MidasTrend is reported to have stopped paying investors in November 2019.

Appearing in a video recently uploaded to YouTube, on Tuesday company President Devanir dos Santos confirmed MidasTrend’s collapse.

Dos Santos (right) claims that on April 11th,

he had all his Bitcoins, including personal ones, taken by a hacker.

This of course doesn’t explain why MidasTrend stopped paying out six months ago.

Sometime after MidasTrend stopped paying returns, dos Santos is believed to have fled Brazil for Canada. His current whereabouts are unknown.

The move now appears to be to string investors along to delay filing of consumer complaints with authorities.

Devanir stated that he has already hired a team specialized in solving these problems and asked for a new deadline for customers: ” wait until our next live “.

Just like MidasTrend’s fictional trading bots, so too is the “we got hacked!” excuse a work of fiction.

Scammer launches a Ponzi scheme. Scammer steals a bunch of money. Scammer flees the country with said money. Boom-badda-tish. Another MLM Ponzi bites the dust.

MidasTrend primarily targeted Brazilian investors. In our published February 2020 review, we surmised whoever was running the company was likely based out of Brazil.

Whether Devanir dos Santos worked alone or with others is unclear. As evidenced by social media updates from the company in Portuguese, dos Santos is very much the face of the company.

Total investor losses in the wake of MidasTrend’s collapse are unknown.

 

Update 11th May 2020 – It seems Devanir dos Santos isn’t done scamming people just yet.

On April 23rd Brazilian media outlet Livecoins reported dos Santos’ Midas 2.0 announcement.

This time, the promise is to create two companies, which will pay customers, the main one being MidasTrend 2.0.

The company was supposed to launch on April 27th. I haven’t been able to confirm whether it actually did or not.

I had intended to publish an updated Midas Trend 2.0 review. I checked MidasTrend’s website and the business model on there is the same as the original MidasTrend.

Pending further information and/or confirmation dos Santos actually launched a reload scam, I’m leaving things there.