Update

Last updated: 2nd of May 2023

On November 19th, 2022, it became known that the vault of Vallog GmbH, an operator of a high-security safe deposit facility located at a former private bank in Berlin-Charlottenburg, had been compromised. Timeless watch assets were also kept at this high-security facility. The following article contains answers to frequently asked questions. It will be updated as soon as new information becomes available. Please feel free to check back in here later.

Current developments

02.05.2024 – Court proceedings continue

The negotiations are ongoing, with both new and old witnesses scheduled to be subpoenaed and heard by both the prosecution and the defense.

Four additional trial days have been scheduled for May, extending until May 30th.

17.04.2024 – Investigations against former executives of a safe deposit box tenant for insurance fraud.

According to the press release from Capital dated April 11, 2024, the Berlin public prosecutor’s office is investigating the former CEO and another employee of Watchmaster on suspicion of insurance fraud related to the multimillion-dollar theft of luxury watches.

The investigations against the two managers were initiated after suspicious WhatsApp chats between them and the operator of the safe facility were evaluated. The presumption of innocence applies to the three suspects until a potential conviction.

A civil lawsuit against Mannheimer Insurance was unsuccessful due to ongoing investigations. According to the court ruling, the insurance company is allowed to postpone the settlement of the claim until the investigations are completed.

02.04.2024 – Court hearing continues

Witnesses and victims continue to be summoned and heard. Authorities are diligently working to gather all relevant information.

05.03.2024 – The court proceedings and investigative procedures are ongoing.

On January 8, 2024, the first court session of the new year took place for the Berlin 49 Million Case. The proceedings are taking various turns, with witnesses and victims continuously summoned and heard. Furthermore, the investigations are being continued by the LKA.

In a recent development, the presiding judge announced on Thursday, January 25, 2024, to schedule ten additional court dates. These now extend at least until April 29, 2024.


06.10.2023 – The start of the trial

The Berlin Regional Court accepts the charges brought against the defendants by the Berlin Public Prosecutor’s Office. The trial was opened on 06.10.2023. On 4 December 2023, we presented the facts of the case to the court as witnesses on behalf of all injured parties.

14.08.2023 – Official Statement of the Berlin Attorney General’s Office:

The Berlin Attorney General’s Office in Berlin announced in its official statement that it has now filed charges against the alleged perpetrators of the incident. These charges include theft in a particularly serious case in connection with arson. Arrest warrants have already been issued against the suspects. In addition to convicting the defendants, the Attorney General’s Office is seeking to collect the proceeds of 49 million euros.

You can read the official statement of the Berlin Attorney General’s Office here.

Insurance status

The insurance company for the incident is Mannheimer Versicherung AG, with whom the operator has taken out insurance against burglary, among other things. In the meantime, the security clearance has been completed by Mannheimer Versicherung AG at the compromised security facility. This means: the insurance company has inspected the crime scene and secured all the assets remaining inside. The damage reports from Timeless via the locker operator to Mannheimer Versicherung AG and the responsible state criminal investigation office have been made. According to a statement made by an employee of the insurance company on 30. November 2023 at the above-mentioned court hearing, Mannheimer Versicherung AG is currently reviewing the insurance claim.

We very much regret that, due to the current legal circumstances, it has not yet been possible to settle the damage incurred and hope for the understanding of the users affected. Currently, we have exhausted all legal remedies available to us to speed up the process. For this reason, we have already filed a lawsuit against Mannheimer Versicherung AG to increase the pressure on those responsible. The further course of action is now, as mentioned earlier, significantly dependent on the progress of the ongoing court proceedings. We will continue to do our best to bring about a timely resolution.

FAQs 

What happened?

We can confirm that on November 19, the vault of Vallog GmbH, an operator of a high-security safe deposit facility in a former private bank in Berlin-Charlottenburg, was compromised. This high-security storage facility houses individual Timeless watch assets. 

The ongoing investigation has revealed that individual Timeless watch assets were affected by the incident.

How do I find out if my fractions are affected by this incident?

Affected users will be informed as soon as Timeless receives further information. Customers holding fractions in the affected assets will be contacted by Timeless and offered a reversal of their purchase costs (i.e. fraction price plus fees paid). 

Which assets are affected by the incident?

The ongoing investigation has revealed that individual Timeless watch assets were affected by the incident. Affected customers will be informed as soon as Timeless receives further information. Customers holding fractions in the affected assets will be contacted by Timeless and offered a reversal of their purchase costs (i.e. fraction price plus fees paid). 

What does this incident mean for fraction holders?

All Timeless assets are fully insured. 

Customers holding fractions in the affected assets will be contacted by Timeless in due course and offered a reversal of their purchase costs (i.e. fraction price plus fees paid). 

Are the assets I’m invested in protected?

All Timeless assets are fully insured. 

Customers holding fractions in the affected assets will be contacted by Timeless in due course individually as well as promptly and offered a reversal of their purchase costs (i.e. fraction price plus fees paid). 

How long will it take to get my money back?

All Timeless assets are insured at all times. Once it is possible for us to proceed with the reversals, you will be able to choose between two options:

  1. to have your individual purchase costs (plus fees paid) converted into a directly available credit balance in your Timeless Wallet. 
  2. to have your individual purchase costs (plus fees paid) repaid on the basis of the reimbursement by the insurance company to your deposited bank account. Please note that this may take several months.

We are doing our best to carry out the reversals as soon as the insurance allows us to. As soon as there is the go ahead, you will receive another email offering you the choice between the two possible reversal options. We ask for your understanding that this is an insurance case and will take some time to process. As per insurance regulations, we are unfortunately not allowed to make any payments that precede a claim settlement by the insurance company. Even though we would like to process the claim as quickly as possible, we have to adhere to the given regulations and dependencies.

How much is Timeless affected by the incident?

The ongoing investigation has revealed that individual Timeless watch assets were affected by the incident. All Timeless assets are fully insured. 

Customers holding fractions in the affected assets will be contacted by Timeless in due course and offered a reversal of their purchase costs (i.e. fraction price plus fees paid). The incident does not affect Timeless’ operations. 

I read that thousands of watches have been stolen. Are these from Timeless?

No, this is another company that we cannot comment on. Timeless only kept individual watch assets in the high security facility, and affected customers will be offered a reversal of their purchase costs (i.e. fraction price plus fees paid).

Who can I contact?

Timeless has set up an additional email address for this incident. You can reach us at reimburse@timeless.investments. Furthermore, you can find all information on our landing page: https://www.timeless.investments/update-eng