GoldenWay Ponzi scheme collapses, withdrawals disabled
The GoldenWay Ponzi scheme has collapsed.
As per a January 6th communication sent out to investors, withdrawals have been “suspended” for four months.
In addition to disabling withdrawals, GoldenWay also cancelled any pending withdrawal requests.
Notably, investors are still able to deposit new funds into the company and recruit new investors.
Minutes from a GoldenWay’s leader’s meeting doing the round confirms “loss of momentum in gold sales” is the reason for the collapse.
GoldenWay runs its Ponzi scheme under the ruse of investors buying gold.
The same circular claims GoldenWay will re-enable withdrawals “according to the evolution of society”.
GoldenWay was a Boris CEO Ponzi scheme run by Ukrainian scammers with ties to Dubai.
Playing GoldenWay’s Boris CEO was Olesya Galusha (left in the screenshot below).
Total GoldenWay victim numbers and how much they’ve lost remains unknown.
Russia issued a GoldenWay pyramid fraud warning in October 2022.
Unfortunately Ukraine isn’t known for active regulation of MLM Ponzi schemes. Dubai enables Ponzi scammers by turning a blind eye to securities fraud, so don’t expect any regulatory action there.
SimilarWeb tracked increasing traffic to GoldenWay’s website over the past few months.
In October 2022 GoldenWay’s website is estimated to have had 839,000 visitors. In December 2022 that doubled to 1.6 million.
The majority of GoldenWay website traffic originates out of Russia (23%), France (11%) and Spain (9%).