Verdicts against EXW Wallet defendants, including co-founder Ben Herzog, were expected to be handed down this month.

Austrian authorities have now made new filings in the criminal case, delaying verdicts to at least September. [Continue reading…]

Forever USDT fails to provide ownership or executive information on its website.

Forever USDT’s website domain (“foreverusdt.com”), was registered with bogus details on June 16th, 2024.

Of note is Forever USDT’s website domain being registered through the Chinese registrar Alibaba (Singapore).

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…]

Ranieri Assets fails to provide ownership or executive information on its website.

Ranieri Assets’ website domain (“ranieriasset.com”), was first registered in 2015. The private domain registration was last updated on June 22nd, 2024.

Through the Wayback Machine we can see Ranieri Assets’ domain was for sale as of March 2022.

Ranieri Assets’ website as it appears today appears to have been uploaded in late 2023.

Despite existing for less than a year, on its website Ranieri Assets pretends it has been around since 2015.

Ranieri Assets provides two corporate addresses on its website, neither of which has anything to do with the company.

Ranieri’s provided Toronto, Canada address is owned by Davinci Virtual Office. Ranieri Assets’ Delaware address is random office space.

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…]

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

BFO Exchange’s website domain (“bfo188.com”), was registered with bogus details on December 24th, 2023.

In an attempt to appear legitimate, BFO Exchange provides a Colorado shell company certificate for BFO Exchange LLC:

Due to the ease with which scammers are able to incorporate shell companies with bogus details, for the purpose of MLM due-diligence these certificates are meaningless.

BFO Exchange has already attracted the attention of financial regulators. The Philippine SEC issued a BFO Exchange securities fraud warning on June 13th, 2024.

If we look at the source-code of BFO Exchange’s website we can see localization is set to Chinese:

This suggests whoever is running BFO Exchange has ties to China.

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…]

Truly Essential is part of Simple Distributing LLC and operates in the nutritional supplements MLM niche.

Truly Essential doesn’t provide a corporate address on its website. The company’s “Terms and Conditions of Use” however states,

This Agreement is governed by and shall be construed in accordance with the laws of the State of Michigan.

You agree the exclusive venue for any dispute between SD and You arising out of this Agreement or Your use of this Site will be in the state and federal courts in Oakland County, Michigan or the United States District Court for the Eastern District of Michigan, as appropriate.

Heading up Truly Essential is founder Manoj Bhargava (right).

Bhargava is well-known enough to have his own Wikipedia page, on which a relatively detailed history of his past is presented.

Notably Bhargava doesn’t have an MLM history but he does have extensive ownership and corporate experience.

Truly Essential, launched a few months ago, appears to be a continuation of hydration business interests Bhargava launched last year.

 In 2023, Bhargava launched several hydration drink brands – True Hydration, Cellular Hydration, and Natural Glow Hydration.

The intracellular hydration drinks boast a sugar- and sodium-free formula, and are made using the reverse-osmosis technology Bhargava developed for HANS Premium Water.

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

Liga Insurance’s Head of Marketing has reached out to BehindMLM to confirm TLC Trading has no insurance contract with the firm. [Continue reading…]

Jump Mining fails to provide verifiable ownership or executive information on its website.

While Jump Mining does provide a list of executives, they are represented by fake names and stolen profile photos.

Jump Mining’s website domain (“jumpmining.com”), was privately registered on March 6th, 2024.

Jump Mining has already attracted the attention of financial regulators. The Philippine SEC issued a Jump Mining securities fraud warning on June 13th, 2024.

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…]

Mega Capitals fails to provide ownership or executive information on its website.

Mega Capitals’ website domain (“mega-capitals.org”), was privately registered on May 10th, 2024.

Despite only existing for just under two months, on its website Mega Capitals falsely claims it launched in September 2022.

On the regulatory front, the Central Bank of Russia issued a Mega Capitals pyramid fraud warning on June 20th, 2024.

In an attempt to appear legitimate, Mega Capitals provides a UK incorporation certificate for Mega Capital Holdings LTD.

Mega Capital Holdings LTD was incorporated in 2022, two years prior to Mega Capitals existing.

In addition to that, 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 banned MLM crypto investment schemes as of October 2023.

This is from Mega Capitals’ website FAQ;

What do I need to start investing with Mega Capitals?

First of all, you need to register a new account, select an investment plan and make a deposit of at least $10 through the popular payment systems.

What payment methods can I use to make a deposit?

For Now we accept only Bitcoin and we plan to extend the list of the accepted payment methods soon.

From this we can surmise Mega Capitals is operating illegally in the country it represents it is based out of.

And that’s before we’ve even gone over Mega Capitals’ business model. Read on for a full review of Mega Capitals’ MLM opportunity. [Continue reading…]

GPTBot USDT fails to provide ownership or executive information on its website.

GPTBot USDT operates from two known website domains:

1. gptbot-usdt.com – registered with bogus details on June 20th, 2024
2. gptbot-usdt.cc – registered with bogus details on June 20th, 2024

If we look at GPTBot USDT’s website source-code, we find Chinese:

This suggests whoever is running GPTBot USDT has ties to China.

GPTBot USDT has already attracted the attention of financial regulators. The Central Bank of Russia issued a GPTBot USDT pyramid fraud warning on June 28th, 2024.

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…]

Last we checked in on Jhony Depresseux he was in the midst of launching a bunch of low-effort MLM crypto Ponzis.

Now it seems Depresseux (right) is back targeting his original GTI-Net victims, this time through Kryptonomy.

After registering its domain name in late 2014, Depresseux launched GTI-Net in early 2015. It was a simple €500 euro buy-in pyramid scheme.

After GTI-Net collapsed in 2019, Depresseux fled Belgium for Dubai and launched Global Technology Innovation.

The GTI reboot saw Depresseux transition to crypto fraud, leading to all the low-effort Ponzis that followed.

GTI victims are now reporting they’ve received emails promoting Kryptonomy.

Kryptonomy operates from the domain “kryptonomy.net”, first registered in 2022. The private registration was last updated on January 6th, 2024.

The Wayback Machine reveals hosting on the domain was disabled prior to the January 6th registration update. This signifies Kryptonomy’s domain was purchased on or around January 6th, with the current website going live thereafter.

A visit to Kryptonomy’s website reveals a “passive income generator”:

There’s no mention of GTI-Net or Depresseux, but if you follow a link provided to GTI victims you learn the GTI database has been imported:

There’s been no news of Depresseux selling the GTI investor database so we’re assuming he’s behind Kryptonomy.

In the footer of Kryptonomy’s website details of Easy Marketing FZCO, a Dubai shell company, are provided.

Due to the proliferation of scams and failure to enforce securities fraud regulation, BehindMLM ranks Dubai as the MLM crime capital of the world.

BehindMLM’s guidelines for Dubai are:

1. If someone lives in Dubai and approaches you about an MLM opportunity, they’re trying to scam you.
2. If an MLM company is based out of or represents it has ties to Dubai, it’s a scam.

If you want to know specifically how this applies to Kryptonomy, read on for a full review. [Continue reading…]