S-Group collapses, withdrawals disabled on June 10th
The S-Group Ponzi scheme has collapsed.
On June 10th S-Group investors were informed of “maintenance work” on S-Wallet. Since then there’s only been one vague update.
S-Group pretends to be a UK company but is run by Russians and/or Ukrainians.
S-Group is the MLM side of the business and S-Wallet is the money side.
Holders of an S-Wallet ecosystem SWP service token can use it to passively earn money in staking or liquidity mining programs, as well as receive discounts on fees and access to unique system functionality that is not available to other users.
S-Group’s June 10th collapse was preceded by three exit-scam test runs.
These took place on May 26th, May 31st and June 1st.
On June 10th, S-Wallet disabled withdrawal access for a fourth time. This time it stayed down.
In an attempt to quell rising investor panic, S-Group sent out a vague update on June 14th.
We would like to inform you that at the moment technical works are actively carried out in S-Wallet, the purpose of which is to fix, improve and optimize the financial module to ensure fast and comfortable interaction of users with digital assets on the platform.
The S-Wallet technical team is doing its best to finish the technical work as quickly as possible and give you access to your accounts.
As soon as the technical work is over – we will definitely notify you on S-Wallet’s social networks.
Eight days later and S-Group’s S-Wallet withdrawals remain disabled.
Regardless of whether S-Group reboots some time in the future, it’s pretty obvious the Ponzi scheme has collapsed.
S-Group itself is a reboot of the collapsed Sincere Systems MLM crypto Ponzi scheme.
S-Group’s collapse was denoted by a steady decline in website traffic over the last few months.
As of May 2023, SimilarWeb tracked top sources of traffic to S-Group’s website as Russia (27%), Ukraine (16%), India (7%), South Africa (6%) and the Netherlands (6%).
With the exception of Russia, which was up 70% month on month between April and May 2023, every other country S-Group is active in is in decline.
Top sources to S-Wallet’s website are Russia (39%), Israel (15%), Belarus (8%), Germany (7%) and Turkey (6%).
The Central Bank of Russia issued an S-Group pyramid fraud warning on August 31st, 2021.
Pending further action by authorities, total S-Group victim numbers and how much they’ve lost remains unknown.
Update 23rd June 2023 – S-Group is planning to reboot its Ponzi scheme under their S-Trade web property. As I understand it S-Group will continue to be the MLM branding.
In late May S-Group affiliates were directed to “sign up for S-Trade”;
We inform you that your S-Group account data has been moved to S-Trade cryptocurrency exchange with the preservation of superior partners and team, if you developed your own business within the ecosystem.
S-Trade is presented as a crypto exchange, owned by the same scammers behind S-Group.
The carrot being dangled in front of S-Group affiliates is the possibility to withdraw suspended S-Wallet balances. This will take place through STD token, a newly created BEP-20 shit token that’s of course worthless outside of S-Group.
Naturally because there’s zero interest in any of S-Group’s shit tokens outside of the collapsed Ponzi scheme, how S-Trade withdrawals will be processed remains unclear.
Not seeing an income opportunity on S-Trade yet but that’s supposedly coming over the next few weeks under a reboot ruse.
I’d assume the broader plan is to get that running and then use new investment to fund converted S-Wallet balance withdrawal requests.
That’s unlikely to last long given promotion typically tanks following an MLM Ponzi collapse (not withstanding S-Group’s website traffic more than halved over the past 3 months).