GoArbit securities fraud alert issued by Argentina
GoArbit has received a securities fraud alert from Argentina’s Comision Nacional de Valores.
As per the CNV’s February 15th alert;
GoArbit and Máximo Martínez are not registered as agents in the corresponding Registry of this CNV.
Passive investment opportunities offered by MLM companies constitute securities offerings. This requires registration with financial regulators in every jurisdiction investment is solicited in.
As a result of GoArbit failing to register with the CNV, the regulator has ordered
GOARBIT and Mr. Máximo MARTÍNEZ to immediately terminate the entire territory of the REPUBLIC OF ARGENTINA of any invitation to persons in general or to specific sectors or groups to invest.
GoArbit launched in May 2020 and pitched a 200% ROI.
The Ponzi scheme was headed up by Maximo Martinez, who I wasn’t able to dig up any additional information on.
What makes CNV’s fraud alert a little odd is that GoArbit collapsed in April 2022.
Pre-empting GoArbit’s collapse, Martinez fled South America for Dubai in late 2021.
GoArbit attempted to reboot as GoFinTech Group after it collapsed.
The reboot never evolved past setting up a placeholder GoFinTech Group website, which SimilarWeb tracks negligible traffic to.
A visit to GoArbit’s original website domain reveals a third reboot:
GoArbit V3.0 is yet another Ponzi scheme, this time dressed up as square token staking.
Square Token is a BEP20 token created by GoFinTech Group in mid January.
BEP20 tokens can be created in a few minutes at little to no cost. The GoArbit scammers have specifically created square token for their third Ponzi reboot.
GoArbit’s new fraudulent business model can be summed up as:
- GoArbit affiliates invest in square tokens (generated on demand out of thin air)
- square tokens are parked with GoArbit (staking)
- the more square tokens are parked with GoArbit the higher the return paid out (in square tokens)
- early GoArbit investors cash out their square tokens, stealing funds invested by later investors
A roadmap provided on GoArbit’s website suggests the third Ponzi reboot launched in late 2022:
Maximo Martinez is purportedly still hiding out in Dubai:
SimilarWeb tracks declining traffic to GoArbit’s website, down from a November 2022 reboot launch record of 4.5 million monthly visits.
I suspect the vast majority of this traffic is GoArbit victims seeing if there’s any news on recovery, realizing it’s the same Ponzi rebooted again and leaving.
As of January 2023, SimilarWeb tracked top sources of traffic to GoArbit website as Colombia (48%), the Dominican Republic (16%) and the US (10%).
Argentina scraped in as the fifth largest at 6%.
Ponzi reboots rarely last as long as their predecessors. Pending GoArbit collapsing again, we’ll keep you posted.
Update 8th January 2024 – Not sure exactly when GoArbit collapsed again but, as at the time of this update, GoArbit 3.0’s and SquareToken’s websites are inaccessible.
Máximo Martínez wanted/wants to be the first president of the Dominican Republic from Dubai
nitter.hu/MaximomartineRD/status/1466594552362401792#m
His account looks dead and the only reply to this post reads: where is my money? you scamming rat!
Maximo Martínez talks about the end of Goarbit:
youtube.com/watch?v=-fiqTtr20Q8
ibb.co/kD3Rxh2
The Caption reads We have decided to shutdown the whole Goarbit operation
Blah, blah, compromise, blah, blah, trust me brother in Christ this won’t disappear, blah, blah, hope, blah, square token, blah, blah to the moon!
However the video’s description says something quite curious: they’re talking not of the end, but a “transition” deemed as “The ultimate solution” FFS.
(Google Translation)
XD
But if you read the comments on that video, people are not so happy about it.
PS: Colombian scammers are only sharing the video with no further comments about investments or the future.
GoArbit collapsed in April 2022 and they’re still stringing investors along?
Crypto bros really do make perfect Ponzi victims.
Oz
There is leaked audio send by a “leader” informing his community that they have already started legal actions in the UAE against Maximo Martinez.
But the same channel there is a newer audio saying that Maximo Martinez is not the real owner of GoArbit. Being Morenai (or Morena) and Abiismael Echavarria (with the assistance of Roger Días, allegedly a Brazilian guy whose real name appears to be Rogério Alves da Silva) the masterminds behind the scam.
Do any of those names ring a bell?
GoFintech published a hilarious “Trust me bro” video:
youtube.com/watch?v=yyb8AMXrPxo
(Google translate)
ibb.co/LvpDPhj
Go Manager Alfredo Sánchez also shared a video in Telegram Channels addressing the community with a similar message
ibb.co/27ZLJ10
That’s top-shelf copium marketing.
“ChapGPT, write an update to string Ponzi victims along for a little bit longer.”
Behold, it is here Roger Dias’ new company Tiger Cyber House a “DAO” targeting the Latam Community
ibb.co/v4ZBTKW
The official channel is a rather sad ponzi reboot with 4 videos and lots of empty words.
youtube.com/watch?v=igCwwT-lmV0