Liyeplimal Ponzi collapses, reboots with LimoCoin SWAP
Simb Emile Parfait’s Liyeplimal Ponzi scheme collapsed in the lead up to Christmas.
The scheme was rebooted with LimoCoin SWAP, but reports indicate that’s not going too well.
Liyeplimal’s original business model saw the Ponzi operate through Limo and XAF.
Both are ERC-20 shitcoins, which take 5 minutes to set up at little to no cost.
On or around December 2nd, Liyeplimal collapsed.
Limo and XAF have been abandoned and replaced by LimoCoin SWAP.
LimoCoin SWAP purportedly operates on both the ethereum and binance smartchain blockchains.
As reported by a reader, over the past month LimeCoin has ‘dropped from initially 1 USD+ to something under 0.04 USD.’
Liyeplimal don’t publish LimoCoin SWAP’s current internal value on their website.
LimoCoin SWAP on BSC is publicly listed at 3.2 cents.
Liyeplimal was subject to numerous regulatory warnings throughout late 2020 and 2021.
COSUMAF in Africa kicked things off in October 2020. They were followed by West Africa, Angola and Canada (BC and Quebec).
In response to increasing regulatory scrutiny, Liyeplimal’s parent company Global Investment Trading was renamed to Simtrex Commercial Brokers LLC.
Parfait himself fled Africa for Dubai. With limited extradition treaties and no active MLM securities fraud regulation, Dubai is a safe-haven for MLM scammers.
On its website Liyeplimal claims it has “a cryptocurrency mining license in Dubi [sic]”.
Alexa’s traffic analysis suggests the largest pool of Liyeplimal victims are from Cameroon (13%).
Update 20th February 2022 – Liyeplimal’s LimoCoin SWAP has also collapsed.
thanks for the follow-up article. Just a little rectification: XAF is not a “shitcoin” but the “Central African CFA Franc” (ISO4217 Currency Code), i.e. the currency which the former French colonies in central Africa adopted after their independence.
1000 XAF was 10 French Franc until the French Franc was replaced by the Euro. Now it is 1000 XAF = 1.5 Euro
ps> There is a quite interesting Reddit (“My friend thinks she’s in an MLM, but it’s a LEGIT Ponzi scheme”) stating that Simb has no trading licence in Dubai either
Liyeplimal used XAF points to track investment in the original Ponzi.
actual money –> limos –> XAF points –> get more XAF points because Ponzi –> limos –> actual money
I don’t doubt there’s a real world currency equivalent but as I understood it Liyeplimal’s XAF only shared the abbreviation.
one thing that really bugs me is that Liyeplimal, PetronPay and other scammers are still very actively advertising for their “investment plans” via YouTube various channels.
YouTube usually deletes all kind of content even if it is not explicitly against the law, eg the tiniest bit of nipples or Trump’s “alternative facts”. But hey, let’s face it, promoting Ponzis is legally in another league, many countries jail you for that.
But still, on YT, those guys get away with it, and worse, their “community” flags as spam any critical comment people may leave.
I’d be happy if you shared your ideas on this issue in an article (or by sending me an email).
Social media has a lot to answer for with respect to promotion of scams. The argument is that it’s not up to them to police what is and isn’t a scam and therefore make a determination.
I get it. I know first-hand what it takes to keep up. On the other hand this hasn’t been tested in court.
Due to the inherent nature of social media, anyone promoting anything on it has a vested financial interest. For that reason I’d take anything on there with a grain of salt.
Not going to help “the masses” but beyond a regulator taking social media companies to task, not much the public can do.
You can watch the situation deteriorating in real-time if you’re paying attention to the influencer crypto scams play out.
They’re stealing millions from their audiences, exclusively through YouTube, Twitter, Telegram, Discord etc., and nothing is being done about it.
Double O is right—XAF is not a cryptocurrency. They mentioned XAF for conversion purposes. That’s because most of their victims reside in the Central African CFA franc zone. Members who live abroad have to convert to their local currency by converting to XAF first.
Say a user in the US has 1000 Limos and needs USD. They have to convert 1000 Limos = 600,000 XAF. Then use xe dot com to convert 600,000 XAF to USD.
You definitely cannot compare the shitcoin LMCSWAP with XAF simply because this scammer has used it for conversion.
N.B.: I also saw a chat where they suggested the XAF, USD, and Euro equivalent for 1 Limo. Would you also call USD and Euro shitcoins?
@Prince: I understood things your way, too. At least that is how acquaintances who wanted to enrol family members in Liyeplimal presented it.
That being said, one thing is sure: the “real life” XAF is de facto pegged to the Euro, since XAF was pegged to the French franc which was replaced by Euro. So the conversion rate stays forever at 1000 XAF = 1.52 Euro.
What is really odd though is that the amount of XAF you need to buy one LimoDollar varies in different documents issued by Liyeplimal: I have seen 800 XAF and 1000 XAF for $1 Limo, Prince was told its 600 XAF.
So that would be an argument for the existence of a second “Ponzi point” XAF which exists only in the world of Liyeplimal (like Oz understands things).
That being said, I have even seen documents from Liyeplimal where a different yield was shown in XAF and Limo side by side, but that was probably only pure mathematical incompetence 🙂
More importantly, beyond the Liyeplimal scam, I am amazed how slowly the European and even US authorities react with respect to these MASSIVE ongoing scams.
Hey there, just a little update because the Liyeplimal scam is literally exploding since a Franco-Cameroonian investment youtuber by the name of Philippe Simo posted a series of live streams on his youtube channel “Investir au Pays” these days.
For those who understand French, they are worth watching. More drama than in some Netflix shows 🙂
Hey guys, I think I solved Liyeplimal’s XAF/Dollar mystery: I have documents showing that Liyeplimal worked in USD (ie US Dollars) until early 2020. No XAF or Limos at that time.
Then, by June 2020, when Oz did his first scrutiny of Liyeplimal, this scheme was abandoned, and USD were converted 1 to 1 in LimoDollars (Ponzi points).
Real-life XAF where then used to buy/sell “investment plans” in LimoDollars, at a ration 800 XAF/Limo when buying in, and 600 XAF/Limo for payouts.
Early 2021, these ratios were changed to 1000 when buying, 600 when selling your Limos.
Then, after payment problems still subsisted in Summer 2021, LimoDollars where replaced by LimoCoins in Nov/Dec 2021 which we all know crashed from 4 to 0.4 USD shortly after the market was opened publicly on 12/13 Dec, followed by another rug pull by Simb on 25/26 Dec, which made them end up at sth like 0.03 USD….
According to various news articles, M Emile Simb was arrested by the Cameroonian police on May 26th early in the morning just before boarding a plane to Morocco, an information that has later been confirmed by M Simb’s lawyer.
The news reported that M Simb had previously emptied all his accounts in Cameroon and prepared his escape, counting on various accomplices among Cameroon’s police.
The arrest was made possible because the case was ultimately instructed by Galax Etoga, secretary of state at the “gendarmerie”, himself.