Barnaje DAO has received a securities fraud warning from the Australian Securities and Investments Commission (ASIC).

ASIC added Barnaje DAO to its Investor Alert List on April 7th, 2025.

[Barnaje DAO] is likely to be offering financial services to Australian consumers. It does not hold an Australian financial services licence or Australian credit licence from ASIC, and is not authorised by a licensee.

Offering unregistered financial services to Australian consumers constitutes securities fraud.

Barnaje launched as a sovereign citizen nutjob gifting scheme in late 2023.

The scam is headed up by Lynford Theobald, an 80+ year old Utah resident and serial promoter of MLM gifting schemes.

The original iteration of Barnaje collapsed a few months after launch. This prompted Theobald to reboot as Barnaje DAO.

Barnaje DAO is an attempt to hide Theobald’s ownership of the illegal gifting scheme.