MuQuant Ponzi collapses, monthly returns disabled
Kancha Chora’s MuQuant Ponzi scheme has collapsed.
Advertising monthly returns have been disabled, and MuQuant corporate are begging investors to recruit new victims to steal from.
MuQuant’s problems began on November 7th with a “tech update” to their website.
MuQuant’s website was down for around six days, returning on or around November 13th.
That same day the “MuQuant Team” put out an update, advising it had disabled advertised monthly returns:
We have temporarily halted the minting percentage until the new system version is ready to be implemented.
This was followed up by another communication from MuQuant Team on November 20th, this time begging investors to recruit new victims.
It has been approximately months [sic] since MuQuant project started & operation fee was used for various purposes such as marketing, tech developments, and maintaining the project.
At this early stage, it is vital for us to foster a strong and united community.
We acknowledge the present situation is not ideal, and we want to provide you with an explanation.
Need time [sic] to operate technology and find new customers to continue to increase work compensation claims.
MuQuant has struggled to garner the attention of external communities. We really need your support to develop new customers to create liquidity for our Common Vault.
As I understand it, “Common Vault” is the name of the pool of invested funds MuQuant pays withdrawal requests from.
A reader emailed in on November 15th to advise, despite MuQuant’s claims, that “you cannot swap any accumulated muquant to USDT 10 days now.”
MuQuant was an MLM crypto Ponzi scheme built around its MUQT token.
The scam was run by Kancha Chora, a serial promoter of MLM Ponzi schemes.
Chora represents he has ties to the UK and Nepal. How much he stole through his short-lived MuQuant Ponzi remains unclear.