--- title: "CurioInvest Review 2026: What Happened to the Tokenized Ferrari?" url: https://altstreet.investments/platforms/reviews/curioinvest kind: platform-review updated: 2026-11-09 description: "CurioInvest review 2026: what happened to the tokenized Ferrari bond (CT1), its issuer's liquidation order and move to Zug as 731 AG, the USD 1.50 payments from an issuer-named multisig, and the 2024 CGT exploit." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # CurioInvest Review 2026: What Happened to the Tokenized Ferrari? CurioInvest offered one product to investors: CT1, a tokenized bond issued under a Liechtenstein-approved prospectus in 2019 and 2020, whose single payout depends on the issuer selling one 2015 Ferrari F12tdf. The issuer, Curio AG, was dissolved by administrative order in November 2023, renamed CT1 Investhub AG, restored in February 2025 and moved to Zug, where it is registered as 731 AG. AltStreet found no public confirmation that the Ferrari was sold or that sale proceeds were distributed to CT1 holders. In 2025 a multisig named ct1investhubag.eth paid four holders USD 1.50 per token for CT1 they sent it, on terms that are not public. Curio's governance token was exploited in March 2024. Today curioinvest.com sells tokenization services, offers nothing to investors and is closed to US persons; its 'Assets' menu links to XAUH, a gold token issued by a Panama company that runs on Curio's own JAMTON network. AltStreet score: 20.0 (F), scored November 9, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | CurioInvest | | What it is | Tokenization Services and Tokenized Collectibles Issuer | | Asset class | Tokenized Real-World Assets / Collectible Cars | | Website | curioinvest.com | | Review first published | November 9, 2026 | | Last updated | November 9, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version CurioInvest, run from Zug by Fernando Verboonen, launched in 2019 to let small investors buy into collectible cars. It offered CT1: 1,100,000 tokens at USD 1.00, a debt security of Curio AG, a Liechtenstein special-purpose company, repaid only if the issuer sells one Ferrari F12tdf, which the prospectus says it is not obliged to do. How many tokens investors paid for is not public. The issuer has since changed hands on paper: Liechtenstein's Office of Justice dissolved Curio AG and appointed a liquidator on November 2, 2023; a general meeting renamed it CT1 Investhub AG on November 29, 2024; the dissolution was lifted on February 28, 2025; and the company moved its seat to Zug, where it is registered as 731 AG with one board member and no audit, before Liechtenstein deleted it from its register on March 17, 2026. AltStreet found no public confirmation that the Ferrari was sold or that sale proceeds were distributed to CT1 holders. On chain, a multisig named ct1investhubag.eth holds about 31% of CT1 and paid four holders USD 1.50 per token in 2025 for CT1 they sent it. Separately, CurioDAO's governance token was exploited in March 2024, when an attacker minted one trillion CGT, and was replaced. The website now sells tokenization services and is closed to US persons. - **Issuer moved** Curio AG (FL-0002.594.728-9), the CT1 issuer, was dissolved ex officio by order of Liechtenstein's Office of Justice of November 2, 2023 and a liquidator appointed; its board, Fernando Verboonen and Valerie Florence Halter, was removed. Renamed CT1 Investhub AG on November 29, 2024, with a new purpose covering participations in the value of collector vehicles, it had the dissolution lifted on February 28, 2025, resolved on September 12, 2025 to move to Switzerland, and is registered in Zug as 731 AG (CHE-462.858.040). Liechtenstein deleted it on March 17, 2026. - **1 car, 5+ years** CT1's prospectus was approved by Liechtenstein's FMA on July 18, 2019 for 1,100,000 tokens at USD 1.00: USD 1,023,500 for a 2015 Ferrari F12tdf and USD 76,500 of issue costs. The issuer may sell only at 25% over cost in the first two years and 20% over cost in the next three; after five years the floor becomes the 30-day average token price. AltStreet found no public confirmation that the Ferrari was sold or that sale proceeds were distributed to CT1 holders as of November 9, 2026. - **USD 1.50** Paid per token by a 2-of-3 multisig whose ENS name is ct1investhubag.eth to four addresses that sent it CT1 between July and September 2025: 105, 12,384, 300 and 119 tokens, paid back in USDC or USDT to the same address within one to seventeen days. A fifth return of 1,063 CT1 has no visible payment back. The multisig also holds 73% of wCT1. Whether these payments were open to every holder, and where the money came from, is not public. - **No ownership** The prospectus defines CT1 as a debt security ('Schuldverschreibung') of Curio AG. Holders have a conditional claim on the net sale proceeds, 'keinerlei Eigentum, Miteigentum oder Nutzungsrechte' (no ownership, co-ownership or use rights) in the car, and a pledge over it that the issuer does not guarantee would survive its insolvency. The 2020 brochure called the token '100% collateralized'. - **Minted June 2020** On Ethereum, all 1,100,000 CT1 were minted to a single address on June 16, 2020, the day the subscription period was extended. Nothing moved until after the offer closed: on May 25, 2021 eleven first-hop transfers (nine of 110,000, one of 104,324, one of 200) and on May 28, 2021 eighteen more of 99 to 1,063 tokens (5,476 in total) emptied that address. The mint and the archived 'sold out' label leave the amount investors actually paid unresolved. - **1 trillion CGT** The March 23, 2024 exploit transaction (block 19,498,911) minted 1,000,000,000,000 CGT, not the one billion in press reports and in CurioDAO's own statement, plus 1,000,000,000 CSC stablecoins, and sold them into Uniswap and SushiSwap pools. Before the exploit, CGT's supply was 63,000,000. CurioDAO's March 25, 2024 statement promised a replacement token on four chains and a separate year-long compensation plan for liquidity providers. - **768 of 1,019** Pre-exploit Ethereum addresses that received an exact balance match in the new CGT within 120 days, 27.9 million CGT in total. The other 251 addresses held 35.1 million CGT: 61 contracts (liquidity pools, bridges, staking contracts) and 190 wallets with 8.6 million CGT. Replacement on other chains and the liquidity-provider payments are outside this check. Data note: On-chain figures are AltStreet's reads of the Ethereum chain on November 9, 2026. Issuer history is from the Liechtenstein Amtsblatt and the Zug commercial register. Offering terms are from the archived prospectus; the amount actually paid by investors is not public. The exploit's dollar loss reported in the press is not used. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 2023 to 2026 | Issuer dissolved, restored and moved | Curio AG: dissolution ordered November 2023, lifted February 2025; now 731 AG in Zug. | | USD 1.50 | Paid per CT1 by ct1investhubag.eth | To four holders who sent it CT1, July to September 2025; terms not public. | | 1 trillion | CGT minted in the March 2024 exploit | Supply had been 63 million; one billion CSC minted in the same transaction. | | 768 of 1,019 | Pre-exploit Ethereum addresses with an exact balance match | In the new CGT within 120 days; 251 addresses with 35.1M CGT not matched exactly. | ## Verdict CurioInvest is a tokenization services brand whose one investor product, CT1, a Liechtenstein-approved bond on a single Ferrari, has no publicly confirmed sale or distribution five years on. Its issuer was dissolved ex officio in 2023, restored in 2025 and moved to Zug as 731 AG, and a multisig named for that issuer paid four holders USD 1.50 per token in 2025 on terms that are not public. Its governance token was exploited for one trillion tokens in 2024. It offers nothing to investors today and excludes US persons. For holders, the useful questions are about the car, the payments and 731 AG; for anyone else, there is no product to buy. **Best for** - Existing CT1 or CGT holders researching their position - Issuers assessing a tokenization vendor's record **Look elsewhere if** - You are a US person - You want a collectible-car investment with regular reporting and a defined exit - You need audited statements from the issuer **Strengths** - CT1 was issued under a prospectus approved by Liechtenstein's financial regulator, with an ISIN - The CT1 terms are detailed and public in the archived prospectus - wCT1 is backed one-for-one by CT1, verifiable on chain - A replacement governance token was issued within two weeks of the exploit; 768 of 1,019 pre-exploit Ethereum addresses received an exact balance match within 120 days - The 2025 payments by ct1investhubag.eth can be traced on both legs on chain **Limitations** - No public confirmation that the car was sold or proceeds distributed five years after issue; selling is at the issuer's discretion - Issuer dissolved ex officio in 2023, restored in 2025, and moved to Zug as 731 AG with one board member and an audit opt-out - USD 1.50 payments to four holders in 2025 with no published terms - Holders own a claim on the issuer, not the car; the pledge is not guaranteed in insolvency - No offer results, accounts or holder reporting; investor pages removed - March 2024 exploit minted one trillion CGT and one billion CSC; 251 of 1,019 pre-exploit Ethereum addresses without an exact balance match in the replacement - Swiss parent removed two auditors in eleven months - Closed to US persons ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | US investors | poor-fit | | | Investors looking for fractional collectible cars with reporting and exits | poor-fit | | | Issuers looking for tokenization help | neutral | | ## Questions **What is CurioInvest?** A Zug-based tokenization brand of Curio Capital AG. In 2019 and 2020 its Liechtenstein special-purpose company, Curio AG, offered CT1, a tokenized bond tied to the sale of one Ferrari F12tdf, to EEA investors. That issuer is now 731 AG in Zug. Curio then ran CurioDAO, with the CGT governance token and the CSC stablecoin. As captured November 9, 2026, curioinvest.com offers tokenization and DeFi services to issuers and no investment product. **What happened to Curio AG, the CT1 issuer?** Liechtenstein's Office of Justice dissolved it ex officio and appointed a liquidator on November 2, 2023. A general meeting renamed it CT1 Investhub AG on November 29, 2024, and the dissolution was lifted on February 28, 2025. On September 12, 2025 it resolved to move its seat to Switzerland; it is registered in Zug as 731 AG (CHE-462.858.040) with one board member, and Liechtenstein deleted it from its register on March 17, 2026. **Can US investors use CurioInvest?** No. The site states that 'CurioInvest Services and Tokens (CTn) including CurioDAO Ecosystem are not available in the United States or other prohibited jurisdictions', and the CT1 prospectus excluded US persons. **Do CT1 holders own part of the Ferrari?** No. The prospectus defines CT1 as a debt security of Curio AG. Holders have a claim on the net proceeds if Curio sells the car, secured by a pledge over it, and no ownership, co-ownership or use rights. The issuer does not guarantee that the pledge would hold up in its insolvency. **Has the CurioInvest Ferrari been sold?** AltStreet found no public confirmation that the Ferrari was sold or that sale proceeds were distributed to CT1 holders as of November 9, 2026. The prospectus lets the issuer sell only at 25% over cost in the first two years and 20% over in the next three, and after five years at no less than the 30-day average token price; it is not obliged to sell at all. The five-year point passed in July 2024. **Have any CT1 holders been paid?** On chain, a multisig whose ENS name is ct1investhubag.eth paid four holders USD 1.50 per token, in USDC or USDT, between July and September 2025, after they sent it 105, 12,384, 300 and 119 CT1. A fifth holder's 1,063 CT1 has no visible payment back. No terms, holder notice or funding source for these payments is public, and the chain does not show that they came from a sale of the car. **What happened in the Curio hack?** On March 23, 2024, an attacker used a flaw in CurioDAO's governance contracts on Ethereum to mint 1,000,000,000,000 CGT (one trillion; supply had been 63 million) and 1,000,000,000 CSC stablecoins in one transaction, sold some into decentralized exchange pools for ETH, DAI and other tokens, and kept 996 billion CGT. Press reports and CurioDAO's own statement said about one billion CGT; the chain shows one trillion. **Were CGT holders compensated?** CurioDAO's statement of March 25, 2024 promised a new CGT restoring holders' balances on Ethereum, BNB Chain, SKALE and Boba, and a separate program paying liquidity providers 25% of their second-token losses every 90 days for four stages. The new CGT was created on April 5, 2024. On Ethereum, 768 of 1,019 pre-exploit addresses received an exact balance match within 120 days; 251 addresses holding 35.1 million old CGT, most of them liquidity pools, bridges and staking contracts, did not. Whether the liquidity-provider payments were made is not public; holders should check their own addresses. **What is XAUH, and why does CurioInvest link to it?** XAUH, the Herculis Gold Coin, is a gold token issued by Herculis Tokens SA of Panama, part of the Swiss Herculis Group, at one token per gram of Swiss gold. It is the only asset curioinvest.com's 'Assets' menu links to. Neither site explains the link; the record shows XAUH is built on JAMTON, the Polkadot network CurioDAO launched in 2024 and calls a strategic pillar of its ecosystem, and trades on Curio's Capital DEX. Whether Curio built XAUH for Herculis, holds an interest in it or is paid for it is not public. **Is XAUH backed by gold?** Herculis publishes KPMG SA reports of agreed-upon procedures: on August 26, 2026 KPMG counted 18 bars, 15.5 kilograms, in a Swiss vault, owned by 'one entity of the group', and could link invoices to eight of them. KPMG expressed no assurance and did not compare the gold with tokens issued. xauh.gold shows 15,500 tokens; AltStreet read 4,109.2 on Ethereum and 3,350.39 on TON and did not read Tron, BNB Chain or JAMTON. **Is CurioInvest regulated?** The CT1 prospectus was approved by Liechtenstein's Financial Market Authority in July 2019, but the issuer states it 'is not licensed as a financial institution and is not subject to the oversight or supervision by FMA'. The current site names no license or regulator. Curio has no SEC filings. **What fees did CT1 charge?** Issue costs of USD 76,500 were priced into the USD 1.1 million issue (6.95%). On a sale, running costs of about CHF 5,000 a year come off first and Curio takes 20% of the net profit; redemption transaction costs are deducted from payouts. The 2020 brochure gave maintenance costs as 'ca. 1% p.a.', about twice the prospectus figure. **Is CurioInvest legit?** Curio Capital AG and 731 AG are registered companies, and CT1 had an approved prospectus. The concerns are what followed: no public confirmation of a sale of the one car or a distribution of proceeds, an issuer that went through ex officio liquidation and moved to Zug under a new name, payments to some holders with no published terms, no reporting or accounts, a trillion-token exploit of the governance token, and two auditors removed from the parent's register in eleven months. AltStreet located no court case or SEC action naming Curio. **How does CurioInvest compare with Rally?** Rally sells shares in collectible cars and other items through Regulation A series in the United States, with annual and semiannual reports on EDGAR and periodic trading windows. CurioInvest's single car token was offered outside the United States under a Liechtenstein prospectus, has no reporting since, and has no publicly confirmed sale. ## Evidence appendix Platform website captured November 9, 2026. curioinvest.com captured by Firecrawl on November 9, 2026; Wayback Machine captures of the 2020 and 2021 site; the CT1 prospectus (2019 text, 2020 consolidated version and supplement read by OCR), whitepaper, brochure, terms of service and the FMA's prospectus list recovered from archived copies; Ethereum token data read through public RPC endpoints and the Blockscout API, with the exploit transaction decoded, pre-exploit balances reconstructed at block 19,498,910, and both legs of each 2025 transfer to the ct1investhubag.eth multisig traced; Liechtenstein Amtsblatt register notices for the issuer; Zefix register entries for Curio Capital AG and 731 AG; ENS records; CurioDAO's March 25, 2024 statement; IX Swap's April 22, 2022 listing notice; CourtListener RECAP; AltStreet's SEC enforcement tables. No account was opened. **Highlights** - Prospectus C.1: 'Die CT1 stellen eine Schuldverschreibung dar' (CT1 is a debt security). - Prospectus C.8: 'Die Emittentin ist nicht verpflichtet den Basiswert zu verkaufen.' (The issuer is not obliged to sell the car.) - Prospectus E.3: 'USD 1‘023‘500 für Basiswert und USD 76‘500 für Emissionskosten'. - Offering page disclaimer: 'The Issuer is not licensed as a financial institution and is not subject to the oversight or supervision by FMA'. - Offering page: 'Prospectus is no longer valid no public sale is available anymore July 16th, 2020'. - Brochure: '100% collateralized investment with regulatory approved prospectus'. - Current site footer: 'CurioInvest Services and Tokens (CTn) including CurioDAO Ecosystem are not available in the United States'. - Amtsblatt, November 30, 2023: 'Auflösung und Liquidation der Aktiengesellschaft von Amtes wegen'. - Amtsblatt, March 17, 2026: 'Löschung infolge Sitzverlegung von Vaduz nach Zug.' - CurioDAO, March 25, 2024: '100% of funds in CGT tokens will be restored for CGT holders, including liquidity providers'. - XAUH legal notice: 'The Herculis Gold Coin is an asset token created on the JAMTON protocol'. - CurioDAO, October 30, 2024: JamTON is 'a strategic pillar in Curio's ecosystem'. - KPMG SA, August 28, 2026: 'we do not express any assurance on the accuracy on the 15.5 KG gold'. **Primary source pages** - curioinvest.com (captured November 9, 2026) - Archived curioinvest.com FAQ (January 2021), Ferrari offering page (October 2021), stablecoin and risk pages - CT1 Wertpapierprospekt (Curio AG, approved by the FMA July 18, 2019), Nachtrag Nr. 1 (June 16, 2020) and consolidated prospectus (July 2, 2020) - CurioInvest whitepaper (June 2019), brochure (June 22, 2020), terms of service (March 2, 2020) - FMA Liechtenstein list of approved prospectuses, 2019 - Ethereum: CT1 0x4F01887Cbd397a676921985639cEF79398204Cf0, wCT1 0x46683747B55C4A0fF783B1A502cE682eB819eb75, CGT 0xF56b164efd3CFc02BA739b719B6526A6FA1cA32a and 0x0E186357c323c806C1efdad36D217F7a54b63D18, CSC 0xfDcdfA378818AC358739621ddFa8582E6ac1aDcB; exploit transaction 0x4ff4028b03c3df468197358b99f5160e5709e7fce3884cc8ce818856d058e106 - Zefix: Curio Capital AG, CHE-211.446.654, SOGC publications 2018 to 2026; 731 AG, CHE-462.858.040, SOGC publications October 2025 - Liechtenstein Amtsblatt, Handelsregister notices 146520 (November 30, 2023), 172731 (March 15, 2025) and 189646 (March 17, 2026) for FL-0002.594.728-9 - Ethereum: Safe 0x6631f2742E677120aC02f2ad21F42efaa6A32433 (ct1investhubag.eth); CT1 return 0x05d6a75bc30ea4368b2eed39fcdbf9c805f693d2e2dbb27fbfe98e75106c8a13 and payment 0x29452a5283bc6fecbbc5573c01e9e9317bd3369e81192f623099a20a6bd54bc3 (September 2025) - CurioDAO, 'CurioDAO Q1 2024 Exploit Recovery Strategy' (Medium, March 25, 2024) and 'JamTON: The Cross-Chain Highway for a Multi-Chain World' (Medium, October 30, 2024); IX Swap, 'Security Token Exchange Listing: CT1 Token' (April 22, 2022) - xauh.gold (captured November 9, 2026), XAUH whitepaper and terms; KPMG SA reports of factual findings to Herculis Tokens SA dated January 21, July 1 and August 28, 2026; XAUH contracts: Ethereum 0xa9b17f572341219703Bc951725Bdb3CA756B1A65, TON EQCMk4_OujCnk46jApHnIRbmTtYTkSmfujV9X8Ye0qvsHVKh; herculis.ch and Zefix entries for Herculis Partners SA, Herculis Guardians SA and Herculis Fiduciaires AG ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/curioinvest - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/tokenized-rwa --- Source page: https://altstreet.investments/platforms/reviews/curioinvest Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.