Tokenization — a buzzword increasingly appearing in the crowdfunding business. The process of tokenization can be described as assigning a physical counterpart in the blockchain world. It should work similarly to shares and stocks, however, a complete regulatory framework for digital assets has not yet been established. Many claim that the most popular tokenization figure in Poland is Rahim Blak — the creator of the Mosaico platform, a crowdfunding service that issues tokens, as well as many other companies and projects.

Rahim Blak — Polish sales vehicle built on personal branding

Rahim Blak is both a persona and a personal brand, created in 2003 at the ASP through a meeting between Rahim Ajdarevič and Michał Blak. The persona/brand is promoted as a “business artist”, “king of social media”, and a person “rich in content”.

The various stages of Rahim Blak’s activities have brought a variety of business activities. He is primarily known to the public as an artist, showman, and trainer broadly offering his — varied — products.

Money.pl — Rahim Blak. A man “rich in content”. We went to a training “king of social media”

Current activity of Rahim Blak

Rahim Blak is associated with companies: Mosaico, Sapiency, Edrone, Copernic (and 9 related companies), Click Community, Click Apps, SH3.

KRS register of companies – Rahim Blak

Companies Mosaico and Sapiency are closely linked and lead to other entities — including Z ZIEMI WŁOSKIEJ DO POLSKI LIMITED LIABILITY COMPANY responsible for the project Toscanizzazione — the star of this publication.

Toscanizzazione

An ecosystem of several projects built around the purchase of vineyards in Tuscany in Italy near Capannoli with the goal of further development into additional facilities and services.

The authors of the project aim to create a network of vineyards with an independent distribution system. The operating vineyard is to serve as a producer of wine, olive oil, and agritourism activities for its investors and potential customers. There is also mention of other broad possibilities for land utilization.

Toscanizzazione is not only about vineyards and products originating from them but also peripheral services.

• Motorizzazione — a business related to renovating and later renting and/or trading Vespa scooters and Italian cars.
• Art-Bistro Toscanizzazione — a chain of restaurants intended to distribute products and culture associated with the “Toscanizzazione” vineyards. The project currently has a 2-month delay in opening the first venue in Wrocław. The company also advertises the organization of weddings at “their vineyard” and tours of Tuscany “not for tourists” (KRS of the company “Toscanizzazione Art-Bistro PSA).

The whole is intended to create an unforgettable, magical experience of life in the Italian countryside and to reveal a glimpse of the agritourism and viticulture business in Tuscany.

Registration data:

• Toscanizzazione project run and managed by Z ZIEMI WŁOSKIEJ DO POLSKI Sp. z o.o.
• Bracka 28, 40-858 Katowice, Poland
• Registration date March 16, 2021.
• CEO: Ariel Tymoteusz Goczoł

KRS and connections of Z ZIEMI WŁOSKIEJ DO POLSKI Sp. z o.o.

Investing in the Toscanizzazione token regardless of the round is meant to reflect the ownership of 1m2 of vineyard lands (agricultural crops), which the issuer calls in the regulation “grape contracting”, and the “interest” in this case are VIN tokens (VIN). VIN tokens entitle to receive a “dividend” in the form of products, or cash.

The first vineyard – Toscanizzazione 1

The organizers advertise the facility and product as “Terra di Dio” – (from Italian “Land of God”). Entering this name in the search engines only returns promotional materials from the collection. The token issuer does not share publicly available information about the exact location of the vineyard, but provides its town. We will return to the vineyard in a moment, but first let’s approach “what for what?”.

TOS1 Tokens

The Toscanizzazione collection for TOS1 tokens took place between March 25, 2021 and May 31, 2022. An investor who bought a TOS1 token at the price of $23.11 at that time allegedly became the owner of a tokenized 1m2 of land of the purchased vineyard.

$532,579.00 (22,914.66 TOS1) were collected. The price of the vineyard to be purchased at the time of the promotion was ~2,000,000.00 EUR.

As part of the compensation for investors, the TOS1 token produces 1 VIN token daily, which corresponds to 1 ml of wine or 0.5 ml of olive oil (later increased by 100%).

The issuers commit to a biannual buyback of derivative tokens at wholesale prices. The “dividend” can be received in the form of wine, olive oil, or as cash – 2 EUR for 750 VIN tokens. Investors can collect the reward resulting from the emission of derivative VIN tokens every two years, and the value of the reward is expected to increase by 5% annually.

Properties – vineyard, cultivated fields, and lands

The vineyard advertised by Z ZIEMI WŁOSKIEJ DO POLSKI Sp. z o.o. “is an agritourism farm in Italian Tuscany near the town of Capannoli in the province of Pisa”.

Although the exact location is not given, thanks to promotional materials rich in graphics, photos, and videos (especially drone shots), it was easy for us to locate the place of existence of the described investment and the creation of promotional materials for the collection.

The facility Agriturismo Santo Pietro, as named on Google maps, recently functioned as an hotel and wine shop “il Ganzo Rosso Di Toscana” of its own production. Wines from this specific agritourism vineyard Santo Pietro Agriturismo according to customer submissions averaged $7.44 per bottle.

The vineyard address is also confirmed by Ms. Magdalena Goczoł, who in response to a request for a wedding organization offer at the vineyard sent materials referring to the aforementioned property.

Whom does all this belong to?

Calling the phone number provided in Google for the Toscanizzazione vineyard, the voice on the phone announces that the facility is permanently closed. When asked about Toscanizzazione we hear “Call to Ariel”.

Knowing the location of the facility, we looked at the Italian cadastral system. The screenshot below shows the result, the markings of the region and parcel.

Complete excerpt obtained from the government service Agenzia Entrate available for download:

After obtaining the plot numbers, we asked the land registry. The property presented in promotional materials Agriturismo Santo Pietro presented as the vineyard “Terra di Dio” of the Toscanizzazione project as of 21.02.2023 is owned by:

“SOCIETA’ AGRICOLA SANTO PIETRO S.R.L.” – the company owns 103 land areas and 8 buildings with a total area of 749,507 m2 and is owned by 3 shareholders:

• CONFALONIERI PAOLO
• CONFALONIERI ROBERTO
• CONFALONIERI ANDREA

The managing director is FOSSATI MARIA TERESA.

Company data and shareholders available for download:

Societa Agricola Santo Pietro S

64.8KB ∙ PDF file

Download

In promotional materials, Toscanizzazione, the aforementioned facility is presented as owned by “Z ZIEMI WŁOSKIEJ DO POLSKI” Sp. z o.o., and buying the TOS1 token is equivalent to acquiring 1m2 of the aforementioned facility (according to the collection’s regulations “contracting”), which is not true, because the issuer does not own the aforementioned property.

toscanizzazione

A post shared by Toscanizzazione (@toscanizzazione)

In the promotional video posted on Instagram, the CEO of the company Z ZIEMI WŁOSKIEJ DO POLSKI Sp. z o.o. – Ariel Goczoł, directly explains what participation in the Toscanizzazione investment looks like.

Toscanizzazione-2

The second collection according to the creators and issuers is intended to purchase a second, adjacent facility with a hotel and restaurant. For this purpose, a second round of token collection (originally planned as TOS2 tokens) started in January.

The collection started on January 12, 2023, will end on April 12, 2023, the issue price of TOS is $33.39, which is over $10 more than TOS1.

The neighboring facility is a hotel and restaurant “La Sorgente”. It is a comprehensive facility – having a pool, large playing field, several buildings, and a sizable garden. This facility operates regularly, and one can book a stay (with several months’ notice), through booking. The head and manager of the hotel is Gioele Di Gianni.

Many promotional materials used during the promotion and sale of tokens were created in this facility, although it does not constitute any part of Toscanizzazione, and it is supposedly to be financially acquired by the latest collection Toscanizzazione 2.

Ownership of La Sorgente properties at no point intersects with Santo Pietro (Toscanizzazione), and the property itself along with its services seems to be a well-functioning business of high market value (far exceeding the goals of the Toscanizzazione collection).

It is significant that apart from increasing the issue price by just over $10, the reward amount in the form of VIN tokens has also been raised. For TOS1, a reward was offered at the rate of 1 VIN per day corresponding to 1 ml of wine or 0.5 ml of olive oil. The latest collection includes rewards 100% higher, i.e., 2 ml of wine or 1 ml of olive oil for each VIN token. Such a promise of directly achieving 100% higher agricultural efficiency (quantity and quality of crops) from the same area – 1m2.

Conclusions

The above inaccuracies and ambiguities in marketing and business practices prompt reflection on the project in which Rahim Blak and the Mosaico platform are involved, especially in comparison with the often colorful and frequent statements of token holders.

• Very low fundraising thresholds compared to the real costs (Toscanizzazione-1 collected ~500,000.00 EUR ($532,579.28) while the estimated price of the property is ~2,000,000.00 EUR needed for purchase. Similar situation with Toscanizzazione-2.

• Vineyard, other properties, land — lack of ownership, confirmed by excerpts from land and company registries. The small amount of funds raised does not allow for the realization of the planned fundraising goals. The property was not purchased, which is clearly evident from the excerpt from the land registry and business registry (owned by an Italian company). Toscanizzazione does not have any official administrative and public connections with this property and the entity that owns it.
• Informing investors and the public as if the property was owned by the company organizing the token issuance is false. Informing potential investors as if the company FROM ITALY TO POLAND Sp. z o.o. owned the vineyard is inconsistent with the actual state of affairs in official registries.
• Even during the fundraising phase, the Company directly informed investors that: “The investment object are basic tokens Tosken1 (short TOS1). Each of these tokens corresponds to one square meter of land in the purchased vineyard. Therefore, by investing in the Toscanizzazione project you become a landowner in Italy.” While it is obvious that a token is not a carrier of property rights and acquiring ownership, especially property ownership, requires a contract to be concluded in a legally prescribed form – Italian law requires that a contract transferring property ownership be concluded before a notary.
• Colorful rhetoric along with marketing slogans is based on untrue data (e.g., land area – the property has 74.65ha but is presented as 77 ha). In audiovisual marketing materials, “FROM ITALY TO POLAND Sp. z o.o. often uses properties that do not belong to the aforementioned company.
• Token VIN, which is a type of dividend from tokens TOS1 and TOS, defines different reward values. 1 ml of wine (TOS1) vs 2 ml of wine (TOS) – an increase in production by 100% is a bold promise, but in the opinion of industry insiders, it is hardly realistic to achieve in the short term, especially when agriculture has been facing various problems in recent years generating losses.
• In the above context, it is very concerning that there is no substantial discussion of vine cultivation issues, which are indeed very demanding.
• Toscanizzazione-2 (TOS) is allegedly intended to purchase an adjacent property, which is a thriving hotel and recreational facility. In light of the fact that the purchase of the first vineyard was not realized, advertising the goal of purchasing another property is absurd. This management approach makes it unclear what exactly the funds from the Toscanizzazione-1 collection were used for and therefore what will the funds from the ongoing Toscanizzazione-2 collection be used for?
• It is also alarming that on 30.01.2023 a new company Mosaico was established, with no explanations given on this matter. This raises questions about the actual financial, personnel, and administrative status of the original Mosaico entities.

During the investigation and in the process of creating this material, various questions arose, and ultimately we concluded that the practices described above are deeply troubling, especially since the offer is directed to consumers.

Advertising tokens as enabling “becoming a landowner in Italy” is simply unacceptable.

The Polish investment community and cryptocurrency industry are scrutinizing many projects emerging on the market, and this is just one of them, but it certainly caught our attention. Within the scope of this publication, we do not have the ability to disclose all the information we have managed to gather, especially since they require further verification. If our suspicions are confirmed, we plan, as a community, to take appropriate steps.