Bank of America has prevailed in a filed motion for summary judgment against the TelexFree class-action Plaintiffs. [Continue reading…]

On June 2nd Jackie Aguilar’s defendant filed a letter advising the court of her death on May 28th.

Aguilar, one of six AirBit Club defendants who pled guilty to fraud, was due to be sentenced on June 27th.

Following receipt of Aguilar’s death certificate on June 22nd, the case against her was dismissed on June 26th.

There have also been delays with respect to sentencing of the other AirBit Club defendants. [Continue reading…]

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

Iconatek’s website domain (“iconatek.io”), was privately registered on April 27th, 2023.

If we take a look at Iconatek’s website source-code, we find a references to iVicsant Technologies.

iVicsant Technologies is a software developer catering to Spanish-speaking clientele.

The company doesn’t appear to exist outside of a WhatsApp contact number.

Regardless, from this we learn the admin of Iconatek likely speaks Spanish. We also can’t rule out whoever is running iVicsant Technologies is also running Iconatek.

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…]

Unionview Investment fails to provide ownership or executive information on its website.

Unionview Investment’s website domain (“unionviewinvestment.com”), was privately registered on June 6th, 2023.

In an attempt to appear legitimate, Unionview Investment provides two corporate addresses on its website; one in the US and one in the UK.

The US address is a virtual address purchased through DaVinci Virtual. The UK address appears to be rentable office space that has nothing to do with Unionview Investment.

Although it’s not linked off their website, Unionview investment has an official YouTube channel.

There we find marketing videos featuring Fiverr actors standing in front of a green screen.

This is typical of non-native English speaking admins.

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…]

OneX Finance has received a pyramid fraud warning from Russia.

As per the Central Bank of Russia’s June 27th warning, OneX Finance exhibits “signs of a financial pyramid”. [Continue reading…]

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

Cryptex’s website domain (“cryptex.to”), was privately registered in August 2020. Based on its website source-code, Cryptex appears to have been put together circa June 2021 or so.

SimilarWeb currently tracks top sources of traffic to Cryptex’s website as Germany (82%), El Salvador (8%) and Martinique (3%).

Although not definitive, the percentage of traffic coming from Germany suggests whoever is running Cryptex might have ties to Germany.

It’s worth noting that despite the domain age, Cryptex was relatively dead until early 2023.

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…]

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

Gemly’s website domain (“gemly.gg”), was privately registered on January 13th, 2023.

In an attempt to appear legitimate, Gemly provides incorporation details for Gemly Limited.

Gemly Limited was incorporated in the UK on February 28th, 2023.

An MLM company operating or claiming to operate out of the UK is a red flag.

UK incorporation is dirt cheap and effectively unregulated. On top of that the FCA, the UK’s top financial regulator, do not actively regulate MLM related securities fraud.

As a result the UK is a favored jurisdiction for scammers looking to incorporate, operate and promote fraudulent companies.

For the purpose of MLM due-diligence, incorporation in the UK or registration with the FCA is meaningless.

SimilarWeb currently tracks top sources of traffic to Gemly’s website as Ukraine (11%), Brazil (11%), Russia (7%), Spain (6%) and Mexico (5%).

Gemly’s inclusion of vKontakte and Odnoklassniki, both Russian social media networks, is also noted.

Although not definitive, together this suggests Gemly is being run out of Russia or at the very least by someone with ties to Russia.

Further supporting this is the Central Bank of Russia issuing a Gemly pyramid fraud warning in February 2023.

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…]

SureX Exchange fails to provide ownership or executive information on its website.

SureX Exchange’s website domain (“surexchange.io”), was first registered in August 2022. The private registration was last updated on February 28th, 2023.

SureX Exchange’s social media profiles were created in October 2022, so this appears to be when the company launched.

If we look at SureX Exchange’s FaceBook profile, we can see it is being operated from Malaysia:

A May 22nd post on SureX Exchange’s Instagram profile also reveals a staged charity event held in Malaysia:

SureX Exchange’s use of Chinese in its marketing suggests it is being run by individuals with ties to China from Malaysia.

This knowledge led me to Jacky Zhou, who is cited as SureX Exchange’s CEO:

Another SureX Exchange executive we can name is CMO Willie Tan:

Possibly due to language-barriers, I was unable to put together an MLM history on either Zhou or Tan.

Both Zhou and Tan are represented as being based out of Malaysia, which fits with SureX Exchange’s marketing.

Zhou is purportedly a Taiwanese national. This likewise fits with SureX Exchange’s use of Traditional Chinese.

Why Zhou and Tan aren’t featured on SureX Exchange’s website is unclear.

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…]

MuQuant (stylized as µQuant), fails to provide ownership or executive information on its website.

MuQuant’s website domain (“muquant.com”), was privately registered on March 30th, 2023.

Update 28th June 2023 – Following a reader tip off from Limbix in the comments below, it appears Kancha Chora is behind MuQuant.

Chora hosted a MuQuant marketing event in Vietnam earlier this month.

At the event Chora spoke on stage. He is cited as having ties to the UK and Nepal.

On LinkedIn Chora cites his location as Maidstone, England.

Prior to launching MuQuant, Chora was promoting the Gym Network Ponzi scheme.

Other collapsed Ponzi schemes Chora has promoted include DasCoin, Cloud Token and uFun Club. /end update

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…]

Traders Domain was a Ponzi scheme run by Canadian national Ted Safranko.

An estimated $500 million is believed to have passed through Traders Domain in crypto alone.

ROI liabilities at the time of Traders Domain’s collapse in late 2022 have been pegged at around $3.3 billion.

While Traders Domain itself wasn’t an MLM Ponzi scheme, several well-known MLM industry figures invested into and stole through it.

Worse still they promoted Traders Domain to others, irrevocably tarnishing their reputations, careers and the trust given to them by their victims.

Today we name and shame the top MLM industry figures in Traders Domain. [Continue reading…]