Coenraad “Coenie” Botha’s CBI Global Ponzi scheme has collapsed for a second time.

Rather than just admit it ran out of money, like all Ponzi schemes inevitably do, Botha is blaming South African regulators.

In a November 23rd communication sent out to CBI Global investors, Botha (right) advised;

We are closing out exchange facilities in South Africa as of end November.

This means that as from 30 November we will no longer buy and/or sell CBI, BTC and ETH through our bank account in South Africa.

Botha claims this decision was made because “various regulators” are investigating him and his Ponzi scheme.

This is because of the constant investigations regarding our presence and activities in South Africa while there are no regulations regarding crypto currencies in place.

As stated this is likely just an exit-scam ruse, but it’s a good example of securities fraud denial by MLM crypto scammers.

Securities fraud via cryptocurrency is the same as securities fraud via any other currency and/or asset.

CBI Global’s second collapse follows Botha disabling withdrawals back in July.

CBI Global itself is a reboot of Botha’s original Uhuru Tribe Ponzi scheme.

Botha claims CBI Global will return as a decentralized Ponzi scheme in the future.

What happens now with your CBI account?

NOTHING CHANGES! The only difference is that we’ve closed our exchange facility and do not operate in the South African jurisdiction in buying and selling crypto anymore.

All our products on CBI Global are still intact and you can still participate in them.

We are moving over in making all our products decentralised which means … no involvement of any 3rd parties.

This is of course baloney, seeing as CBI Global is owned and operated by Botha – making it very much centralized.

If South African authorities are investigating Botha and CBI Global, they haven’t made anything public.

Botha runs his Ponzi scheme from neighbouring Namibia. Circa June 2021, the bulk of traffic to CBI Global’s website was from Namibia.

Recruitment of gullible investors in Namibia has since collapsed.

At time of publication, Alexa attributes 100% of traffic to CBI Global’s website to South Africa.

To date authorities in Namibia have shown no interest in going after Botha.

As for South Africa, after the MTI debacle, I have less faith in any investigation than I do Botha’s fourth dEcEnTrAlIzEd Ponzi reboot.