Verse Network collapses, withdrawals disabled
The Verse Network Ponzi scheme has collapsed.
Verse Network disabled withdrawals on September 28th.
The exit-scam ruse was its fictional trading bot had “suffered a significant loss”.
To buy time as Verse Network created distance between itself and its investors, the company represented these losses were promptly recoupable.
On Sunday Verse Network co-founder Brice van den Bussche gave a video update.
We gonna make the maintenance tonight, so Sunday till tomorrow Monday.
Van den Bussche informed investors that “all pending withdrawals (would) be cancelled.”
We have made a huge loss from the trading account, from the trading. So we are not able right now to process to the withdrawal and everything.
As of Monday October 3rd, only commissions from recruitment of new Verse Network investors are able to be withdrawn. Coinciding with this is recruitment commissions being increased to 30% but also reduced to only one level.
In case it wasn’t obvious, all the talk about trading losses in baloney. Like any Ponzi scheme, Verse Network desperately needs new investment to continue paying out.
Van den Bussche and partner in crime Joseph Paillant launched Verse Network shortly after the Mainet Ponzi scheme collapsed.
Multiple BehindMLM readers have pegged van den Bussche and Paillant as owners of Mainet, but I’ve been unable to officially confirm.
Mainet collapsed following France’s AMF adding it to its securities fraud blacklist in May 2023.
Verse Network launched in June 2023, again targeting France. For August 2023, SimilarWeb attributed 60% of Verse Network’s ~188,000 website visits to France.
On the regulatory front, Verse Network received a securities fraud warning from Russia in August.
In an attempt to avoid regulators and criminal investigation, van den Bussche fled Europe for Dubai as Mainet was collapsing.
With a Ponzi career going back a number of years, Paillant has been hiding in Dubai for some time.