Lyconet pyramid scheme warning issued by Russia
Lyconet has been added to the Central Bank of Russia’s illegal company blacklist.
As per the Central Bank, it has established the Lyconet exhibits “signs of a pyramid scheme”.
As a result, the Central bank states Lyconet is engaged in “illegal activities”.
Lyconet was added to the Central Bank’s blacklist on June 1st, 2021.
Lyconet is part of the long-running Lyoness Ponzi scheme. Associated companies include myWorld and CashbackWorld.
Lyoness was founded in 2003 by Hubert Freidl (right).
Freidl runs the Ponzi scheme from his native Austria.