PetronPay collapses, initiates PETRON token exit-scam
In late April PetronPay disabled withdrawals and effectively collapsed.
Not content to just do a runner with invested funds, PetronPay’s anonymous admins initiated the token exit-scam model.
PetronPay disabled withdrawals late last month. The company initially told affiliate investors they would be able to withdraw on May 1st and May 15th.
By May 1st this had changed to a token exit-scam model.
PetronPay’s token “Petron” was created on May 6th. There is no information about the token provided on PetronPay’s website.
From what I’ve been able to put together, PetronPay is an ERC-20 token. These cost little to nothing to create and can be set up in minutes.
Petron tokens are assigned a value based on how much is paid to invest directly in them. The value goes down as people cash out.
I found a listing for Petron token on CoinJab. After pumping to $3500+ shortly after launch, Petron has since dumped to $913.
This might sound high, but bear in mind every withdrawal lowers the value.
The mechanics of how Petron was integrated into PetronPay are unclear.
After integration, PetronPay affiliates are unable to withdraw money. They receive Petron tokens which then have to be cashed out.
That’s dependent on new investment into the token, which allows PetronPay’s anonymous admins to slink off with what they’ve stashed away.
BehindMLM reviewed PetronPay in November 2020. Based on its 300% ROI and business model, we identified PetronPay as a Ponzi scheme.
According to Alexa traffic estimates, PetronPay’s victims are primarily from Angola, Cote d’Ivoire and the US.
Update 26th April 2022 – PetronPay is still kicking along on an alternative domain.
This has caught the attention of the SEC, seeing PetronPay added to the PAUSE list.
If you look at transactions for the PetronPay sMaRt CoNtRaCt, you can see there are currently 29 pending transactions dating back to 4.5 days ago.
Sorry for your loss.
Please reverse Petronpay back to the old system of withdrawal so that thousands of new members can join to avoid collapse of the company.
In Ponzi schemes like Petron Pay the objective is to steal your money.
Nobody is reversing anything. Your money is gone. Sorry for your loss.
Why are you asking for more victims to sign up? That’s obscenely selfish,you should be ashamed
do you have any suggestions on how to get out or money back. im so embarrassed to say this but my parents STOLE THOUSANDS from my bank account for this stupid scam…
i’m 19 and paying for college by myself what can i do.
Your parents invested in a Ponzi scheme and unfortunately your money is gone.
You could file a theft complaint against your parents or if you just want to move on, remove access.
At 19 you’re an adult now. Cut off your parents financially if they can’t be trusted.
I do any thing on my petronpay and account I can not open I can not access my login platform and what can I do.
Nothing. PetronPay was a Ponzi scheme. It collapsed and your money is gone.
Sorry for your loss.
I can not Access my petronpay account.
That’s what happens when a Ponzi scheme collapses.
Is petronpay out of service pls…
When a Ponzi scheme collapses it can generally be considered “out of service”.
tokens? They’re worthless. Sorry for your loss.