Had a look at Archean Resources and they're website has in big bold print "asset backed token" "instant ownership of gold" "bullion vaulted & insured in Australia" "fully redeemable for bullion"
Then read the disclaimer which basically says anything on our website is just BS and you can't rely on any statements blah blah blah.
The good bit is the terms & conditions where it explains that 1 ARC token is equal to 1 gram of gold under a bailment contract. As the bailee, the token holder can request the transfer of physical metal represented by their token(s) from Archean (the bailor) upon paying the requisite fee and subject to the terms, which requires a minimum number of 3,000 tokens to be converted to metal in any 1 request for redemption, payment of a $1,800 fee and by the way, the gold isn't going to be available for 60 months after May 2022 and the contract can be terminated by Archean and it also comes to an end if Archean goes into administration (see some forward planning there by the directors
).
Here's the thing. The ARC token is supposedly backed by real gold. However, the gold isn't out of the ground yet, they don't mention how much gold they have, or how many tokens they're selling, and most importantly how they're going to get the gold out of the ground and then honour the bailment contracts with all of the token holders after paying for the mining costs.
(20min delay)