Any hope Lyoness changing its name to myWorld would reverse an earlier ban have been dashed, after the Norwegian Gaming Board reaffirmed Lyoness is an illegal pyramid scheme.
Lyoness @ BehindMLM
The latest MLM Ponzi scheme to attach itself to a cryptocurrency appears to be Lyoness. If a recent Latvian promotional video is to be believed, Lyoness are gearing up to launch “eCredits”.
Five years ago we covered leaked Lyoness internal video, in which owner and CEO Hubert Friedl laid out the company’s business model. It’s all about positions, positions, positions, positions. By making downpayments one can acquire positions in the Lyoness system. I don’t go out to merely register someone, it’s not about registering people for the [Continue reading…]
Back in 2015 a Town Councillor attempted to push Lyoness onto residents of Hailsham, a town in East Sussex, England. Upon other members of Hailsham council learning of the Lyoness AU investment Ponzi scheme, the project was suspended indefinitely. Two years later, a Town Councillor in another English town has pulled the same ruse.
First there was Lyoness. Then, during an investigation by the Norwegian Gaming Board, Lyoness split the MLM side of the business into Lyconet. Based on a ton of marketing material and confusion Norway concluded that, while Lyoness had operated as a pyramid scheme, after splitting up the pyramid issues had been addressed. Hardly. Through Lyconet, [Continue reading…]
The Norwegian Gaming Board’s initial 2013 investigation into Lyoness concluded that, while there was evidence of a pyramid scheme, the company appeared to have remedied concerns by rebranding as Lyconet. With a similar enough business model, complaints from the public detailing losses continued to pour in. That prompted the Gaming Board to open a second [Continue reading…]
Poland’s Office of Competition and Consumer Protection, more commonly known as UOKiK, has issued scam warnings against OneCoin (OneLife), NetLeaders (DasCoin), FutureNet (FutureAdPro), Questra World (Atlantic Global Asset Management) and Lyoness. The December 18th warning, published by UOKiK President Marek Niechciala, appears to be an end-of-year recap of regulatory actions taken by the watchdog.
Back in July it was revealed the Norwegian Gaming Board had reopened its pyramid scheme investigation into Lyoness. The investigation was reopened following a continued stream of complaints from the public, which prompted the Gaming Board to contact Lyoness in April. The Gaming Board sought to have Lyoness address concerns it was running a pyramid scheme [Continue reading…]
Citing the ongoing receival of ‘many tips and questions from the public asking if Lyoness is a pyramid scheme‘, the Norwegian Gaming Board has provided an update on their current investigation.
Word on the grapevine is critical discussion of Lyoness in several European countries has recently disappeared. It began with the removal of a discussion thread on Radar, one of the largest consumer information forums in the Netherlands.