Rodrigo Domenzain is the founder and ceo of Love Hydroponics, a company in Mexico that provided the token Agrocoin to represent the production of chile habanero. He was arrested in the city of Cancun, and faced the past five September to a hearing on charges of scam and fraud against mexican investors, as reported by the local press.Christian Cruz, lawyer of the victims, estimated that more than USD 20 million were scammed by Rodrigo Domenzain, who alleged that the company had a production of 60 tons of habanero peppers per hectare, which were traded in the united States, to generate an entry of about USD 300 thousand per hectare. The founder of Agrocoin estimated that with an initial investment of USD 127 thousand, the business would be profitable. However, Cross claims that this production never existed.
Called “the King of The Chile Habanero”, promised them a successful business and gave them pure deception. So it was as Rodrigo Domenzain would have stolen more than 400 million pesos. pic.twitter.com/bQaoI3phVU— Ciro Gómez Leyva (@CiroGomezL) September 6, 2019
Crops of chile habanero in Mexico: supporting Agrocoin
Agrocoin was sold as a token that would represent the production of chile habanero in Mexico, the company’s Love of Hydroponics. The business would be based on the sale of plots of land for cultivation, a system of franchise business. This project provided a 30% yield for its investors.Two years ago, the information of your web page indicated that each token would represent one square meter of patch and each token was valued at us $ 27 for that time. In addition, it was estimated to sell a total of one million tokens Agrocoin to support 100 acres of habanero peppers. At the time of the writing of this article, the project web page requests access to the users, and we can no longer consult the frequently asked questions section.Image: agrocoin.com.mxDesde 2016, the token Agrocoin and Love Hydroponics gained great coverage in the press of Mexico. For example, the means of identifying this company, that it planned to close 2017 with 200 hectares of production, managed to raise about us $ 2 million, thanks to the investment of 650 people who purchased about 80 thousand tokens. Also, it is reported in the 2018 to 78 investors were the first to receive some $ 10 thousand, as part of the annual return of 28% that the company had to offer. Then, in 2018, the representatives of Agrocoin focused on the sale of cannabis, opening the sale of the token for this market.Rodrigo Domenzain is facing to the justice in mexico by 2019, with two charges still pending. It is expected that more of the affected add up charges against you. However, the local media don’t emphasize the consequences of the detention of the founder of the project with respect to the token AGRO, which is listed at about $ 5 and, according to Etherscan, is maintained in a 309 directions, with some 328 transfers made. At the time of the writing of this article, does not present a considerable variation in its price.In 2018, Breaking News presented a research paper outlining arguments for and against this project. At that time, Manuel Flores, founder of Bitcoin Monterrey, he carried out a work of research to show that Agrocoin it was a token fraudulent more.Among the evidence gathered by Flowers, was the fact that Agrocoin not had a white paper (this was not published until February 2019, and with a roadmap that would support its operation, that the method of purchase was suspect and unsafe, a position which involved the email of the user, to receive the tokens after you have made the purchase. Neither existed to the time a contract is smart to ensure that the operation was backed by the technology of the criptoactivos, or a browser of blocks that would allow monitoring data in real-time.Before the arrest of Domenzain, Flowers said to Breaking News that, to be guilty on charges of fraud, it automatically invalidates the backup of the tokens. Flowers stated that legally, it is not valid to perform in Mexico, the exchange of land for a token and pointed out that a better assessment of the national projects:
Very little talk of agrocoin in the case (for now) leaves a clear precedent for lack for a better assessment of the national projects, which is overshadowed by the desire for all of them to be successful. Is not paying heed to the opinions preventive of the ecosystem and mostly come to the newspapers and tv projects whose drivers are people recognized for fraud and multilevel spend a lot on their advertising.Manuel Flores, Founder, Bitcoin Monterrey.
The founder of Bitcoin Monterrey also expressed his concern about the action taken by the regulatory authorities, “this being the first legal case where you are involved with a token mexican”.