My Passive Trades collapses, pulls COVID-19 exit-scam
Sometime in the last few days My Passive Trades has suspended payouts.
An announcement on the company’s website blames COVID-19 for the collapse.
As per My Passive Trades’ announcement, the scheme collapsed due to
due to the current global financial unrest that was triggered by the outbreak of the COVID-19 pandemic alongside the oil war and other factors.
“Other factors” presumably being the usual “withdrawals exceeded new investment” Ponzi undoing.
In addition to ceasing pay returns, My Passive Trades has also frozen withdrawals.
Within this unique context we can’t be confident of hitting our profit targets at our time targets with our current forecasting models.
Therefore we will suspend trading in this market and we’re going to temporarily halt earnings, deposits and withdrawals until trading resumes when the market is safer.
My Passive Trades was an adpack Ponzi scheme launched in June 2019. The company is not registered to offer securities in any jurisdiction it solicits investment in.
Not has My Passive Trades provided evidence of external revenue being used to pay daily returns of up to 1.25%.
To the best of my knowledge My Passive Trades is the first COVID-19 Ponzi exit-scam collapse. It is expected more will follow over the coming weeks/months.