Kairos Technologies warning issued in Lithuania
Amid ongoing reports of affiliates not getting paid, a regulatory investigation in Turkey and warning issued by Slovakian authorities, Lithuania’s State Consumer Rights Protection Authority has now also issued a warning against Kairos Technologies.
Referring to the scheme as a possible “new financial pyramid” operating in the country, the State Consumer Rights Protection Authority (VVTAT) are now investigating Kairos Technologies.
Following a series of complaints from readers, Lithuania’s Delfi News got in contact the Bank of Lithuania (LB) to investigate non-payments to Kairos Technologies affiliates.
The Supervisory Authority Financial Services Division told Delfi News that
after receiving information about Kairos Planet’s potentially ongoing fraudulent activities, LB immediately brought it to the attention of VVTAT.
When we notice signs of businesses acting like financial pyramids, we refer them to VVTAT or relevant law enforcement authorities.
VVTAT’s investigation has since lead them to the United Kingdom, where Kairos Technologies is incorporated.
VVTAT have asked UK authorities to investigate “potentially illegal activities” by Kairos Technologies.
In the meantime, VVTAT published a warning against Kairos Technologies on their website.
It says that VVTAT this year received reports of Kairos Technologies customers who were told if they bought invested in gold ingots and investment packages (related to cloud-services), they will earn large sums of money.
If a Kairos Technologies affiliate wishes to withdraw money from the system, they have to recruit new affiliates. If they fail to attract new affiliates, they lose all their money.
VVTAT wishes to warn consumers of the potential losses from the investment of money, and recommend investors be very careful and well-educated on the risks this kind of system brings.
Both VVTAT and the LB have confirmed that Kairos Technologies is not licensed to offer investments in Lithuania.
Delfi News sought comment on VVTAT and LB’s respective statements from a top Lithuanian Kairos Planet affiliate.
The affiliate said they didn’t want to discuss the matter of the phone, but rather they should meet in person.
When Delfi News suggested they meet up to further discuss the matter, the affiliate told them “they saw no need to communicate further”.