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In July 13th Coffe Network announced one of Freeway’s “bridges” was compromised on July 12th. Dear community, Unfortunately, one of the bridges of our project was compromised yesterday. Our partner, Freeway, was targeted and a large number of FWT tokens were removed from our hot wallet and sold on exchange. However, all funds have now [Continue reading…]

Gilbert Armenta was indicted on OneCoin fraud charges in July 2017. He pled guilty to the charges in April 2018. Originally held in prison awaiting sentencing, Armenta was released on compassionate grounds in late 2020. Since then Armenta’s scheduled sentencing dates have been continuously pushed back. The official and now oft repeated reason for Armenta’s [Continue reading…]

Nextera has received a pyramid fraud warning from the Central Bank of Russia (CBR).

Back in January BehindMLM covered Youngevity’s foray into forex trading. The original offering was called Max Trader’s Academy, headed up by former OneCoin promoter Sal Leto. Attached to Max Trader’s Academy was Max Indicator. The MAX Indicator is an Artificial Intelligent [sic] oriented software application known an “Indicator”. The software is designed to scan the fluctuation of [Continue reading…]

Regulators are starting to pay attention to the plague of “click a button” app Ponzis that have sprung up. The first regulatory fraud warning specifically pertaining to the scams has been issued by the Philippine SEC.

Elomir CEO Van Nguyen recently attempted to address compliance issues on a July 11th “Team Relentless” webinar. Unfortunately Nguyen missed the mark. She also doubled down on her husband’s crypto securities fraud.

A BitConnect class-action Status Report reveals a settlement between the parties is unlikely at this time based on the history of this litigation and the Parties’ litigation positions. A Fourth Amended Complaint is also in the works.

Victims of Jan-Eric Nyman’s eComelize pyramid scheme are being funneled into BinaryTorrent. BinaryTorrent appears to be a reboot pyramid scheme with a new marketing ruse and tokens.

Daxio has received a pyramid scheme fraud warning from the Norwegian Gambling Authority (Lottstift). Lottstift issued its Daxio fraud warning via a May 20th letter addressed to “Daxio Norge”. Frode Jorgensen is identified as Daxio’s CEO.

Two Herbalife executives based out of China were indicted back in 2019. One of the executives, who fronted HerbaLife China for over a decade, was also sued for by the SEC. Both the criminal charges and civil case pertained to Herbalife’s violations of the Foreign Corrupt Practices Act.