BC Academy: uFun Club gets another reboot?
uFun Club was an MLM cryptocurrency scheme launched around 2012.
Under the pretense of offering the uToken cryptocurrency, uFun Club adopted the Ponzi points model pioneered by Zeek Rewards.
In April of 2015 Thai authorities shut the company down and began arresting uFun Club investors.
In an effort to salvage the scheme, uFun Club management fled to Malaysia and rebranded as Unascos.
Starved of new investment, Unascos didn’t go anywhere and promptly collapsed.
Now, it appears uFun Club investors are being targeted in a third reincarnation of the scheme.
The BC Academy website oozes the vague familiarity of uFun Club and Unascos before it.
Through our team of qualified experts, BC Academy will source, examine and construct the investments to be presented to our subscribers.
We are constantly looking for precious metal companies that generate extensive economic profit and possess future trends.
Our vision is to become the ‘Google’ in the precious metal world and the world’s biggest information gateways specialized in precious metal, particularly silver and related investment opportunities.
Who can forget the nickel mine nonsense uFun Club served up to its investors?
The BC Academy website domain (“bc.academy”) was privately registered on December 12th, 2015. There is also no information about who is running the opportunity provided on the company website.
On the surface there doesn’t appear to be any clear link with uFun Club or Unascos. Dig into how BC Academy is being marketed though, and reality becomes all too apparent.
On Facebook BC Academy affiliates are openly promoting the scheme as being “formerly known as Unascos”.
One particular investor, Cel C Can, published the following message on May 19th to the Facebook group “VGEmpire ~ BCAcademy (former Unascos IPO & Ecommerce)”:
Dear Members (repost from Casey Tan),
This is the e-certificate of equity shares issued by Bookcoins.
All your uToken investment will now be converted into UCS (US dollars) of Bookcoins.
Please login and fill in your personal info as requested, including your own passport info.
Your username and password are the same as those of uFun.
The equity share certificates issued to you are legally prepared and valid. Each one will come with a private code number.
These certificates are evidence of your ownership in Bookcoins.
When Bookcoins gets listed on the New York Exchange in 2 or 3 years, they will be changed into shares and become tradeable in the secondary market.
Casey Tan was one of the few individuals who made money scamming people in uFun Club and then Unascos.
Bookcoins meanwhile looks like a direct reincarnation of uTokens, complete with a hilarious New York Stock Exchange sales pitch. It also explains the name of the company, B(ook)C(oins) Academy.
I suspect it won’t be long before the inevitable comparisons to bitcoin emerge, followed with promises that Bookcoins is going to be the biggest cryptocurrency in the world.
Naturally the BC Academy website is devoid of any information about Bookcoins.
The company states only that
All of the investment opportunities are carefully examined in a stringent manner where their business model, legal and financial outlay will be intensively scrutinized.
We are closely aligned with our investors, and our performance is measured over the mid-long term.
Who is doing the purported examining is not disclosed.
The modus operandi as far as I can see is to preload BC Academy with as many uFun Club / uToken victims as they can, before unleashing it on the unsuspecting public.
This is pretty much how Unascos was supposed to work, but didn’t.
Three Ponzi schemes in and you’d have to be a complete and utter idiot to invest, but that doesn’t seem to faze the likes of Cel C Can and her VG Empire followers.
We’ll keep you posted on any developments…
Same login and password, eh? That means they had access to UFUN’s server backend.
Or Tay has cashed out by selling it (or is behind this one too).
why will tay sell his ufun investor info, when he can calmly sit in malaysia and launch fraud schemes one after the other.
you don’t kill the goose which lays the golden egg!
i think tay is very much behind BC academy.
After being one of the people who fell for the UFUN scam and believing the lies they fed to us over and over again, there is no doubt in my mind that these scammers were just going to go away quietly.. they are professionals at ripping people off… it will be very interesting indeed to see where this goes.
I gotta hand it to you Oz… you really keep up with these scams.. much respect!
I keep my eyes and ears open but a lot of the credit goes to the readers (comments and email).
Come on people. Danial Tay has said he is not a scammer, UFun Club/UToken was misunderstood and he would prove it was totally legit and not a Ponzi to the Thailand Authorities. Of course he will not go back to Thailand to prove it, but feels 47he can do it from Malaysia, or wherever he is hiding now. OK sarcasm over.
Interesting isn’t it that he hasn’t been able to do it, which should have been a slam dunk if UFunClub/UToken was legitimate as claimed.
One of my most favorite moments was when he was claiming in a YouTube video that UFunClub/UToken was not a Ponzi or illegal and he had a gold pyramid sitting along side him. Just too FUNNY and prophetic.
Tan continues to scam with this…according to his latest post
What I con’t understand is how people are responding to his post!
Some people just never learn!
Tan goes on to tell him:
Imagine that! After getting scammed with Utoken people still trust this man and the same scammers that robbed them and lied to them through their teeth!
Jamison Palmer pimping BookCoins in a video uploaded 30th July: nolink: youtu.be/2apXQ0dPRb
i joint under utoken for past 2 1/2 years now bookcoin but till now never get any single cents as roi.
It could be true that Bookcoins is an offspring of Ufun but then again if we can convert Utokens into Bookcoins without any more investment of fund, that’s ok, otherwise, a big NO.
Let’s understand more about this so called “Bookcoins”.
How is ripping off new victims “ok”?
Thank you for writing this.
One of my families bought uToken 1 or 2 years ago, now it converted into Bookcoins. I just knew it couple minutes ago. Totally upset.
Just like the above comments, it seems like we can’t get the real money back.
I know it’s a bad question, but what can we do? We surely would not put more money into Bookcoins, but isn’t there any way to catch these people and ask them to turn the money back?
Are we supposed to accept NOW that we did lost the money? The real bad thing is that my family also dragged her friend down into this scam… These are the money for their retirement! That’s totally awful 🙁
@EY
To date Malaysia has done nothing to apprehend the scammers behind uFun Club, Unascos or BC Academy.
Apparently there’s a criminal trial in Thailand this week but I’m not sure on how money will be returned to victims there.
My wife contacted the police chief in Bangkok yesterday, who is now handling the Ufun case.
My wife was told it is still ongoing through the courts, and that it was due to appeals made by ex Ufun members, who have had their assets confiscated, is the reason why the case is taking so long.
He also said, when a verdict has been reached it will be published nationally, as it is a major issue.
So at least there is still some hope, that we may get some of our investment back.
I also invested in Ufun over 2 years ago and recently received points/$$ in my new Bookcoins account.
I don’t think there is any way to use the credit in Bookcoins to return my investment.
My major concern is BCA academy sale of IPO packs of stock. Is the company properly registered with the SEC in the U.S. to solicit funds from U.S. citizens for stock listed somewhere in the world?
Of other primary concern is who is the originator of the above article? If you have something to say don’t hide behind the email sphere, expose yourself. Are you competition trying to badmouth somebody because of sour grapes??
There seems to be a lack of transparency in general. BUYER BEWARE!!!!!!
in year 2019 they promised value of bookcoin will be $10, our investment will go up by 10 times, if it is tied to price of silver, silver will not go that high of 10x, they say it it tied to the no of membership like 100 million members target and 1 million shops accepting bookcoin.
i like to see progress made towards this, or graph bookcoin value raising with the rising number of members and shops accepting book coin, it is a progressive thing.
lack of progrees on achieving these target means a flat looking graph of bookcoin value not rising.
i wonder info is available in bc website, more like wanting to sell silver bullion rather giving info to investor, so lack of transparency.
Who promised? The scammers you paid?
Well, they made promises and now have your money. You have worthless points.
What happens between now and 2019? They couldn’t care less. They already have your money.
They can set all the targets they want. At the end of the day no legitimate third-party merchant is going anywhere near worthless Ponzi points.
Just curious. Some people have recieved 1kg bookcoin silver bars when they purchased $1000 package. Obviously, the value og silver is there.
1kg of bc silver still has the value of 1kg regular silver. So something is different with this company compared to uFun / uToken? Btw, I have never been invested in any of these places.
If they have it’s just a marketing ploy. Send a few insiders some bars, spam it on social media etc.
Doesn’t change BC Academy’s business model or who’s running it.
Dear Oz,
Which ponzi company reports to SEC and has its shares listed in a public market?
If they do so, they must be really great conmen right?
Not BC Academy. If you want to discuss some other company do it elsewhere.
Hi Oz
My Brother in Law phoned to say that the Thai Police contacted him today, regarding the Ufun fraud case.
Apparently, they are going to make a decision in court tomorrow. They want him to go with evidence of his purchase in Ufun.
So far, I’ve had no such contact with the Police, my wife tried to phone them, but can get no reply. Will keep you updated, if I hear anymore.
Thanks mate, good luck.
Interesting news out of Thailand this morning about “U-Fund(sic?” – 20ur to 50yr sentences handed out!!!!
SOURCE: englishnews.thaipbs.or.th/22-implicated-u-fund-ponzi-scheme-sentenced-20-50-years/
Thx to WhistleBlowerFin for altering me. Within the context of @Mithras comment above, this looks to be U-Fun/ U-Token!!
Thanks for the heads up guys (also via email).
I had intended to do a writeup before having a nap (was knackered after staying awake for Merrill), but turns out I’m not as young as I used to be!
Pull some Joby Boughey images on this. He twisted and spun the story to the end. And don’t forget U-Fun motto 😉
Alas, it’s not cut and dried yet. Although the Thai Judges decided in favour of the ‘Ufun’ members scammed (some of the small investors were actually paid out last Monday),the ‘Ufun’ Lawyers have 30 days in which to appeal.
Even if they loose the appeal case, they can make a final appeal to the Thai Supreme Court. These appeals could drag on for years, or so I’m told.
The only positive thing about having to wait (and the scammers losing), is that you will be awarded 7.8% for each year you invested in the ‘Ufun’ scam, on top of the return of your investment.