OneCoin promoters who roped a “seasoned lawyer” into the Ponzi scheme in 2018, are now suspects in a criminal investigation. [Continue reading…]

Spain’s Comision Nacional del Mercado de Valores has issued a securities fraud warning against UGPay.

UGPay is a Swiss shell company, used by Andrew Khovratov to run EvoRich through. [Continue reading…]

Rodney Burton is organizing a HyperFund promo event under the guise of “Reinvent Yourself With Crypto”.

HyperFund founder Ryan Xu is scheduled to speak at the event, along with a disturbing number of well-known US personalities. [Continue reading…]

On October 6th HyperFund released a new “community FAQ”.

Of note is confirmation that the company’s executives are fleeing to Dubai. [Continue reading…]

As part of an effort to slow down withdrawals, HyperFund has begun freezing large investor accounts.

Confirmation of the frozen accounts comes as regulators warn of financial fraud. [Continue reading…]

Glenn Arcaro’s BitConnect sentencing has been pushed to 2022. [Continue reading…]

HyperFund has received a securities fraud warning from Guernsey.

Guernsey is one of three islands that make up the British Crown Dependencies, situated between the UK and France. [Continue reading…]

TronCarry provides no information on its website about who owns or runs the company.

TronCarry’s website domain (“troncarry.com”) was privately registered on August 28th, 2021.

I did note TronCarry’s official presentation was oddly named “Sportion – Keynote Template”.

This appears to just be related to the web development suite used to put TronCarry’s website together.

Alexa currently ranks two notable sources of traffic to TronCarry’s website; Vietnam (12%) and the Ukraine (6%).

Take your pick, both countries are hotbeds for cryptocurrency related fraud.

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…]

MarfinFX provides no information on its website about who owns or runs the company.

MarfFinFX’s website domain (“marfinfx.com”) was privately registered on June 18th, 2021.

Despite not existing until a few months ago, MarfinFX falsely claims it has been around since January 2020.

In an attempt to appear legitimate, MarfinFX provides a UK incorporation number for Wardham LTD.

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.

MarfinFX also contradict their claimed UK incorporation in their website FAQ:

Is Marfinfx officially registered?

Marfinfx ltd is legally registered. It is a listed investment company in Greece and It’s incorporated in Cyprus.

The company’s shares are currently listed on Athens Stock Exchange.

This appears to be an attempt to rip off Marfin Investment Group Holdings (dba Marfin Investment Group), an unrelated company based out of Greece.

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…]

Plaintiffs Donald Berdeaux and Christine have filed to voluntarily dismiss the OneCoin class-action case. [Continue reading…]