Kuvera Global suspends ROI payments, blames ethereum
Investview’s unregistered securities offering is on the rocks, following the announcement Kuvera Global is suspending ROI payments effective immediately.
In an email sent out a few hours ago to Kuvera Global investors, the company claims ‘due to the recent drop in the value of Ethereum, mining Ethereum is not currently profitable‘.
The cost of electricity and maintenance is now greater than the value of the coins being mined.
Our mining partners who are experts in the field, have explained to us that at this time the best course of action for everyone is to implement the “Mining Interruption”.
Our hope is that the value of Ethereum will increase to profitable levels again soon.
It is in the best interest of our mining partners to have the equipment running again soon, however, it’s best for everyone to avoid the unnecessary wear on the equipment during this unprofitable mining period.
So Kuvera Global claims it can’t operate its cloud mining service, because ethereum’s value is in the hole.
What’s peculiar is that, in addition to suspending the daily ROI, Kuvera Global is also suspending withdrawals.
During the pause, payouts will be temporarily stopped, but when mining returns to profitability the mining pause will be lifted and Payouts will resume.
Surely the earnings Kuvera Global represents affiliates have already earned in their backoffice should still be withdrawable?
The only reason Kuvera Global wouldn’t be able to honor withdrawal requests is… and this will of course be a complete shock, the company doesn’t have funds to pay everyone out.
Investview having not registered Kuvera Global as a securities offering aside, if 100% of ROI payments Kuvera Global made were generated from cloud-mining, where did the money affiliates have supposedly already earned go?
For those wondering why Kuvera Global don’t just ditch ethereum and mine something else;
Our mining partners have also informed us that at this time there are no other alternate coins that are currently profitable to mine.
I don’t keep detailed tabs on the going-ons of cryptocurrency, but uh what, no altcoins are currently profitable to mine?!
Why the hell hasn’t the entire cryptocurrency market crashed then?
For investors who find all of this unacceptable, Kuvera Global does offer the option to continue mining.
Be aware though that your daily ROI payment will be negative, which Kuvera Global will of course bill you for.
And not that anyone actually read it, but apparently this is all permissible as per Kuvera Global’s “mining agreement”;
If mining becomes and remains unprofitable for twenty-one consecutive days then this Agreement will be suspended until in the Company’s good faith judgment mining returns to profitability….
During the suspension Period, Payouts will also be temporarily stopped, but when mining returns to profitability, the mining suspension will be lifted.
Sounds like your typical MLM cryptocurrency exit-scam to me.
The announcement so close together with Bitclub for different reasons is very odd.
Could it be that the Kuvera supplier gets the equipment used from Bitclub?
‘Tis to laugh:
If Investview thinks the margins are too thin on ETH mining just wait till they try BTC.
Oh, and they’re hocking mutual funds now. And in inimitable Investview style they’re using an offshore broker out of Bangalore India, Arevuk Advisory Services Pvt Ltd.
Arevuk is registered with the Securities and Exchange Board of India (SEBI) as an Investment Advisor. No word yet as it if Kuvera has registered this offering with the SEC in the USA but given their track record, I highly doubt it.
But then again, they would be compliant if they only offered this service to citizens of India.
Until Kuvera Global is registered with the SEC, they’re not in compliance.
BYOBitcoin is based out of Austin, Texas and they’re not registered with the SEC either. So if Kuvera Global do launch bitcoin mining, probably won’t be long before Texas sends Investview a cease and desist.