Detroit sues real estate tokenization firm RealToken over 400 blighted properties
2025-07-04 06:27:59
Main Idea
The city of Detroit has filed a lawsuit against RealToken LLC and its affiliates for public nuisance violations involving over 400 residential properties, citing issues like structural hazards and illegal utility connections.
Key Points
1. RealToken LLC, a blockchain-based real estate firm, is accused of public nuisance violations across more than 400 properties in Detroit.
2. The lawsuit names co-founders Remy and Jean-Marc Jacobson, alleging issues such as structural hazards, mold growth, sewage backups, and illegal utility connections.
3. City officials claim RealToken used a network of limited liability companies to manage these properties.
4. RealToken, launched in 2019, operates as a real estate tokenization platform on Ethereum, aiming to increase transparency in illiquid markets.
5. Detroit Corporation Counsel Conrad Mallett called this the largest nuisance abatement case in the city's history, stating that innovation does not exempt firms from legal responsibilities.
Description
The city of Detroit has filed a sweeping lawsuit against crypto-based real estate firm RealToken LLC and its affiliates for public nuisance violations across more than 400 residential properties. RealToken LLC uses blockchain technology to tokenize real estate and sell fractional ownership to investors. However, what city officials describe as widespread neglect of housing standards has prompted Detroit to pursue legal action, alleging that the firm failed to meet basic health and safety obligat...
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