To hear Bitqyck affiliate Scott Brewster tell it, cryptocurrency mining is illegal in the US.

[18:00] The North American structure, the government and the laws and everything, makes it difficult to impossible to pay miners for introducing mining to other people.

What Brewster is referring to is the offering of an unregistered security, which is of course illegal in the US.

Within the context of MLM cryptocurrency mining, affiliates invest funds with a company and receive a passive ROI, purportedly generated via cryptocurrency mining.

There’s nothing illegal about it, provided the company registers its securities offering with the SEC and is 100% transparent about generated mining revenue.

For some reason Bitqyck don’t want to operate legally in the US though and instead, according to Brewster, plan to offer unregistered securities via Asia. [Continue reading…]

Despite a number of them collapsing, people are still throwing money at lending ICO Ponzi schemes.

Like the others, Falcon Coin was heavily promoted as a reload scam after BitConnect, the first ICO lending Ponzi, collapsed.

A few hours ago the Falcon Coin website went dead. [Continue reading…]

Coiner Ex provide no information on their website about who owns or runs the company.

The Coiner Ex website domain (“coiner-ex.com”) was privately registered on January 6th, 2018.

In the “about us” section of their website, Coiner Ex provide an incorporation certificate for “Coiner Ex Limited”.

Coiner Ex Limited was incorporated in the UK on January 12th, 2018.

Further research reveals the London address used to incorporate Coiner Ex Limited actually belongs to Alami International.

On their website Alami International state they are an importer and exporter of “a comprehensive range of products”.

As far as I can tell, Alami International has nothing to do with Coiner Ex Limited.

Coiner Ex Limited has one Director, Felix Butler.

No information outside of the Coiner Ex Limited incorporation ties Butler to the company.

This strongly suggests he does not exist.

UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.

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…]

Bitcoin Invest provide no information about who owns or runs the company on their website.

The Bitcoin Invest website domain (“bitcoininvest.cc”) was privately registered on November 2nd, 2017.

On their website Bitcoin Invest provide an incorporation certificate for “Bitcoin Finance LTD”.

Bitcoin Finance LTD was incorporated in the UK on April 7th, 2017.

Whether the company has anything to do with Bitcoin Invest is unclear.

In any event UK incorporation is dirt cheap and for the most part unregulated. It is a favorite for scammers looking to incorporate dodgy companies.

At the time of publication Alexa estimate Brazil accounts for 50% of traffic to the Bitcoin Invest website.

This suggests that whoever is running Bitcoin Invest is also likely based out Brazil.

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…]

Modere have terminated business operations across most of Asia, leaving Japan standing as the company’s sole surviving market across the continent.

The news slipped under the radar until I became aware of it via a tip from one of our readers.

As best I can tell, Modere made the announcement either in late 2017 or early 2018.

Modere’s business operations were formally wound up in Korea, Thailand, Hong Kong, Taiwan, Singapore and Malaysia on January 31st, 2018. [Continue reading…]

`In a video titled “My court date is March 16th 2018”, Trevon James has confirmed a BitConnect government investigation and lawsuit. [Continue reading…]

NuVerus launched in 2009 and operate in the nutritional supplement MLM niche.

The company is based out of Texas in the US and headed up by Founder and CEO, Michael Jareou.

Jareou’s NuVerus corporate bio credits him as a multi-millionaire by the age of 26.

(Jareou) started Digital Security Network,(DSN) and because of his excellent business capabilities, DSN became one of the biggest electronic security companies in the USA .

He then sold DSN, to Ameritech, a Fortune 100 company.

He then founded the Physicians Wellness Group (PWG), which in short time grew to be a multi-million dollar network marketing and distribution company.

His ingenuity started the popular “As Seen On TV” retail stores that we have all seen.

He is known world-wide as a savvy businessman.

Interestingly I wasn’t able to find any third-party information on Physicians Wellness Group.

There is mention of the company on the NuVerus website however, which suggests it has been merged at some point.

From the company’s “doctor program” description, Physicians Wellness Group appears to be a marketing arm of NuVerus that targets medical professionals.

The Physicians Wellness Group (PWG)offers a unique business opportunity to participate in the exploding and high growth Wellness Industry and an emerging company that fills a huge demand.

Our product are available through liscensed [sic[ physician practices and exclusively made to meet the need of there patients [sic].

PWG has committed all of its resources toward the development of a world wide billion dollar company with its adaptive and growth-oriented infrastructure, first-class turkey marketing program, high-quality technology products and tradition of excellence.

We are looking for a limited number of entrepreneurs, business professionals, health care professionals, and doctors to join us.

As far as I can tell, NuVerus is Jareou’s first sizable MLM venture as a corporate executive.

Today NuVerus has offices in Nigeria, South Africa, Japan, Bangladesh, India, Malaysia, Indonesia, Taiwan, Thailand and Trinidad & Tobago.

Currently NuVerus appears to be primarily active in Nigeria and Bangladesh. Alexa estimates the two countries make up almost 90% of traffic to the NuVerus website.

Read on for a full review of the NuVerus MLM opportunity. [Continue reading…]

When I checked the various BitConnect lawsuit case dockets a few days ago, other than a preliminary injunction granted against Ryan Maasen, there wasn’t anything significant to report on.

Behind the scenes though, BitConnect’s biggest promoters appear to be preparing for the worst. [Continue reading…]

PayNext provide no information on their website about who owns or runs the business.

The PayNext website domain (“paynext.io”) was privately registered on November 20th, 2017.

At the time of publication Alexa cite India as the largest source of traffic to the PayNext website domain (50%).

Offered languages on the PayNext website are only English and Chinese.

This suggests that whoever is running PayNext is likely either based out of India or China (Hong Kong).

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…]

Local media have dubbed BTC Global Team as “one of the biggest bitcoin scams to hit South Africa”.

Following the filing of 27,500 complaints, South African authorities have confirmed an investigation into BTC Global Team. [Continue reading…]