Daxio sent pyramid scheme fraud warning from Norway
Daxio has received a pyramid scheme fraud warning from the Norwegian Gambling Authority (Lottstift).
Lottstift issued its Daxio fraud warning via a May 20th letter addressed to “Daxio Norge”. Frode Jorgensen is identified as Daxio’s CEO.
Lottstift notes that is previously sent correspondence to Jorgensen regarding Global Game Arena (GGA) in 2019.
GGA was a Ponzi scheme Jorgensen launched in 2019.
After collapsing three times, Jorgensen rebooted GGA as Daxio in mid 2020.
After confirming Daxio is “a continuation of Global Game Arene Ltd”, Lottstift states the reason they are writing to Daxio is to provide “information for everyone involved in the business about the rules … for pyramid schemes”.
The letter goes on to suggest Lottstify has opened an investigation into Daxio.
The Norwegian Lotteries Authority shall check that the Lottery Act is complied with.
It is forbidden to create, operate, participate in or distribute pyramid scheme or similar system, this is stated in the Lottery Act.
The Lottery Act’s ban on pyramid schemes and pyramid-like trading systems applies direct sales concepts where more than half of the revenue comes from membership fees and the like.
With in other words, it is a requirement that real goods or services are sold in the business, and the turnover from this must amount to at least 50% of the income of the business, so that it is not an illegal pyramid-like turnover system.
As per BehindMLM’s published Daxio review, the company has no retailable products and services.
The Norwegian Lotteries Authority assumes that the company’s activities are built up in a pyramid structure with several others
level where participants can achieve financial gain by recruiting new participants at a lower level.We have registered that there have been information meetings aimed at Norwegians, and that people living in Norway are recruited into the business.
Based on the knowledge we have, we suspect that the company is a pyramid scheme.
You recruit participants, and sells investment product with uncertain value and with promise of high income.
Our advice is that people should stay away and not bet or invest money in pyramid schemes, investment fraud and other similar scams.
Based on the information we have, it appears that Daxio also mediates gambling that does not have permit in Norway.
Gambling that is not licensed in Norway is prohibited under the Lottery Act and the Gambling Act to offer, market and mediate, including mediate payment.
Since this letter is aimed at all participants in the company’s operations in Norway, we expect you convey the letter to these participants.
Lottstift goes on to advise Daxio to “immediately cease” business operations in Norway.
Daxio operates through a shell company incorporated in the British Virgin Islands.
BVI is a scam-friendly jurisdiction that immediately raises red flags for any MLM company representing ties to it.
Daxio operates from the domains “daxio.com” and “mydaxio.com”.
SimilarWeb reports a decline in traffic to both domains over the past three months. Such to the extent Daxio is active in Norway, recruitment appears to be insignificant.
Top sources of traffic to “daxio.com” are Malta (36%), Vietnam (30%) and Sweden (15%). “Mydaxio.com” traffic is led by Sweden (45%), Hungary (18%) and Moldova (17%).
Frode Jorgensen is a Norwegian citizen based out of Thailand.
Fraud??
Well yeah, all pyramid schemes are fraudulent.
Found this site after googling when Co-workers of mine states that they have doubled (!!) 10k€ after 26months with this.
They really selling in this to others in the coffe room with proofs that they was possible to withdraw to crypto.com wallet and spend the money.
But im very sceptical and your article really confirms my thought that this will not last very long! Thanks!
Do you know how long until this will collapse?
Irrespective of whether your co-workers invested early and are able to steal money through Daxio, it’s still a Ponzi scheme.
Same as any other MLM Ponzi scheme; when new investors stop signing up to lose money.
Indeed when others ask where the money comes from they are ignorant or does not care as long as they make profit them selfs – So moral is very low.
Surprised that they have been in this for almost 2years now – is it normal in this frauds that new dummasses joins for so long?!
Do you know more from the Norwegian lottstift investigation?
When shit collapse, will users (like my co-workers) be in risk of leagal/tax investigation actions?
(Ty for quick reply, newer heard of this things so are making my self private investigation online and I find your site very usefull! 🙂 )
Daxio started off as Global Game Arena and has been rebooting itself since 2019.
The current metaverse grift is just the latest Ponzi spin.
Lottstift hasn’t issued any updates. If you’re in Norway might be worth reaching out to them, especially if management aren’t doing anything about promotion of Ponzi schemes in the workplace.
Norway doesn’t have a history of prosecuting MLM securities fraud cases. Jorgenson is in Thailand further complicating regulation.
At a basic level I’d say roping co-workers into Ponzi schemes isn’t great for long-term employment prospects.
Maybe good idea to contact them, thanks.
Reboot = They shut down and ppl with freezed € are screwed?
They use the sportbot, when was last reboot?
I’ve interested to know how long statisticly ”early” ppl make profit so I can warn others that this seems to be in the end face.
There im fighting the colleagues who sells this cuz argument ”But we have been investing 2yrs w/o problem and after first freeze end it is ”won” money invested”.
Im amused how these kids say won money and investment in same sentence btw *lol*
Reboot = come up with new marketing bullshit to keep the Ponzi going.
Daxio’s SportsBot was introduced in late 2021.
The original model was gambling, introduced in May 2020.
Okey thanks for clarification!
Interesting to follow how long more dumasses sign up for this big risks.
Hopefully your articles are eye openers
/peace!
They are struggling now with withdrawals. Definitely collapsing.
Tinka, can you give us more info of how you know they are struggling with withdrawals?
They Are struggeling since 4th of July.
They did not pay out any more than one week and before a very few amounts to a very small crowd of people.
They Are struggeling since 4th of July.
They did not pay out any more than one week and before a very few amounts to a very small crowd of people.
They launched the new payment system yesterday. And already having issues with the new system.
So yesterday they paid out, today they have not paid.
Also the daxiobot has steadily declined % returns.
They will start a high focus on recruiting moving ahead. Since now payment has been “fixed”.
They also pay out in their own token (sdax) and you can tell it’s going “great”: dexscreener.com/ethereum/0xa08d8ddf045f583e2cb3ef2ea99900ed60897d0b
They are still pending withdrawals. Can’t believe how much patience the affiliates has.
Some are claiming that “someone in their community” has received withdrawals, but still people are waiting since 9’th of November after they were going to launch the new auto withdrawal.
The auto withdrawal is still not in place, and people is getting sick of waiting. in Discord people that asks questions are banned from Discord server.
If Daxio doesn’t have new investment to pay regular withdrawals, they don’t have money to pay “auto-withdrawals”.
Indeed. I talked to an affiliate today. They are still pending withdrawals.