I just open-sourced institutional due diligence on a $1.2B real estate tokenization project.
Commissioned by a private investor + legal counsel. They agreed to publish the complete report.
With RWA heating up again, here's what professional diligence actually found:
- $1.2B in claimed assets - zero proof of ownership
- No legal mechanism linking tokens to property rights
- "Zero risk" yield with no disclosed cash flow source
- No verified founders or governance
Full report (methodology, red flags, competitive analysis):
soundmoneyroad.com
This is what real diligence looks like - and why most tokenization projects can't survive it.