Home News Home sellers say they received raw deal from ‘Godfather of real estate’s’ cryptocurrency option – WSB-TV Channel 2

Home sellers say they received raw deal from ‘Godfather of real estate’s’ cryptocurrency option – WSB-TV Channel 2

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Home sellers say they received raw transactions through the “Godfather of Real Estate” cryptocurrency options Mike Chelwenka calls himself the “Godfather of Real Estate”. But I don’t think anyone who bought Troptions from him would.

Atlanta — It sounds like a must-see way to make money: combine Atlanta’s booming real estate market with the growing world of cryptocurrencies.

Some homeowners say it was profitable for men buying homes in controversial cryptocurrencies, but not for those on the other side of the deal.

Mike Chelwenka calls himself the “Godfather of Real Estate”.

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In one of his contracts, about 30% of the transactions were paid in what are called Troptions.

when Channel 2 Investigative Journalist Justing Ray Going to him with people’s dissatisfaction, Cherwenka said the problem was due to people not understanding how to use their Troptions.

Joe Sevalos thought he knew what he was doing. He thought he was on the ground floor of an growing cryptocurrency called Troptions during real estate transactions.

“I was like,’Oh, he’s giving away free money,'” Sevalos said.

But another homeowner, who asked not to reveal his identity, said he wouldn’t know what Troption was until he considered the final sale deal for the Metro Atlanta home.

“There was a fair amount of money put into the Troptions account,” said the homeowner.

Troptions are cryptocurrencies. About 30% of both home payments were to be paid in Troptions instead of US dollars.

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Sevalos told Gray that he now has a very different view of Troptions.

“I call it an s — coin,” Cebalos said.

Easton Espinosa, an agent of the US Secret Services, also puts Troptions in that category.

“It’s essentially a coin of little value,” Espinosa said.

“This applies to the field in your mind,” Gray asked Espinosa.

“Yes, I think a lot of people think that’s the case,” Espinosa said.

As a result, homeowners have canceled the sale.

“No one told me how to take Troptions out of my account and convert them into cash,” said the homeowner.

That’s because you can’t.

According to the Secret Service, which is responsible for protecting the country’s financial infrastructure, the main danger signal for Troptions is that, unlike Bitcoin, it cannot be monetized.

Troptions cannot be converted to US dollars or other currencies.

“If the major exchanges don’t trade it, we need to find someone at the peer-to-peer level to offload it,” Espinosa said.

So, seeing the value of Troptions paper soar to over $ 1 million, Cebalos realized it wasn’t really worth anything.

“Inside, I seem to be boiling,” Sevalos said.

Cherwenka was the buyer of those transactions.

“No, it’s not a creepy coin,” Cherwenka told Gray.

He is also an evangelist of Troptions.

“It’s like being saved and telling everyone about Jesus. I told everyone about Troptions,” Cherwenka said.

Cherwenka bought a lot of Troptions and started writing them in his real estate transaction.

“Everyone in the real estate industry wants more of their assets than they really are,” says Cherwenka. “Well, they got free money, or, legally speaking, they found it.”

But that’s not the way Sevalos sees it now.

“It was good for him, but it was a nightmare for others,” Sevalos said.

In 2019, Missouri Secretary of State Jay Ashcroft submitted a cease and desist order to Troptions founder Garland Harris for allegedly misleading consumers.

“We want to be a free country. We want people to make their own decisions. But when people are fooled, when people violate the law, we Will intervene, “Ashcroft told Gray.

“Now we’re like two innings of a nine-inning baseball game,” Cherwenka said.

“So, if someone sells you one of these homes, do you think they will eventually win?” Gray asked Chelwenka.

“Of course, absolutely,” said Cherwenka.

“Are they winning with them now?” Gray asked Chelwenka.

“Sure, they just don’t know how to use them,” Cherwenka said.

But it’s not that complicated. You have to find someone who is willing to trade their genuine merchandise for your Troptions.

“It’s not a deal I take,” Ashcroft said.

“Please tell me why,” Gray asked Ashcroft.

“If I’m selling something of value, I want to know that I’m receiving something of value in return,” Ashcroft said.

“Do I need to find someone who is willing to accept those Troptions because they are worth something?” Gray asked Chelwenka.

“OK, please say, for example.”

“Right? Yes or no? Yes or no?” Gray asked.

“For barter coins, yeah. You barter something else,” Cherwenka said.

Cherwenka says he didn’t do anything illegal. The contract details what Troption is, and it’s up to the seller to investigate.

A Georgia judge agreed that Cherwenka would not promise or speak out to be considered a fraud.

Chelwenka told Gray that the Missouri cease and desist order had been revoked.

However, the Missouri Secretary of State said it was due to the death of the defendant, the founder of Troptions.

“If the individual you’re talking to comes to Missouri and wants people to invest in Troptions, he’ll find that the case isn’t dead at all,” Ashcroft said.

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“If I offer Troptions for this house, would you make a deal involving Troptions becoming a buyer?” Gray asked Chelwenka.

“I have Troptions, so I’m not interested in selling a house,” Cherwenka said.

“Don’t you want more? If it’s so great, don’t you want more?” Gray asked.

“I have a lot of Troptions, don’t feed on these questions,” Cherwenka said.

About an hour after the interview, Cherwenka sent a text to Gray saying that if Gray paid with Troptions, he would sell his home to Gray and would like to fix it.

However, it is an arrangement that warns experts such as Secretary of State Missouri and US Secretary of State not to take Gray.

Cherwenka also sent an email to Gray a few days after the interview, stating that if Troptions are trading on the exchange, the buyer can monetize the investment.

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