Cloud Token, WoToken fraud investigations in BC Canada
Cloud Token and WoToken are both under investigation by the British Columbia Securities Commission.
In Canada securities regulation occurs at a province level, with the BCSC regulating securities in British Columbia.
Neither Cloud Token or WoToken are registered to offer securities in Canada, meaning both schemes operate illegally across the country.
BCSC identifies both Cloud Token and WoToken as unregistered investment schemes.
WoToken Wallet … claims that users will realize earnings of six to 20 per cent monthly by activating the trading software.
Cloud Wallet … says users will earn six to 15 per cent monthly in the same way.
BCSC’s Director of Enforcement, Doug Muir, also highlighted the pyramid recruitment nature of both schemes:
“These apps’ claims of big payouts from some kind of automated crypto-asset trading appear too good to be true,” said Doug Muir, the BCSC’s Director of Enforcement.
“The apps also resemble a pyramid scheme, in which investors are promised earnings if they get others to join in. Big promises and pyramid-like payouts are both classic warning signs of risky investments.
We urge everyone to approach these apps with extreme caution.”
BCSC has identified three shell companies associated with WoToken. WoToken Wallet in the BVI, WO Data Group Limited in Colorado and WO Data Group in British Columbia itself.
Cloud Token has its own “Cloud Technology & Investments Pty Ltd. shell company registered in Australia.
Today Cloud Token is run by Ronald Aai out of Malaysia.
As at the time of publication Chinese authorities have shown no interest in investigating WoToken.
Similarly, Malaysian and Singaporean authorities have yet to take any action against Cloud Token or World Blockchain Forum.
As I understand it, Cloud Token affiliates have been unable to withdraw via the internal exchange for most of October.
Cloud Token has failed to provide investors with a clear explanation. Every week or so Ronald Aai comes up with a new excuse on Facebook.
Despite ongoing withdrawal problems, earlier this month Cloud Token spent investor funds hosting the company’s top recruiters in Malaysia.