iX Global’s IN8 NFT grift, purportedly running on Debt Box’s technology, has collapsed.

As per a March 27th message to investors on IN8’s website;

As of yesterday blockchain vendor DEBT has placed the IN8 project on a temporary pause.

We have become aware of new business challenges involving DEBT and we regrettably need to inform you that certain members of the DEBT Council have decided to indefinitely “pause” the minting of IN8.

iX Global doesn’t go into what the “new business challenges” are. BehindMLM noted securities fraud in our January IN8 NFT article, but securities fraud has been illegal in the US since 1933.

As a result of the unspecified “new business challenges”, iX Global advised investors;

We have decided that the best way to move forward is to declare the project non-viable and request that DEBT refund your minting fees.

What does this mean for you:

  1. Your IN8 NFTs are no longer eligible for any token reward from IN8
  2. Your minting fees need to be refunded through the DEBT V2 system by DEBT

IN8 was built around IN8 tokens. iX Global affiliates invested in $25 NFT positions, which provided access to a “staking” investment scheme.

With Debt Box and iX Global already targets of an SEC lawsuit alleging securities fraud, doubling down with a new unregistered securities offering seemed pretty stupid.

While we can’t confirm securities fraud is the reason Debt Box pulled the plug on the IN8 backend, we can confirm the grift was a massive flop.

Since launching in January 2024, IN8 NFT website traffic has been too low for SimilarWeb to track.

This doesn’t come as a surprise for a number of reasons:

  1. The SEC’s ongoing lawsuit against Debt Box and iX Global alleges $49 million in securities fraud
  2. the majority of iX Global investors appear to be Indians who got screwed over in Debt Box’s original unregistered securities offering
  3. the Indian investigation into iX Global is ongoing, with an open arrest warrant issued for founder and CEO Joe Martinez

I’m not expecting any but pending any further IN8 NFT updates, we’ll keep you posted.