BigWhale confirms exit-scam after Texas fraud warning
BigWhale has acknowledged an emergency cease and desist issued against it yesterday.
And in doing so, has also confirmed the end of their “we got hacked!” exit-scam.
In an update published after the Texas State Securities Board’s order was made public, BigWhale announced it was
terminating all operations indefinitely, with no intentions of relaunching or resuming business activities at any future point.
When BigWhale learned it was under investigation by regulators in the US and Canada is unclear.
Within two days of receiving the notice from the TSSB, dated 4th October, 2023, BigWhale.io announces the immediate cessation of all operations, effective immediately, and the discontinuation of services to customers in both the United States and Canada.
Said investigations however appear to have triggered BigWhale’s initial collapse and “we got hacked!” exit-scam ruse.
That was on October 2nd. On October 3rd, an in attempt to dissuade victims from filing complaints, BigWhale came up with a refunds ruse.
We will be refunding all total deposits of all investors, in an ascending order of stake size and ROI considered, starting on 9 October 2023.
In light of TSSB’s emergency cease and desist, BigWhale’s refunds ruse has been exposed for the sham it always was.
Regarding the Refund Program that we had published prior to these regulatory notices coming to light, due to the nature of regulatory and legal circumstances surrounding this, we will be postponing the Refund Program indefinitely.
BigWhale was an MLM crypto Ponzi scheme run from India by Indian national Syed Sameer (right).
After BehindMLM published its BigWhale review in July, pointing out the Ponzi scheme’s legal deficiencies, we were threatened with legal action.
BigWhale.io cannot legally disclose (and is under no obligation to) the details, names, addresses and any personal or private information of the clients it works with – this is applicable to both its investors, as well as borrowers.
BigWhale.io is under no obligation to disclose the personal information / private details of its staff members, founders / owners.
Neither BigWhale.io – nor Quizam Media Corp – both of which are completely unrelated companies in two different jurisdictions – have anything to do with securities, and as such, they have nothing to do with the British Columbia Securities Commission as stated on your website.
We serve this letter to you in good faith and wish to resolve this matter amicably first.
As such, we request that defamatory comments and content as well as misleading statements about all three parties, especially Marianna Vilchez, be taken down completely or modified in such a way where it is no longer in violation of defamation / libel laws of Canadian, US and Swiss jurisdictions, from your website, BehindMLM.com within seven business days as of the time of serving this notice to BehindMLM.com, Google LLC, GoDaddy, Inc., failing which, all three parties as mentioned in points 9.1, 9.2, 9.3. will seek legal and punitive damages and initiate appropriate legal action against BehindMLM.com, its founders and staff, its web host and advertising partner.
Obviously we didn’t comply with BigWhale’s threats, because BigWhale was indeed committing securities fraud and running a Ponzi scheme.
Through BigWhale, Syed Sameer is believed to have stolen millions from BigWhale investors. Pending any further developments, we’ll keep you posted.