Val Smyth’s We Got Friends pyramid scheme has collapsed.

Participants, the majority of whom have lost money, are now being funnelled into Got Backup? [Continue reading…]

Over the past few days eighteen QNet scammers have been arrested in India.

On October 21st police arrested seventeen people in Jaipur for promoting QNet. [Continue reading…]

BitConnect’s Glenn Arcaro has been sentenced to a $28 million judgment in his SEC fraud case. [Continue reading…]

BigBullFX fails to provide ownership or executive information on its website.

BigBullFX’s website domain (“bigbullfx.com”), was privately registered on July 26th, 2023.

Despite only existing for a few months, on its website BigBullFX falsely claims it was “established in early 2022”.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money. [Continue reading…]

The BitSports AI Ponzi scheme has collapsed.

In an announcement sent out a few hours ago, investors were informed withdrawals have been disabled. [Continue reading…]

Veqber Guild has collapsed.

The Ponzi scheme’s website has been deleted sometime in the last 48 hours. [Continue reading…]

An October 11th court order has referred the SEC’s fraud case against OnPassive to mediation. [Continue reading…]

UK internet service providers have begun blocking ITP Corp’s website.

The ITP Corp Ponzi scheme was originally hosted on “itpro.top”. A new clone website has now been launched over at “itp.club”.

In what appears to be an attempt to thwart fraud control efforts in the UK, ITP Corp hastily registered its spinoff domain on October 19th, 2023. [Continue reading…]

ProCap Insurance fails to provide ownership or executive information on its website.

ProCap Insurance’s website domain (“procap.insure”), was privately registered on December 12th, 2022.

In an attempt to appear legitimate, ProCap Insurance touts a shell company in Seychelles.

Notwithstanding Seychelles being a tax-haven, for the purpose of MLM due-diligence shell incorporation anywhere is meaningless.

Of note is ProCap Insurance claiming to have offices in Manila, Philippines.

This ties into the arrest of twenty ProCap Insurance scammers on October 15th.

As per a press-release issued by the Philippine Criminal Investigation and Detection Group, twelve locals and eight foreign nationals were arrested at a marketing event held at the Dusit Thani Hotel.

During the operation, authorities recovered three (3) genuine One-Thousand-peso bills (Dusted Money), Four Hundred Fifty-One-Thousand-peso (Investment Money), and one (1) USB Flash drive containing the Powerpoint Presentation of the said unlicensed company.

The foreign nationals appear to be Chinese and/or Singapore nationals based out of Singapore.

If I had to guess, the foreign nationals were likely running or tied to running ProCap Insurance. Arrested locals were likely mostly ringleader promoters.

The arrestees have been criminally charged with securities fraud and violating the Financial Products and Services Consumer Protection Act.

At time of publication ProCap Insurance’s website is still online, so read on for a full review. [Continue reading…]

BitClub Network’s Joby Weeks has reportedly bailed on his wife Stephanie Weeks.

The couple have a young child together, and Stephanie was recently diagnosed with stage 4 cancer. [Continue reading…]