CashFX Group owes $102 million, $5 mill coming in weekly
Analysis of blockchain transactions has revealed CashFX Group owes $102 million in unpaid withdrawal requests.
That amount is increasing by about $14 million a week.
The reason behind CashFX Group’s never-ending withdrawal issues?
The Ponzi scheme is only bringing in ~$5 million a week.
Our source for this story is research by Rob Truckle.
Truckle, a member of the CashFX Scam – Now What!? FaceBook group, was also behind blockchain research that confirmed CashFX Group recycled investor funds.
Truckle cites Ron Pope as the architect behind CashFX Group’s programming.
In addition to that, Pope is often credited as a CashFX Group co-founder.
This would make Pope, a US resident, one of the primary beneficiaries of the Ponzi scheme.
As per Rob Truckle’s CashFX Scam – Now What!? Facebook post, here’s how he calculated CashFX Group’s ROI liability.
Ron Pope the mastermind behind CashFX coded the payment processor to send change to a constant address along with sending the deposits straight to withdrawals so we have a ledger of all the money coming in and going out.
Money in this year = 885.600000 BTC = $36,484,331.50
Average pay-out per address = $791.55 (from 61 pay-outs to 23539 addresses)
He also gave the withdrawals concurrent id’s so if we have a recent one and an old one that hasn’t been paid yet we can work out how many withdrawals there are in the system.
25/12/2021 ID 1941XXX
13/02/2022 ID 2070XXX
That’s 129,000 withdrawals that haven’t been paid! (not taking into account the consolidated withdrawals from October and November).
Times that by the average pay-out per address and we get $102,109,950.00
129,000 over 7 weeks is an average of 18,428 requests per week, so they need $14,587,135 just to keep up with payments.
This is current as of February 24th, 2022.
With $102 million owed and withdrawal liability climbing by almost 300% of invested funds each week, as Truckle puts it, “CashFx is completely fucked”.
BehindMLM first reported CashFX Group withdrawal delays in April 2020. At the time we called CashFX Group’s imminent collapse.
Due to the endless gullibility of MLM crypto investors, CashFX Group has been able to string them along for almost two years.
This came to a head earlier this year, wherein withdrawal requests that were then almost five months behind were wiped.
These have obviously been replaced with new withdrawal requests. CashFX Group’s new investment not meeting withdrawals is an ongoing problem.
That brings us to the current situation: A trickle of ROI withdrawals are paid out, while the outstanding owed balance spirals further out of control each week.
If you’re wondering who the gullible schmucks are that keep plowing millions into a collapsed Ponzi scheme each week are, Alexa ranks top sources of traffic to CashFX Group’s website as Australia (15%), Liberia (12%) and the US (12%).
Overall traffic to CashFX Group’s website is declining but doing so slowly.
Looking forward, we should hit the four month mark of outstanding withdrawal requests again by mid year.
What bullshit excuses CashFX Group come up with this time should be good for another laugh.