UbitEx was an MLM crypto Ponzi scheme that launched in mid 2024.

The scam was headed up by CEO “Alex Sandro”, an underwear model believed to be living in Indonesia.

UbitEx affiliates invested cryptocurrency into UB. Through a “staking” Ponzi model, UbitEX recycled invested funds to pay returns.

UbitEx collapsed in late 2024. On December 2024 the domain “ubx.one” was privately registered.

Shortly after Ubitex was rebooted as UBX:

Not surprisingly, Ubitex’s Boris CEO Alex Sandro is gone. On January 14th, 2025, UBX uploaded its first marketing video to its newly created YouTube channel.

The video is a webinar hosted by someone with, if I’m not mistaken, a Singaporean accent. This ties into UbitEx being run by Chinese scammers:

Of note is France’s AMF adding Ubitex to its fraud blacklist on February 13th, 2025.

As of February 2025, SimilarWeb tracked the majority of UBX website traffic from the US (43%), France (36%) and the UK (22%). This traffic is likely to primarily be victims of UbitEX.

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 Super Matrix fails to provide ownership or executive information on its website.

The Super Matrix’s website domain (“thesupermatrix.com”), was privately registered on January 4th, 2025.

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 gaslighting of Daisy victims continues.

The latest March 6th video sees Jeremy Roma, Eduard Khemchan and Ilya Marin pretend Daisy wasn’t an investment scheme. The trio also denies they stole investor funds. [Continue reading…]

Quintessential Business Network (QBN) has received a securities fraud warning from Spain’s Comision Nacional del Mercado de Valores (CNMV).

As per the CNMV’s February 25th warning; [Continue reading…]

UbitEx has received a securities fraud warning from France’s Autorite des Marches Financiers (AMF).

As per the AMF’s February 13th, 2025 warning, Ubitex is “blacklisted by the AMF because it offers financial services or products without being authorized”. [Continue reading…]

An associate of DAO1’s Alexandru Nicolae Bodi (aka Alex Bodi), has been arrested in Romania.

Late last year Horatiu Potra was “arrested for allegedly planning to instigate unrest in Romania.” [Continue reading…]

The SEC has dropped Oscar Garcia from its ongoing Batched investigation. [Continue reading…]

Quantitative Trading fails to provide ownership or executive information on its website.

Quantitative Trading’s website domain (“198hh.com”), was registered with bogus details on February 15th, 2025.

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…]

SourceLess operates in the MLM cryptocurrency niche.

A US address provided on SourceLess’ website belongs to Harvard Business Services, Inc. Harvard Business Services, Inc. sells Delaware company formation and mail forwarding services.

Heading up SourceLess is founder and CEO Alexandru Stratulat.

Alexandru is based out of Romania and, prior to SourceLess, founded Ccoin.

Ccoin was a pump and dump crypto scam built around its CCOS token. Ccoin appears to have collapsed in early 2022.

What’s left of Ccoin operates as Ccoin Finance. Ccoin Finance sells VISA debit cards attached to its internal crypto accounts.

SourceLess launched around 2020 and, at least on some level, appears to have been integrated into Ccoin.

Update 24th June 2025 – Prior to getting involved in crypto fraud, Stratulat was involved in organized crime.

In 2017 Stratulat, then 33, was arrested by Romanian authorities on a warrant tied to financial fraud.

Police officers from the 1st Rural Section of Constanța detected, on October 30 this year, a 33-year-old man, Alexandru Marius Stratulat, from Valu lui Traian, Constanța County, in whose name the Brașov Court issued a warrant for the execution of a sentence of 5 years and 4 months in prison, for committing the crime of carrying out fraudulent financial operations.

He was placed in the Poarta Albă Penitentiary.

Stratulat and the “criminal group” he was in were caught with ATM skimming devices.

During the home searches, instructions for making the devices were found, photos of ATM models from various banks, and from the first computer searches carried out, hundreds of series of bank cards were identified.

The estimated value of the damage exceeds 1 million lei.

/end update

In addition to Stratulat being based out of Romania, SourceLess’ official FaceBook page is also managed from Romania:

From this we can ascertain, as opposed to the US, SourceLess is based out of and operated from Romania.

SourceLess’ first two “source-less.com” and “sourceless.io” website domains have been abandoned. Today SourceLess operates from “sourceless.net”, registered through a Romanian address on February 10th, 2024.

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

US authorities have confirmed an arrest warrant has been issued against fugitive Jason Cardiff. [Continue reading…]