Remy and Jean-Marc Jacobson said they wanted to revolutionize the real estate industry when they launched their crypto company, RealToken, in 2019. This July, they announced that they will be liquidating the company’s $140 million portfolio. The company bought over 700 properties across the United States using limited liability companies and sold shares – or tokens – in those companies exclusively to foreign investors across the blockchain. Thousands of investors across the world now have their money stuck in these tokens with little to no recourse. Issues with RealToken’s properties in Detroit – which makes up 75 percent of its U.S. portfolio – first came to light when the City of Detroit sued the company and the Jacobsons in July of 2025, alleging that they violated local housing regulations. The city’s complaint included exhibits showing the dilapidated conditions of the homes – standing sewage in basements, black mold on walls, crumbling infrastructure – which it called harmfu...