Paid $16,970 for company incorporation - nearly 4 years later, no service, no refund
I paid 15.08 ETH ($16,970.75 USD) on June 21, 2022, for company incorporation services in Hong Kong. Payment was made to their wallet (otocorp.eth) and is permanently recorded on the Ethereum blockchain. Order number 2022060808.
Nearly four years later, no company was incorporated and no service was delivered.
Timeline of events:
June 21, 2022 - Full payment made. Otonomos sent onboarding instructions requesting certified KYC documents.
June 28, 2022 - I submitted passport and proof of address, plus three name options for the entity. They said the documents were "not certified" but gave vague guidance on how to actually certify them.
July 23, 2022 - I resubmitted and explicitly asked: "How can I send certified copies? Can you be more specific?" They confirmed the company name and sent a new upload link, but never gave clear instructions for an international client.
November 7, 2022 - Follow-up from Otonomos requesting certified KYC again. Still no additional guidance.
June 13, 2023 - I emailed asking how to proceed or receive a refund. They replied the same day asking for the same documents. My refund request was ignored entirely.
September 19, 2023 - Another follow-up requesting KYC documents.
November 23, 2023 - I explained I only have digital bank accounts and asked about the refund procedure. For the first time, over 16 months after payment, they suggested an online notary option.
November 27, 2023 - Refund officially refused. They stated that because "more than a year" had passed, only service credit was available. However, I had already requested a refund on June 13, 2023, less than a year after payment, and that request was ignored.
February 5, 2026 - I sent a formal legal demand letter requesting a refund of $16,970.75 with a 14-day deadline.
February 9, 2026 - Demand rejected. Only service credit offered. They also attached a screenshot of my email with the phrase "don't do it" taken out of context. The full sentence was: "don't do it, just let me know the procedure," meaning do not process anything yet, just explain how refunds work.
February 17, 2026 - The CEO personally responded, claiming it was "surprising" that I was requesting a refund despite my documented request from June 2023. Refund refused, "books are closed" for that fiscal year, and he suggested I find someone else to use the credit on my behalf. The response also included a reference to "defamation" regarding sharing my experience publicly.
Summary of facts:
- Paid $16,970.75 for a specific service that was never delivered
- Attempted multiple times to comply with their document requirements
- Guidance on certification was vague and a practical alternative was only suggested 16 months later
- First refund request (June 2023, within their 1-year window) was ignored
- Second refund request was denied
- They hold my funds and offer only service credit I cannot use
- The ETH paid is now worth over $30,000
- Documented legal arguments were met with no legal authority and a defamation reference
I am sharing this factually. Every date, amount, and statement is backed by blockchain records and email correspondence I have preserved in full.
If you are considering Otonomos or OtoCo for incorporation, especially as an international client paying in cryptocurrency, please be aware of this experience.