DexNet operates in the cryptocurrency MLM niche.

The company is headed up by founder and CEO Aleksey Kedo.

Kedo, who appears to be a Russian national, is known to BehindMLM as a top promoter of Kairos Technologies Ponzi scheme.

Following multiple regulatory fraud warnings and regulatory enforcement actions across Europe, Kairos Technologies collapsed in September 2016.

Authorities in Belarus made thirty Kairos Technologies related arrests later that same month.

Nonetheless what was left of Kairos Technologies limped along.

In January 2017 Turkish authorities concluded Kairos Technologies was an illegal pyramid scheme. Finally in January 2018, what was then left of Kairos Technologies was disposed through a failed ICO exit-scam.

DexNet’s other founder Igor Botnari, appears to be a random crypto bro with the usual failed businesses under his belt.

These include:

• FixOne – failed cryptocurrency exchange, no website traffic
• ProfixOne Capital – website disabled
• FixOne Global – failed trading scheme, website disabled
• One Token – failed crypto investment Ponzi offering 65% annually
• Teroxx – failed crypto trading scheme, no website traffic
• Abloxx – failed shit token Ponzi promising 8% a quarter for 5 years
• Toqunia – another collapsed crypto scheme of some sort, website abandoned years ago

DexNet operates from three known website domains:

• dexnet.one – privately registered on February 3rd, 2023
• dexnet.info – privately registered on June 9th, 2023
• dexfreedom.com – registered by Seychelles shell company Solutions Innovation on March 16th, 2023

As of February 2024, SimilarWeb tracked top sources of traffic to DexNet’s .ONE domain as Russia (30%), Ukraine (16%), Germany (13%), the UK (12%) and Moldova (11%).

Top sources of traffic to DexNet’s .INFO domain over the same period are Russia (39%), Malaysia (22%), Germany (22%) and the UK (17%).

Top sources of traffic to DexNet’s .COM domain over the same period are Latvia (50%), Russia (40%), Germany (6%) and Ukraine (4%).

On its .ONE domain, DexNet represents it operates as “Dexnet Information Technology CO” out of Dubai.

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

DexNet’s website specifically suggests it is under the protection of Sheikh Majid Rashid Al Mualla.

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 DexNet, read on for a full review. [Continue reading…]

The British Columbia Securities Commission has published reasoning behind its decision to extend a temporary order.

The order, issued on November 16th, 2023, prohibits promotion of GSPartners’ “MetaCertificates” unregistered securities offering.

Specific breaches of British Columbia law cited by the BCSC included:

1. illegal distribution of securities;
2. illegal trading of securities;
3. prohibited representations; and
4. fraud

In addition to GSPartners and parent company GSB Gold Standard Corporation, the order also pertains to promoters Haidy Nitsa Nakos, Tanya Sue Cloete and James Bruce Gardiner. [Continue reading…]

Google has filed a RICO lawsuit against two Chinese scammers it alleges are behind the OTCAI “click a button” app Ponzi.

Named defendants in Google’s filed April 4th Complaint are:

1. Yunfeng Sun (aka Alphonse Sun), an app developer believed to reside in Shenzhen, China
2. Hongnam Cheung (aka Zhang Hongnim, Stanford Fischer), an app developer believed to reside in Hong Kong, China

As alleged by Google, Sun and Cheung [Continue reading…]

Terrence Pounds has been sentenced to 94 months in prison for COVID-19 loan fraud.

Pounds, who orchestrated the multi-million dollar fraud scheme, will also have to pay back $4.2 million in restitution. [Continue reading…]

Brazil’s Supreme Court has approved the extradition of BitRobot admin  Laurent Myriam Claude Barthelemy.

Barthelemy was arrested in Brazil on an international arrest warrant request by Belgium in April 2023. [Continue reading…]

Andrew Eaton has claimed GSPartners is on the verge of negotiating settlements with US regulators.

Eaton, a top earner in the fraudulent investment scheme, leads a group of South African promoters under “GIHugeness” branding.
[Continue reading…]

Irina Dilkinska, OneCoin’s former Head of Legal and Compliance, has been sentenced to four years in prison. [Continue reading…]

Jury selection for the SEC’s MyNyloxin trial was supposed to kick off on March 25th.

Instead on March 7th, a Joint Motion was filed requesting the pending trial. The basis for the request was a reached settlement.

On March 8th the Joint Motion was granted, requesting the parties file a Status Report or Stipulation of Dismissal by April 1st.

On March 14th, the SEC filed a Motion for Judgment. On March 19th, Partial Consent Judgments were entered against all three MyNyloxin defendants. [Continue reading…]

The FDA has issued a second consumer warning pertaining to undeclared ingredients in Govvi’s WOW! supplement.

Testing of an additional sample of WOW! revealed undeclared DMHA. The sample also contained DMAA, which the FDA issued a warning about last December. [Continue reading…]

YEM Foundation is under investigation by Germany’s BaFin regulator.

As part of BaFin’s ongoing regulation, a YEM Foundation securities fraud warning was issued on March 22nd, 2024. [Continue reading…]