BitClub Network investor alert issued in North Carolina
A BitClub Network investor warning has been issued by the North Carolina Securities Division.
The May 1st alert, which I only came across earlier today, warns the company’s mining pool investment opportunity is a security.
The Securities Division determined that the BitClub Network mining contracts are securities.
These securities are not registered, nor are they covered under federal law or exempt from registration.
Further, BitClub Network is not registered to sell them in North Carolina.
Acknowledging that BitClub Network isn’t officially marketed to US residents, nonetheless
the Securities Division has found that there are promoters of this scheme in North Carolina and they are providing instructions to enable investors to circumvent the geo-blocking technology.
The Securities Division issued one such BitClub Network affiliate in North Carolina with a letter of caution on May 21st.
Since receiving our Letter of Caution, the promoter has deactivated the website.
To the best of my knowledge BitClub Network operate in violation of local securities law in every jurisdiction they operate in.
North Carolina’s warning comes amid a steady decline in traffic to the BitClub Network website from February, 2018.
At the time of publication Alexa cite Japan (15%) and South Africa (13%) as primary sources of traffic.
With roots in the Zeek Rewards Ponzi scheme and having already wiped burdensome initial investment contracts, a continued downward trend will likely lead to BitClub Network collapsing again.
The owners of BitClub Network and top investors are believed to mostly consist of US citizens hiding abroad.