iBuumerang distributors are being fed into an NFT Ponzi factory
Holton Buggs’ descent into MLM crypto securities fraud continues.
The latest is iBuumerang distributors now being fed into his NFT Ponzi factory.
Before we get into the heavy fraud, we’ll begin with iBuumerang’s recent acquisition of MBA Trading Academy.
MBA stands for “My Bitcoin Academy”…
…so in fact we have My Bitcoin Academy Trading Academy, but I digress.
MBA Academy was founded in 2017 by Jason Grigg and Michael Sloggett.
In 2021 Sloggett was booted out after “board members learned police had launched a federal money laundering case against him.”
Since then MBA Academy seems to have floundered…
…making it ripe for acquisition.
MBA is being integrated into iBuumerang through its Ellev8 offering.
As iBuumerang executive Mark Kithcart put it on a webinar earlier this week;
It’s going to be incredible for you guys to get cryptocurrency trading from the professionals.
Forex is there, we’ve got the professionals in forex. The crypto trainers are coming so congratulations for you guys.
On the surface this might just appear to be an expansion of financial training offered to iBuumerang distributors.
It’s actually a key component of Holton Buggs’ future plans for the company; and in order for that to work iBuumerang distributors need to feel comfortable with NFT Ponzi grifting.
As Buggs explained on a June 6th iBuumerang webinar;
[52:55] There’s some major benefits that we’re gonna be launching too that … you’ll have access to all of these types of projects. That I can tell you are second to no projects in the entire NFT world.
Warming iBuumerang distributors up to NFT investment fraud is where MBA Academy comes in.
On the back-end we have Meta Labs Agency, a NFT Ponzi factory joint-venture between Buggs, Travis Bott and who knows who else.
Things get murky real fast when it comes to MLM related securities fraud. Add crypto and the atmosphere turns opaquely soup-like.
On the referenced iBuumerang webinar, Holton Buggs claims he started the company because “network marketing was broken (and) needed to be fixed”. He wanted to “pass on something that’ll be worth more in the future”.
Buggs claims since he stopped promoting Organo Gold three years ago, his executive position there dropped 60% in earnings.
That brings us to Meta Labs Agency, which for some reason Buggs refuses to publicly put his name to.
The June 6th iBuumerang webinar is the closest Buggs has gotten to acknowledging his ownership stake;
[52:24] February the 17th I actually launched one of the most successful NFTs in NFT history.
Buggs pins the success of Meta Bounty Hunters on its floor price, which he claims has “doubled from where it was before”.
You can refer to our full review linked above, but the gist of Meta Bounty Hunters is they run a passive investment scheme. Returns are referred to as “reflections” because, y’know… securities fraud.
Anyhow, Meta Bounty Hunters was pitched to Buggs’ iBuumerang inner-circle. You invested $2000 on the promise of a weekly passive ROI.
The ROI is paid out of invested funds – hence the Ponzi scheme.
IQ Chain was part of John Barksdale’s Ormeus Global MLM crypto Ponzi scheme.
Barksdale was indicted on fraud charges related to Ormeus Global earlier this year. He remains a fugitive wanted by US authorities.
Getting back to iBuumerang; to illustrate how Buggs desperately wanting to be an MLM crypto bro has infected distributors, we turn to a January 7th webinar by iBuumerang Black Diamond, David Hunt.
I went on a real rollercoaster ride until I figured out how to profit in the cryptocurrency space, in the trading world.
How did I do that?
I started to hang around people that were successful and that had a good reputation. And one of them is my mentor.
And he is one of the founders of some of the projects we’re involved in. And anything that he says is good, I’m in. I don’t even question it.
He’s one of the wealthiest, actually he’s the wealthiest person I know. And his name is Mr. Holton Buggs.
He opened my eyes to the world of possibilities in cryptocurrency and NFTs.
So with that being the case, we now are in this inner-circle. There’s sixty-one people on this call and the rest of the world don’t know about this yet.
David Hunt is an iBuumerang Diamond Ambassador:
The problem with the NFT grift is that once you’ve flogged the NFTs off, that’s it. If you want to keep grifting you have to keep pumping out NFTs.
And so we have Meta Labs Agency’s follow up to Meta Bounty Hunters, Meta Labs Agents:
David Hunt’s webinar was naturally him shilling the new NFT Ponzi opportunity.
Tomorrow there is an exciting new NFT launch that the public are going to know about next week but tomorrow, if you’re whitelisted … you can have access to this NFT and purchase it before the public have access to it.
We are some of the gatekeepers on here that can allow you to have that access.
What we have here is the interesting dynamic where the Meta Bounty Hunters “getting in early” grift went like this:
Holton Buggs, Travis Bott & friends —> high-ranking iBuumerang distributors – random investors
With Meta Labs Agents, it’s now:
Holton Buggs, Travis Bott & friends —> high-ranking iBuumerang distributors —> regular iBuumerang distributors —> random investors
We’re doing this now to profit from this. We want everyone to profit from this opportunity.
We also want to make sure that you guys don’t miss out on the boat and you’re in this community.
There’s going to be other opportunities from this as well guys.
Hunt goes onto use Meta Bounty Hunters to convince viewers (the majority of whom are presumed to be iBuumerang distributors), to invest in Meta Labs Agents.
I am heavily involved in this project because some of the founders involved in this are part of a previous project, that we are making some very very good profits on.
By profits, Hunt means returns. Explaining the various ways to grift through NFTs, Hunt states
The third way is to find (NFTs) that have a utility tied to them, that you don’t have to sell it to make money. That actually you’re going to get passive income paid out to you on a weekly or monthly basis.
The (NFTs) that we’re involved in have this utility too and that’s the one that I really love.
As “reflections” are to “returns”, “utility” is to “investment scheme”.
The mint price (for MBH) was $2000, which equates to around 0.65 ETH at the time.
Now, if you want to go buy this on the marketplace … you’d have to pay around 2 ETH – which is roughly 3x on your original purchase.
However nobody’s selling it. Why?
Because we’re getting paid every single week. Put a “5” in the chat if you’re getting paid every Thursday, without even having to do anything.
We’re getting paid every single week, a weekly pay out, because they created a ecosystem and utility, that you pay $2000 and part of that $2000 they’re going to put into a pool that is for private investors normally, that’s creating payouts for them on a yearly basis.
And they said, we’re gonna put that money into the pool, and we’re gonna pay you out weekly. Last Thursday we got paid out 3.5%.
We’ve paid out already $5 million dollars to our holders.
Of course there is no trading, Meta Bounty Hunters is a Ponzi scheme.
In a Meta Labs Agency press-release, Travis Bott claims flogging Meta Bounty Hunters NFTs brought in $17.5 million.
If we take Hunt’s $5 million paid out at face value, minus whatever Buggs and co. kept for themselves, whatever’s left isn’t going to last forever.
(MBH) was the first project for Meta Labs Agency. But this is why we’ve got you on the call.
They’re about to launch a new NFT which is Meta Labs Agents. And this has a similar utility ecosystem for payouts for the NFT that you purchase.
Each NFT that you buy, you’re going to earn a direct reflection every month.
So you just buy one and after that you’re going to receive monthly payouts after the eighth week.
So you buy it, eight weeks later the first payout starts.
The more iBuumerang affiliates invest in Meta Labs Agents, the faster they can upgrade to Secret Agents.
If you have enough Secret Agents you can then upgrade to Super Agents, which pay the highest monthly ROI.
Hunt states the “projected” ROI for Meta Labs Agents investors is 10% a month. He goes on to claim Meta Labs Agency bought a “99 Originals” NFT from fellow crypto grifter Logan Paul.
Hunt states this purportedly buys Meta Labs Agency a spot on Paul’s “Impaulsive” podcast, on which they intend to promote the Meta Labs Agents Ponzi.
This will of course take place after iBuumerang investors, those who are comfortable with securities fraud, have invested.
It’s all marketing, as David Hunt explains;
How do you think this is going to go in regards to promotion of our NFTs?
Arguably Logan Paul is one of the biggest influencers out there and is really heavily involved in this (NFT grifting), along with Gary Vaynerchuk.
So, guys. I’m just telling you what’s about to happen.
Hunt wraps up his webinar by warning iBuumerang distributors to watch out for scammers.
There are scammers out there, preying on you because you don’t know what you’re doing in the NFT world.
iBuumerang distributors are being funneled into Holton Buggs’ NFT Ponzi factory through Telegram and Discord groups.
At time of publication SimilarWeb ranks the US as the second largest source of traffic to iBuumerang’s website (20%). It sits behind the Czech Republic at 64%.
David Hunt normally resides in the UK. In his webinar he claimed he was currently in the Czech Republic. iBuumerang is holding a major promotional event there next month.
Neither Meta Labs Agency, iBuumerang, Travis Bott, Holton Buggs or David Hunt are registered with the SEC.