OmegaPro has received a securities fraud warning from Mauritius’ Financial Services Commission. [Continue reading…]

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

Degen Protocol’s website domain (“degenprotocol.io”), was privately registered on November 11th, 2021.

A YouTube link provided on Degen Protocol’s website takes us to a channel belonging to “Crypto Black Sheep”.

Crypto Black Sheep is the alias of Christopher Mason.

According to his LinkedIn profile Mason sees himself as a musician. Before becoming a crypto bro, Mason worked as an assembly line worker.

A due-diligence document, put together by someone with far more patience for blockchain bullshit than myself, names “Shane M” as Degen Protocol’s other co-founder.

Shane appears on Mason’s “The Blacksheep Show” YouTube videos as “Island Boy Shane”.

According to the document, both Mason and Shane M are based out of Las Vegas, Nevada in the US.

The document goes into specific detail about who the early adopters and promoters of Degen Protocol are.

There are a number of familiar faces, some of whom have a history of association with documented MLM Ponzi schemes.

As to the founding of Degen Protocol, this part of the document is of interest:

Flow I’m not familiar with but TronChain and Drip Network are both Ponzi schemes.

We learn here that Degen Protocol is a spinoff of Drip Network. A continuation of crypto Ponzi fraud that seems to date back a number of years.

For reference “clovercrypto” referenced above is Calen Powell (right).  Powell was a top promoter and earner in the BitConnect Ponzi scheme.

Powell was in southeast Asia during BitConnect’s run. After the multi-billion Ponzi collapsed, Powell fled to South America.

The DOJ has begun indicted BitConnect insiders. The SEC has sued several top promoters.

In 2018 Powell was picked up and interrogated by the FBI. Whether he’s currently a person of interest to US authorities is unclear.

Powell is currently in Peru. He periodically uploads crypto videos to his “Clover Crypto” YouTube channel.

In summary, Degen Protocol was founded by serial crypto Ponzi scammers based out of the US. Early Degen Protocol adopters and promoters are also serial Ponzi scammers.

Read on for a full review of Degen Protocol’s MLM opportunity. [Continue reading…]

A visit to BNBSmartPool’s website reveals the original version of the scheme collapsed.

BNBSmartPool 2.0 promises “this time we’ll do this right”.

BNBSmartPool fails to provide company ownership or executive information on its website.

BNBSmartPool’s website domain (“bnbsmartpool.com”), was privately registered on January 15th, 2022.

BNBSmartPool’s official FaceBook page is managed from the Philippines. This strongly suggests whoever is running BNBSmartPool is based out of the Philippines.

The US is another possibility (Philippine support staff to manage the FaceBook page), as Alexa ranks the US as the top source of traffic to BNBSmartPool’s website (35%).

The second and third largest sources of traffic are India (24%) and Canada (13%) respectively.

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…]

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

128 BTC’s website domain (“128btc.org”), was privately registered on May 5th, 2021.

On FaceBook 128 BTC represents it is based out of Boston, Massachusetts. I wasn’t able to independently verify this.

Marketing videos on 128 BTC”s official YouTube channel are primarily testimonials from India and Africa.

This strongly suggests whoever is running 128 BTC is based out of Africa and/or India.

Curiously, Alexa ranks the US as the top source of traffic to 128 BTC’s website domain (68%).

This suggests 128 BTC affiliates in India and Africa are now profiting from recruitment in the US.

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…]

On December 30th the TelexFree class-action plaintiffs filed their fifth amended complaint.

I didn’t cover it because the only change was a bunch of defendants were added – most of which are banks and payment processors. The complaint itself has blown out to two hundred and eighty-four pages.

As a result of this the TelexFree class-action docket has become quite busy. In order to keep track of developments I thought we’d revisit the class-action and see where it’s at. [Continue reading…]

Italian authorities are cracking down on the Corsair Group Ponzi scheme.

CONSOB has already been banned the company’s website nationwide.

Now a 49 year old suspect’s home has also been raided, and he’s been warned of pending criminal action. [Continue reading…]

Just days after its fictional CEO vowed to solve ongoing withdrawal issues, Intelligence Prime Capital has unveiled a new crypto investment scheme. [Continue reading…]

This week we began documenting Leonardo Cositorto’s travels across Colombia.

Speaking to Colombian radio station W Radio just over a week ago, Cositorto maintains he’s in Colombia legally.

Cositorto is founder of the collapsed Generation Zoe Ponzi scheme.

He purportedly has an Interpol red notice out on him from Argentina, making his free travel across Colombia all the more bizarre. [Continue reading…]

Default judgment has been entered against Redwood Scientific Technologies and a bunch of corporate defendants.

Final judgment has also been entered against owner Jason Cardiff and wife Eunjung Cardiff. [Continue reading…]

Gift of Legacy has received a pyramid scheme fraud warning from Russia.

As per the Central Bank of Russia’s March 18th warning, Gift of Legacy exhibits signs of a “financial pyramid” scheme. [Continue reading…]