RealT, a cryptocurrency real estate company that owns hundreds of rental homes in Detroit, appears to be unraveling. 

The company has stopped almost all weekly payouts to investors. It owes millions of dollars in unpaid property taxes, water bills and blight tickets. And it faces the possibility that more than 300 Detroit properties could be pushed into tax foreclosure by the end of March. 

RealT’s co-founders, brothers Remy and Jean-Marc Jacobson, built their business selling digital tokens representing “fractional” ownership of rental properties. Overseas investors bought the tokens and received weekly payouts from the rent RealT said it collected from Detroit tenants. 

But as its debts and legal problems…