HextraCoin ICO lending Ponzi collapses, blames “hackers”
HextraCoin is one of the earlier ICO lending Ponzi schemes to launch in 2017.
Almost to the day their initial ROI maturity period would have ended, HextraCoin has suspended ROI payments.
On January 2nd, 2018, Hextra Coin sent affiliate investors the following message:
Dear all members,
Due to Hextracoin was cyber attacked by hackers, we need to put our servers under maintenance.
We would like to ask all members to please be patient and do not worry as we’re committed to protect your interests and personal data.
The expected time for Hextracoin to be back is on January 9th, 2018.
HextraCoin promised affiliates a monthly ROI of up to 48%, with initial funds invested returned after a set maturity period.
The shortest maturity period is for HextraCoin’s top investors, who receive their ROI payments after 99 days.
With a bit of Google kung-fu I was able to ascertain that HextraCoin went live on or around September 28th, 2017.
99 days from September 28th is… wait for it, January 5th, 2018.
Naturally the percentage of HextraCoin investors who invested $10,010 or more to qualify for the 99 day maturity period is low.
But, as I’ve mentioned in every ICO lending Ponzi review I’ve published, the admins of these scams keep paying out until a reserve threshold is reached.
Taking into account recruitment commissions paid out, that’s threshold has obviously been reached sometime in the last few days – hence the baloney about hackers.
Those familiar with the MLM underbelly will recognize “hackers” as being right up there with “DDOS attacks”, “all of a sudden I have a horrible disease” and “someone died” as some of the oldest Ponzi collapse excuses in the book.
So what happens now?
If Hextra Coin re-enables ROI payments on January 9th, expect it to be short-lived.
The anonymous owner(s) will no doubt be keeping a close eye on new investment, likely deciding within a few days if it’s worth continuing the ruse or cutting and running for good.
There’s also the possibility that there’s no intention to reopen on January 9th, with a week or so plenty of time to formally disappear.
The big YouTube recruiters who lead thousands of gullible victims into HextraCoin have already made their money back through recruitment commissions.
As with every Ponzi scheme, everyone else is set to lose out. And no doubt for some HextraCoin investors, that means losing out big time.
I take no pleasure in reporting the first major MLM ICO lending Ponzi collapse of 2018.
What’s even more depressing is with the sheer number of them having popped up over the past few months, this is an inevitable trend that’s going to continue well into the year.
A lot of people are going to learn the hard way this year that Ponzi math still applies to cryptocurrency scams.