Verra sends cease-and-desist letter to 'blue carbon' marketeer

Quantum Commodity Intelligence - US-based registry Verra has sent a 'misuse' notice and a cease and desist letter to an individual previously convicted of fraud by the US Securities and Exchange Commission and who has offered a "hundred million" blue carbon credits for sale in a crypto scheme online.

David Alki, the CEO of SwissX, says he has developed a methodology to generate carbon credits from the conservation of marine ecosystems around the Caribbean islands and claims to have support from both Verra and Antigua and Barbuda's prime minister.

SwissX says it is focusing on coral reefs' "cellular data" to estimate their carbon sequestration capabilities, and uses both real-time monitoring and machine learning to ascertain their worth.

Some purported press articles about the company have appeared online, but this content appears to be on a purpose-built platform, and SwissX operates a website that describes the carbon project.

No scientific protocol is mentioned, and Verra says it has asked Alki to stop using its name after Quantum approached the US-based standard about the scheme earlier this month.

"SwissX applied to open a Verra registry account, however its status is pending since 04/05/2023. It must be mentioned that the website and address registered in their Verra registry account profile differ from the ones shown on the SwissX website," said a Verra spokesman.

"However, the alleged owner is the same - Alkiviades David."

Alki, who is the son of a Greek Cypriot business magnate, has previously claimed he was part of the Sunday Times rich list, a ranking of the richest UK-linked individuals.

But those claims have all been debunked over the years, while Alki was ordered to pay $120,000 in reparation by the SEC for misappropriating money from investors in a theatrical holographic show business in 2019.

"SwissX holds the exclusive rights to sell the renowned 28 million acres of coral reef that surrounds the islands, as a carbon offset in the SwissX Registry Program... this trillion-dollar field asset is located in a tax-free zone, offering unique economic opportunities," it says.

"SwissX Carbon Credit Offsets are endorsed by the World's leading registry Verra in Geneva Switzerland," the company also said (Verra is in fact based in Washington DC, US).

"This ensures the quality and validity of SwissX carbon credits. By purchasing SwissX Carbon Credit Offsets, individuals and organizations can offset their carbon footprint and support initiatives that help reduce greenhouse gas emissions," it added.

Quantum sent an email to SwissX on the official address provided on its website, but it bounced back.

Authorities in Antigua and Barbuda were also contacted for comment.