m included Jean Bilala, Letscoin executive chairman;output_title: title: Letscoin “secured an irrevocable carbon credit purchase agreement” for 3 billion carbon credits from Bluegrace Energy Bolivia S.R.L.

On 1 January 2025, a crypto company called Letscoin “secured an irrevocable carbon credit purchase agreement” for 3 billion carbon credits from Bluegrace Energy Bolivia S.R.L.

dais included Letscoin executives Jean Bilala, CEO; Dr. Thana Balan, Co-Founder; and Mr. Julio Montenegro, Special Advisor to the CEO. Officials from the Indonesian government included Mr. Arief Budiman, Deputy Head of the Investment Coordinating Board (BKPM), and Mr. Heru Pambudi, Head of the Bureau for Economic Cooperation, Ministry of Foreign Affairs.

Letscoin’s press release states that,

The event was attended by more than 100 guests, including government officials, business leaders, and members of the crypto community. Among those present were representatives from several major Indonesian companies, such as Gojek, Tokopedia, Bukalapak, and Traveloka.

However, none of these companies are mentioned in Letscoin’s press release.

Letscoin’s website states that,

Letscoin is backed by a consortium of private equity firms, hedge funds, investment banks, and financial institutions. Among them are Banyan Investment Bank, Quantum Metal, and several others.

Letscoin’s press releases also mention Banyan Investment Bank and Quantum Metal.

Letscoin’s press release, dated 15 January 2025, states that,

Letscoin is backed by a consortium of private equity firms, hedge funds, investment banks, and financial institutions that are actively engaged in the carbon credit offset market. Among them are Banyan Investment Bank, Quantum Metal, and several others. These institutions have a combined AUM (assets under management) of over $300 billion and are fully committed to Letscoin's carbon credit offset initiative.

Letscoin also claims that it has,

…a partnership with several major airlines, oil and gas extraction operations, shipping, banking and other related companies actively participating in a voluntary and responsible carbon offset program. Globally, Letscoin (LTSC) has confirmed that over 300 major companies have enrolled.

What is Banyan Investment Bank?

Banyan Investment Bank was incorporated in the Cayman Islands on 22 December 2021. Its directors are:

• Richard Granier, a French citizen who lives on the Costa del Sol, Spain

• Julio Montenegro, a US citizen who is also director of Bluegrace Energy Ltd in the UK

• Jean Bilala, a Congolese citizen who is CEO of Letscoin

• Thana Balan, a Sri Lankan citizen who is co-founder of Letscoin

The bank’s shareholders are:

• Bluegrace Holdings Ltd, which is incorporated in the UK and has £100 in assets (up to 31 January 2024)

• Letscoin Holdings, which is incorporated in the UK and has £100 in assets (up to 31 May 2023)

• Granier personally

According to Banyan Investment Bank’s website, the bank is,

…one of the nine divisions of Bluegrace Holdings, a private equity firm and holdings company active in a very large assortment of business endeavors.

The bank’s website also states that,

Banyan Investment Bank is a Tier 1 Global Investment Bank with over $300 billion in assets under management and a presence in over 30 countries around the world.

However, the bank’s most recent accounts (up to 31 December 2023) show that it has net assets of just CI$100,000. And the bank’s website includes a warning that states:

Scammers may misuse the names and logos of the United Nations, UNITAR, or the CIFAL Global Network to commit fraud. . . .

Please be informed that CIFAL Argentina has officially ceased operations as of 30 September 2023.

What is Quantum Metal?

Quantum Metal was incorporated in the UK on 16 May 2021. Its sole director is Richard Granier, a French citizen who lives on the Costa del Sol, Spain. The company’s shareholders are Granier personally and Bluegrace Holdings Ltd, which is incorporated in the UK and has £100 in assets (up to 31 May 2023).

Quantum Metal's website has disappeared, but an archived copy states that the company is,

…one of the nine divisions of Bluegrace Holdings, a private equity firm and holdings company active in a very large assortment of business endeavors.

The website also states that Quantum Metal is,

…a Tier 1 Global Investment Bank with over $300 billion in assets under management and a presence in over 30 countries around the world.

However, Quantum Metal's most recent accounts (up to 31 January 2024) show that it has net assets of just £100.output: On 1 January 2025, a crypto company called Letscoin “