CubeBit sweeps securities fraud under the carpet
CubeBit has responded to our published October 25th review.
Rather than address BehindMLM exposing their actor CEO or “Ponzi pyramid ecosystem” business model though, CubeBit has swept its securities fraud under the carpet.
Rather than just name BehindMLM as the publication it’s responding to, CubeBit stated;
We are releasing this statement following a damaging review that has been posted regarding our Cubebit Ecosystem on October 25, 2020 on a website that claims to ‘prove to be a useful resource to people curious about the MLM industry and the companies that exist within it.’
This could have easily just been shortened to; “We are releasing this statement following a damaging review that has been posted” on BehindMLM, but I digress.
We would like to take this opportunity to address the fabricated contents of this article starting off with the condemning mention of MLM.
Seeing as we didn’t “condemn MLM” in our review, we have no idea what CubeBit are on about.
After waffling on about how great MLM is for a few sentences, CubeBit attempted to address securities fraud.
Cube Blockchain FZC is also registered, licensed, and in compliance with all regulations of the United Arab Emirates.
Regulation of MLM securities fraud in the UAE is non-existent. It’s why scammers flock to Dubai and register shell companies in the UAE to run scams through.
With respect to securities fraud, the scammers behind CubeBit registering a shell company in the UAE is meaningless.
At the time of publication Alexa ranks Pakistan as the sole notable source of traffic to CubeBit’s website.
Securities in Pakistan are regulated by the country’s SEC. CubeBit is not registered with the Pakistan SEC, and therefore commits securities fraud in its primary market.
This fact is not addressed by CubeBit in their review response.
Despite committing securities fraud and running a Ponzi scheme, CubeBit maintains it’s a “reputable and responsible organization”.
It’s worth noting that prior to publishing its October 27th response on social media, CubeBit reached out to BehindMLM via email.
On October 25th Myrtle Ramos, citing himself as CubeBit’s PR Director, wrote;
How are you? Hope things are all well! This is the PR manager of Cubebit.
We would love to request for this post to be checked thoroughly because it is part of an abuse/act of defamation.
We may understand that we have free speech, but we need to take a stand in fighting for our reputation.
We have all necessary documents and licenses and we wish to request for this post to be removed. Recently, someone was terminated by our company and we do believe that this is his doing.
To which I replied;
We stand by the accuracy of our research. Feel free to point out any inaccuracies and we can go from there.
On October 26th CubeBit wrote back with;
Please check thoroughly our website … for further information.
To which I replied;
Already did. Our review is based on information found on CubeBit’s various websites and its compensation plan.
Feel free to point out any specific inaccuracies with our research.
Later that same day CubeBit responded to confirm they were unable to provide any inaccuracies in our research.
We’ve seen that the post is very detailed enough to discuss about the compensation plan and stuff.
We understand that posts must not be biased as well according to emotions but through major due diligence.
We respect your point of view. Thank you for your time.
The next day CubeBit posted its baloney non-answer response on Facebook.
Privately the company can’t fault our research. Publicly CubeBit misrepresents securities regulations and lies to its affiliate investors.
Typically I’d say this reflects poorly on company management. Considering CubeBit has installed an actor CEO though, what’s the point.