facebook. They’ve confirmed my request at least.

    1. Anyone with this facebook account can promise you the blue from heaven.

      You should only believe that when the money is in your account.

      Don’t be naive…

  109. Scenario 0: Total Scam, Ponzi Scheme
    Scenario 1: Scam, only the few will get cashback if they got… Or no money at all.
    Scenario 2: Very Incompetent Team, that will cause some projects to default.
    Scenario 3: The owners are shady but they could not find a way to build a legit business without all of these..

  110. They are still paying interest because they will have an automatic payment program, as everything is fake, it is not clear why they pay, interest of the non-existent oil company.

  111. This is the response from Total Games’s CEO, Aleksey Meleshkevich (Goodville project). By this article he means this post.

    I know about this article. I have decided to this question after winter holidays. We truly looking for loan or investments and asked kuetzal to help us.
    I’ve decided return to this question after winter holidays

  112. I wonder how it is possible that certain platforms are always regular in paying interest, while some platforms such as Estateguru or Crowdestate have delays or default? The first could be scams, pay very high interest and pay regularly !!!!!!

  113. Any info of where Kuetzal Tean including Alberts moved to? Are they registered in a new company already? Name of the company is known??

  114. I finally requested the withdrawal of my funds on Dec 19th (after 7 days waiting for the buyback)

    Still waiting for the funds to arrive to my bank account.

  115. I don’t think it is necessary to make the buyback, because those loans are the ones that are “eventually” legit, so wait and see…if the whole us a scam, the buyback too will never arrive. Anybody got a buyback already??

    1. Someone copied Kuetzal’s webpage at an early state. It has been reported to authorities. There’s no way to deposit money to the site so it cannot be abused.

      1. Hi Jorgen,

        Let’s catch up in the first week of January and see if Kuetzal refunds or not the money to our bank accounts.

        If not, I think it would be time to coordinate a class action with an Estonian law firm. It will be far more effective than individual claims.

        Merry Christmas all!

  116. Hi Jørgen,

    On 20.12.2019 you have sent a buyback request of all your investments to Kuetzal. Did you get an answer from Kuetzal ?

      1. Per your words typically you interface directly with the team instead of using the normal support. Have you been in touch with them and did you get a read on the situation?

        1. Well, I met Maksims, like you can read in this post. The rest of the team followed Alberts and Viktoria didn’t show up, so who should I get in touch with?

  117. They even worked yesterday, as someone got his account verified or updated on 24.12.

  118. Following my withdrawal on the 16th, my bank account was credited on the 24th

  119. People are receiving their withdrawals, this gives some hope at least. Why else would they still be working now? Maybe its just a bunch of mistakes and miscommunication, no real scam intended…

  120. Kuetzal installed Maksims Reutovs as their new CEO – who is a graduate from EU business school (Bachelor of Business Administration), with almost 3 years of experience in lending companies: and T-Presta (according to linkedin).
    If Kuetzal wasn’t honest, would it make sense for them to hire such an expert – who would be a competent witness against the owner in case of legal pursuit? Not really.

    This gives me hope that things are and will be alright with Kuetzal.
    Also, it would not make sense for Maksims Reutovs to spoil his 6-years career by working for a “scam”.
    It’s a good sign also that they have a new office in Talinn (see website) and, even more, that when Jørgen from visited four different Kuetzal projects in may 2019, he reported only positive news and impressions.

    Keeping reasonable patience might serve us more than initiating chain reactions.

    1. I am not saying Maksims is not an expert in his field, but the reason for hire could be more simple – previous CEO Alberts also studied at the same Business school the same years (2013-2016), so they just might be classmates.
      From the info in this article, I would not be surprised if he were put to a position as a dummy CEO unknowingly (he met the company owner only once for the job interview). Probably also as young as the previous CEO (25 years old?)

    2. Cedric :
      I asked for 94€ ( Interst no buyback) on 23 th Dec and today 08TH January i am still waiting.
      Do you thingkit is patience enough?

  121. hi folks,
    my point of view is to start seeking legal advice and explore all posibilites in order to recover the investmants in this scam plataform!!!

  122. Received >3k in my bank account today, withdrawal request on the 11th. I guess they have a bit of a backlog.

  123. It is reassuring to see withdrawals requests being fulfilled. I have made one for 100 euros on December 12 and got it on Dec 19th. I made another for 350 euros on that same Dec 19th and I am still waiting… (Dec 27th already). It would be really good if someone from Kuetzal would come up, show their faces, assume the company for good and keep us posted about what is going on. Until then, reason for suspicion and panic are just mounting.

  124. I made a research also on Eugene Koshakov that is the owner of SIA AA Development (most of the real estate projects in Kuetzal was with that company). Actually he also seems to be disappeared, no Linked-in profile anymore. Let’s hope for the best for everyone investors but I think that the best solution for all of us will be to embrace a collective action with those guys and try to collect at least part of our principal.

    Best regards

    1. First of all, in LV/EE/EU there is no such thing as collective action/class lawsuit, that’s an American thing (only few EU states have similar framework). Second, just from the look at the new CEO Maksims Reutovs Linkedin and other social profiles it is clear as a day that this whole thing is a setup… I mean, there’s 25yo friggin nobody who has worked for a few years as an office clerk (Loan Officer, duh) and now is a CEO, at the same time looking like your typical freshman… Oh, and all that stuff about connected people business, etc, must be just bad luck, right… 😀 Cmon guys, it’s time to grow up. Just for history reference, in Eastern Europe in 90-ies there were a lot of banks giving 20-100% deposits, you can guess how it ended…

  125. Hey Jorgen,

    I received the buyback of my funds and requested withdrawal on Dec 19th.

    Had a chat with Kuetzal in Facebook. They said that due to holidays and delays it may take 2-3 weeks from request date for the money to arrive to my bank account.

    How is it going on your side?

  126. Hi, from which bank have you received the withdrawals and what was the name of paying entity?

  127. Jørgen please consider to add Disqus comment system in your blog, that is much more convenient that this, that is really simple, 5 minutes, there is Disqus plugin for it.

  128. I have to say that I see alot of people panicking for no reason. A sure way of making a platform collapse is for many of us to sell our investments at the same time…having something like a bank run.

    My suggestion to all: calm down and give the people from Kuetzal at least 2-3 weeks to come back to you due to the flood of mails to them.

    One thing is sure: they don’t have enough people staffed so they have a backlog on mails. I can imagine that alot of the work still is manually done which is why they even have more backlog.

    My advice: wait, calm down and do not create a bankrun (especially people like Jorgen; the influencers should be more careful).

    1. I agree. The panic, which can also be guessed from many comments, is surely also due to the fact that many investors were not aware of the risks involved in P2P before they invested and that a total loss is possible.

      This is what happens when greed is involved and the brain is switched off…..

      1. I can’t agree to that. I invested in Kuetzal because they guarantee in FAQs purchasing your buyback projects at 10% fee. How the company capitalizes itself to be able to fulfill it is not my problem, it’s Kuetzal’s problem.

        If I considered a total loss being possible I would gamble in crypto ponzi schemes where I get Kuetzal’s profitability in only 1 month, not a year.

        Let’s be serious

  129. Hi,
    On the 20th of December I asked to withdraw 18 EUR. I sent 2 emails but I did not receive a single cent.
    I also sent emails on the 20th, 26th and 30th of December for a buyback of all my projets.
    I did not get any answer from Kuetzal to my emails.

    I guess I have no other choice than to wait…

    1. The have a lot of emails to answer and it’s holiday season. I don’t expect to hear anything until second week of January

  130. On 11 Dec I requested buyback. On the 19 Dec the buyback was performed and I got the amount credited on my Kuetzal account. I requested withdrawal of the amount the same day. The money was immediately withdrawn from my Kuetzal account but I have not received them at my bank account yet. (31 Dec) My Kuetzal account is verified with passport picture etc.

    1. Hi, I also did a request for a buyback a couple of days ago, but no reaction as of yet. Question: did you directly get a mail response after your request or …?

      PS: send the buyback request via To deposit money is easy, but for buyback no real screen/functionality.

      1. Hello! I sent an email to Kuetzal at the info-adress they have used for investor messages Dec 11. I got a reply after two days (Dec 13).

        I have not received any money yet (Jan 3) from my withdrawal Dec 19.

  131. I think all investors feeling cheated by Kuetzal should unite and outsource the appropriate law office to get back the money invested. There is now enough evidences that Kuetzal is one big scam, probably planned from the beginning. Their website and all contacts may disappear at any moment and we can wait endlessly for a miracle that will not happen.

    1. I think you’re drawing conclusions way too fast. First of all, the questions arised happened close to the holiday season. Second, all their Latvian employees quit, the don’t have enough staff to answer all the emails. Third, can you please clarify which evidence that proves Kuetzal is “one big sacm, probably planned from the beginning”? While some of the concerns indicate that such a scenario is possible, I see no clear evidence.

      We should give Kuetzal a few weeks to hire employees and to get a chance to respond to our buyback requests.

      1. Yes I agree.

        Let’s give them the first two weeks of January to catch up with backlog.

        If nothing happens by then we can talk.

    1. Yes of course, I follow the sector very closely. None of the things we found proves that Kuetzal has been created with the intention of scamming people. For what we know, Kuetzal could have done poor due diligence and maybe 2 borrowers are trying to scam Kuetzal? Fact is, we don’t know anything for sure yet.

      According to Maksims, the part of the new T&C which claims they do no due diligence is false and it will be changed.

      I’m short, there’s many things we don’t like and/or don’t understand, but there’s no clear proof of fraud yet.

      1. I think the scenario is that in case of Alborg they probably already know they are scammed and they are now trying to de-escalate the situation 1) by still paying the interest , 2) a supposed investigation.

        That together with bad communication, all employees leaving (Why did they ALL leave) reeks of a very unprofessional, incompetent organisation (if you can call Kuetzal an organisation at this moment).

        I also send buyback requests, but no reaction yet.

  132. In my opinion, we will only receive the cash money on the accounts, but we will never see the money deriving from the buy back, I know that also on other platforms the collection goes slowly.

  133. I just tried calling them but it seems like their number is out of service or somehow unreachable.

    Have anybody else tried calling them recently?

    1. Their Latvian employees quit and the office in Riga is closed. I expect them to answer the phone when the office in Tallinn is up and running.

      1. Hi Jorgen, I hope so but got a bad feeling about this. Was wondering about your buyback requests: any reply?

        For now just hoping they will at least keep paying the interest so I’m getting some of the money back. But not investing any money at Kuetzal anymore…

  134. Hi all,

    I have made a money transfer to Kuetzal almost 1 month ago, and I still don’t see it available on my investor account.
    My account has been verified and Kuetzal received transfer confirmation from me.

    Does anyone sent any money to his/her account recently? Anyone faced such a problem like I did?

    1. My last deposit was on 23-12 and that one was processed correctly. Im withdrawing some money (transer on 01-02), not yet received but that can take a few days.

      No reaction on my backback requests for some projects.

    2. Piotr, I have the same problem. Any Kuetzal’s reply after december 6th, the day I sent money to Kuetzal

    3. Same here, I send 1k in the beginning of December. Still not on my account.

  135. Thank you Jörgen for sharing your thoughts and info. After following up on other platforms about a possible scam with Kuetzal, I initially launched a withdraw request which arrived after a few days. On the 26th of december I wrote an e-mail regarding a buyback request and have not received any response. I tried contacting them through Facebook messenger as I read one reader had success through this channel and also no response.

    Is anyone in a similar situation and is there any news if there will be community efforts to tackle what’s going on?

    1. Everyone is in the same boat Raul. You should read my latest post “Portfolio update December 2019”. Give Kuetzal a few weeks to catch up on all the requests.

      1. Hİ jorgen, do you think there is A still chance to get our money back? They do not answer the Phone or email in any way.

      2. Morning
        1) Banks can stop paying if danger of decapitalization. Remember Argentina.
        So legally Kutzal can stop paying Buyback and even interest if danger of that provoking crash. And more: Where do yo suppose the will get the money for the massiv buyback if it is lent out?
        2) Papaya belongs to a Gibraltar Bank who is the ownwer of the operativ license.
        That means problems after Brexit.
        3) Those people need no finantial people but marketing and communication people. This stupid silence is letal. Opportunity in Christmas time. You know: greetings and “We expect a very good year full of projects after resolving the issues in the past and bla, bla, bla.”

  136. Thanks for doing the detective work Jørgen. We all benefit from that.

    If Kuetzal was about to disappear I don’t think they would pay any money to the investors. Then again could be that they are just paying back inconsequential sums to delay the inevitable and make a cleaner escape.

    It seem that they haven’t yet paid any Buy-back guarantees, but the time has been short. I suppose that we’ll soon see if the buy back guarantee is worth anything.

  137. A website being live does not mean they are still active. I hope for the best, but i made a withdrawal of cash (not buyback) on the 18th of december. Im dissapointed because this would wipe out all my profits on this method of investing. I would start withdrawing everything to be honest, was too good to be true…

  138. IT is totally A trap, they never give answer by neither email nor Phone. Is there anyone Who still thinks that we can get our money back? Well, i guess no!

    1. Are you serious? We all know p2p is risky but situation is a lot more different in this one. Kuetzal mislead investors about projects and they did shady businesses we dont talk about a few defaulted projects. My projects are not defaulted so if kuetzal disappear I want my money from the companies that I lend my money. Estonia is an eu member country there should be laws about this situation. I think the investors who live in Estonia should consult law or governmental offices before the responsibles fly away.

    2. It is indeed a law case.

      Waiting for the 15th as grace period before initiating legal procedures

      1. Hi Guillermo, I sent you a message on Telegram but maybe you didn’t get it. Could we possibly talk about the legal action against Kuetzal / Envestio?

  139. I invested a few hundred euros to test the platform and precisely the first project i invested was Alborg Petrol, anyway I’m not recieving the money back to my account from other projects 😀

    Let’s see how it progresses!

  140. No but it’s not a challenge. Exploring the matter remotely with Estonian law companies.

    1. I can’t understand how some people would stay so calm and expect to see how the process works. i invested 7k euro and this is huge money for me. Yes, of course I know that p2p is risky, but I still don’t understand how people are still calm. Or don’t they care about their money?

          1. I’ve read and rewritten the “Serenity” chapter from James Allen’s book “As a man thinketh” a hundred times.

      1. Looks like I have lost €1700 as well! Just announced today that they are winding up business, how do we go about legally getting our money back? All of it can not have of been stolen?

      2. Hi Hulk, are you waiting or doing something for your money? I have also 5k an it is for me enought. I sent statement to police and signed power of attorney for legal company. I do not know if it help, but I try to fight …

  141. Unfortunately, once people, understandably, started requesting buyback on all their investments, i think both Kuetzal’s and investors fates got sealed.

    It´s unlikely they can honor all the requests made. And if they can’t pay them all, there’s no reason to pay any of them.

    Since it seems that at least part of the loans on the platform are legit, this a shame.

    If we keep sharing information and ideas, maybe we can find a collective strategy for recovering our money.

    A couple of questions:

    1. I red about the new address of Kuetzal, and how it looks fishy. But has anyone actually went there to see if it’s a real office, or just an empty room?

    2. Some people have previously talked with some of the companies who have taken loans with Kuetzal. Does anyone know if they are paying the loans as usual (including the account number).

    3. There were talks how their bank account was frozen. Does anyone know for sure? Because if it is, and companies are paying as usual, the money might be there unreachable to Kuetzal. In that case, maybe it’s harder to run away with it for the time being.

    4. Has anyone heard anything about or from the former CEO and employees. I’ve tried reaching them trough facebook and linkedin, but no luck so far.
    In a FB group there were talks about a criminal complaint against Cevers being made. At this point, it would probably make sense. We have no certainty if this a fraud, but theres a good chance it is. And could a complaint help with keeping their account frozen?

    If someone in Kuetzal is reading this, i believe there is still time to de escalate this situation. People are scared and if you come forward and calm them, an agreament might be reached. You might even get people to leave their buyback requests in stand by, if you transfer them the available money in accounts that has been subjected to payout requests.

    This situation is bad for everyone, and will get even worst if theres no comunication at all.

  142. Hello:
    Simply I know that Albert Cevers is a Spaniard ( More exactly from Barcelona).
    One can get some information fron the estonian e- business register. Ive got some but it is not a very simple web.
    There is also on web kuetzal a link to ECN ( Kuetzal say they are members. Prpbably it is good idea asking them what they can do for us.
    My personnal opinion is
    a) Masive request for buyback is no value. They can stop legally ( Remember Corralito argentino).
    B) I think there must be a financial active. It is impossible that every deal is scam.
    C) People must unite and get in touch with estonian lawyers. But it is a lot of work of coordination for a single person an i’m 80 years old.

  143. You are right Luis. Kuetzal should be more transparent and make some explanations. They should try to negotiate with investors (if all of the projects are not scam). If projects are real there should be collereral or some other guarantees. I mean at the end of the day if your project is not a scam you may collect your debt (maybe %80 of it) somehow.

  144. How about we pay 10k or 10% of the recovered amount to the one who takes care of this.

  145. Jørgen is, understandably, not any longer taking part in this discussion. Maybe he lost 1-2 months worth of investments and he can move on.

    1/ give kuetzal time until end of this month and keep calm in the meantime
    2/ after that discuss on FB or something

    1. You do realize I have deposited 25 000€ to Kuetzal, right? It will take a long time to recover from that.

      I’m not spending time replying to each and every comment at the moment because there’s not much more to say right now.

      Have you ever moved to a new country and could only bring 4 suitcases? I’m busy selling out of our personal belongings, our apartment has to be empty in 1 month. And oh, 3 kids where one of them is 6 months do require my attention too.

      I’m still following the situation closely and try to find out how to proceed with collective law suits if that will be necessary.

      Like you, I’m giving Kuetzal a few weeks and keep calm in the meantime.

      1. Dear Jørgen,

        Most of us appreciate your contribution to this. Never mind about the ones who look to blame others – this is purely one’s own responsibility and risk profile. Personally I am still considering whether to withdraw my principle (from the buyback projects) or not. Please let us know if you get to the point of collective law suit – I would be interested, should it get to that.

  146. On Monday I asked Kuetzal on messenger when I can expect my buyback to be processed, today I got reply:


    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”

    1. I have requested Kuetzal to send a formal email to all investors with the same.

  147. They have replied me on Facebook today.
    “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”

  148. I think/hope it will all be ok, just give them some time. They probably understand this is bigger than only them, they would seriously damage an entire sector and their own business future. Maybe i would even consider to come back after they get back on track. And… Why else would they still be responding? If not, we will take action to get the money back and/or get the people responsible in jail. For now, let’s wait and stop bitching at Jorgen and stop panicking.

  149. I deposit money on 2-2 and isn’t still in my account also no reaction on phone or mail i am very concerned. Made a complaint about them by FIN-NET

    1. There’s a chance that your deposit will be rejected by the bank and your money will be returned within 2 weeks. That’s the normal procedure for closed bank accounts or accounts under investigation.

  150. I would say it’s 90% certain you have lost the bulk of your money. I researched both Monethera and Kuetzal for adding one to the high risk part of my portfolio. Mainly came down to the management team. Invest large sums with a 24 year old child ? Greed has quite clearly clouded all of your judgements.

    Happy new year

  151. I saw first 5 projects listed now as Funded with

    Investors count: 0
    Average investment: 0.00€

    Maby the boat is sinking or money management ,who knows?

  152. All projects seems to be funded now on Kuetzal.

    you can not invest anymore…


  153. Hi to all,
    New info see bellow
    info email fresh today

    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.

  154. Looks like all investors funds have completly gone, seems like a scam from the start, how can all funds just disappear

  155. They haven’t had that long to sort it out, give them another few weeks…?

  156. As I understand, everything is not so bad. Both their bank accounts are just blocked while AML procedure ongoing. If this procedure finishes successfully there is hope that bank accounts will be unblocked and investors will have their money back.

  157. Hello,
    I cannot login on the Kuetzal platform.
    I guess they have changed my password.
    On the login page there is not even a reset password function.
    Any recomandation to access to my account please ?
    I’d really like to be able to access to my investments there …
    Thank you very much,

    1. Same here. I’m hopping that they are trying to minimize the access to the platform so it won’t be overflowed by people trying to connect… I’m still hopping that they will do the right thingh.
      What happened to them is the power of people entering in panic mode and spaming social media with bad comments and not letting them sorting things out. It’s sad…

      1. I had the same problem that I couldn’t login yesterday. But today it magically worked as it should.

  158. Hi Jorgen I can’t find a contact us form on your website. Kuetzal is a shit show but at least it’s working. Envestio is f****d! At least kuetzals website is working

  159. Hi, do you have any news about Kuetzal? Is here somebody in contact with them?

  160. Hi Jørgen, Fellow Investors,
    Kuetzal website is down, just in case you did not know. More precisely it returns an empty page.

  161. Dont think it is “down” – more likely, they have disappeared. Time to get the estonian police involved, similar to Envestio

  162. Any updates, what should investors do now? Does someone have contact information for relevant department in Estonian police?

    1. Hi Daniel. You should read my latest portfolio update, I have linked to the article from the Estonian police.

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