WCI to rebrand as Fintegri because banks think it’s a scam
Calen Powell, better known as “Crypto Clover”, was recently invited to attend a World Cryptocurrency International event in Bali, Indonesia.
At the event attendees were told not to film or use electronic devices from within the auditorium, otherwise they’d be booted out.
During a Spanish-language component of the event, Powell went outside into the lobby and shot a quick livestream to discuss what he’d heard.
That raised the ire of organizer of the event, who called security to evict Powell from the premises.
For whatever reason, World Cryptocurrency International appears to not want anyone outside of the company to know why they’re renaming themselves to Fintegri.
Powell claims WCI CEO John Rock (right) told attendees of the conference that the name-change was necessary because banks don’t deal with companies that have “cryptocurrency” in their name.
[3:38] WCI is like, y’know, World Cryptocurrency International.
So what they’ve basically said is they’ve been approaching banks to get funding in a lot of different countries, the US, Singapore, Australia (and) several other countries through south-east Asia.
And if there’s anything with “cryptocurrency” in the title, the banks don’t want to deal with you.
So that’s the reason for the (Fintegri) branding. What they’re doing is they’re changing their branding, from WCI to Fintegri – and they’re also not basically explaining very much about about what they’re doing from the cryptocurrency aspect, so they can get funding from banks.
For those unfamiliar with the company, World Cryptocurrency International started off as Worldwide Cryptocurrency Investment.
WCI was founded by former OneCoin scammers, who now appear to have disappeared into the background.
WCI CEO John Rock has his own Ponzi past, having served as Compliance Officer for the Banners Broker Ponzi scheme.
In 2013 Rock was terminated from his position for a supposed breach of contract.
Authorities shut down Banners Broker and arrested its two admins in 2015.
WCI’s business model is that of your typical cryptocurrency Ponzi scheme.
WCI affiliates invest funds on the promise of an advertised daily ROI. Pyramid commissions are also paid when recruited affiliates invest.
WCI’s investment contracts run 225 to 450 day maturity periods, meaning there’s a good chance that since its 2017 launch, funds to pay ROIs with are running low.
That said applying to banks for loans to cover Ponzi ROI payments doesn’t seem believable, as that would only create further debt.
Powell claims most of the attendees at the WCI event were from Vietnam and the Philippines. Scamming investors from third-world countries with little to no recourse is one thing.
Scamming banks you’ve taken out loans from to cover Ponzi payments however is guaranteed to attract the attention of authorities.
As Calen Powell noted, WCI are being cagey about their purported cryptocurrency operations. This is because what little revenue might be being generated, obviously isn’t enough to fund a Ponzi scheme.
Not withstanding WCI isn’t registered to offer securities in any jurisdiction it operates in.
Something John Rock, who markets himself as a Canadian-based Independent Compliance Consultant, should definitely know.
Instead of ensuring his company is being run legitimately though, Rock is seemingly furious at Powell for daring to ask questions.
[4:33] I’ve never been thrown out of a cryptocurrency conference for… like I don’t even understand what I did.
I was calm (and) collected. I didn’t swear. Like the CEO was sticking his finger in my face and was like swearing at me.
Telling me I’m full of shit and I’m spreading a bunch of lies.
And I said, “What is it that was misleading?” All I did was show a website.
As for Fintegri, at the time of publication its website is little more than a dummy exchange.
Powell claims, based on a Bengaluru address provided on the Fintegri website, that it’s being developed out of India.
Fintegri – World Cryptocurrency Exchange
Buy – Sell – Trade Digital Assest
The Fintegri website headline suggests WCI might be looking to get into running a cryptocurrency exchange. If so, they’re probably hoping fees will lessen some of their ROI liabilities.
Powell states, and this was new to me, that WCI is also planning to launch a WCX altcoin.
This raises the possibility of the familiar exit-scam model, wherein an MLM crypto Ponzi scheme transfers its ROI liabilities to a worthless altcoin.
Getting an altcoin listed on legitimate exchanges isn’t easy, hence the Fintegri internal exchange.
Without required regulatory disclosures, Fintegri is no more legitimate than World Cryptocurrency International is/was.
[7:00] It sounds like another OneCoin. It just sounds like another pyramid Ponzi scheme.
You know it’s all about soliciting new investors into the system and just have belief, just have faith but we’re not going to show you how you can actually get your funds out of the system.
It’s obvious why they want to control the message, because what they’re doing is not very credible.