The TethEx Ponzi scheme has collapsed.

As per a March 27th announcement post in TethEx’s official Telegram group, TethEx has “suspended” its “card program”.

TethEx’s “card program” is a reference to debit cards the company marketed as not requiring any KYC.

In BehindMLM’s published March 24th TethEx review, we noted these card would likely violate financial and money laundering laws in multiple jurisdictions.

As I understand it, TethEx disabling its cards also disabled withdrawals.

Instead of just admitting it’s a Ponzi scheme that collapsed, TethEx is blaming undisclosed “banking partners”.

Unfortunately our company cannot influence our current banking partners.

Implementing a new banking solution will take an undefined amount of time.

In the current situation, the company cannot continue operations without its flagship product, which allowed partners to effectively build and grow their business.

Therefore, it was decided to restart the company with a new and tested card product.

Whether TethEx’s reboots remains to be seen.

In the meantime, despite already having access to the data, TethEx has come up with some baloney about needing to “take a snapshot” of the company.

This is part of promised refunds, typically used as a carrot while the scammers behind Ponzi schemes make their getaway.

All user funds will be returned until the full compensation of the invested funds, including funds from the card account and the amount of investments according to the contracts.

All users will undergo a personal balance recalibration considering the real deposits and withdrawals (and internal transfers) to determine the individual return amount.

For this, the technical department needs to take a snapshot of balances and calculate the return amount for each user.

The technical work will be completed by March 29th, 19:00 Dubai time.

All regulations regarding the returns will be published after the technical work is completed.

Blah blah blah, you know how this ends. Pending any further TethEx updates, I’ll leave a note below.