An internal investigation by Germany’s top financial regulator revealed OneCoin had received around 360 million euros into German bank accounts.

The funds were deposited and transferred through OneCoin’s international money laundering network between December 2015 to 2016.

Unfortunately by the time BaFin was in a position to seize the funds, only 29 million EUR remained in the accounts.

Nevertheless the 29 million euros were frozen and remain so pending the outcome of an ongoing investigation. [Continue reading…]

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

The BitXGroup website domain (“bitxgroup.trade”) was privately registered on December 23rd, 2017.

BitXGroup provide a UK incorporation number on their website, which corresponds to “BitX Group Limited”.

BitX Group Limited was incorporated on December 1st, 2017 through a residential address in London.

“Kyle Horton” is listed at the sole Director of the company, through another residential address in Hampshire.

Given that no information on Kyle Horton and BitX Group Limited exists outside of the incorporation, it’s a good bet Horton doesn’t actually 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…]

Empire Coin Club provide no information on their website about who owns or runs the business.

The Empire Coin Club website domain (“empirecoinclub.com”) was privately registered on July 7th, 2017.

Despite a website presented in English, the official Empire Coin Club compensation plan is written in Spanish.

This suggests that whoever is running Empire Coin Club is likely based out of Europe or South America.

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…]

While nothing has emerged from the SEC yet regarding fraudulent ICO lending Ponzi schemes, Texas is on a roll.

An emergency cease and desist order against DavorCoin marks the third enforcement order Texas has taken against ICO lending Ponzi schemes. [Continue reading…]

MartCoin launched in late 2017 and promised investors ‘a clear and specific plan for Martcoin to reach $290 by the end of Q2-2018′.

Whatever plans the ICO Ponzi scheme had have been tossed, following the official collapse of MartCoin on February 2nd. [Continue reading…]

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

The BitsTrades website domain (“bitstrades.com”) was first registered on July 20th, 2016.

The Wayback Machine reveals that the current BitsTrades website went live sometime after September, 2017. Prior to the latest iteration, BitsTrades was an “index trading investment” scheme.

Alexa traffic estimates for the BitsTrades website show an uptick from November, 2017, which is probably around the time the current BitsTrades website went live.

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…]

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

The Ribbon Coin website domain (“ribboncoin.co”) was privately registered on November 21st, 2017.

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…]

It used to be when a Ponzi collapsed that was the end of it.

With cryptocurrency we’ve now got this drawn out period where post-collapse, those scammed desperately either

1. try to offload their plummeting in value points or
2. hold their points in the hope that, for no evident reason, they’ll go back up in value

As class-action lawsuits pile up and the specter of federal regulatory action looms, the primary exchange still allowing BCC trading has dumped the coin. [Continue reading…]

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

The Numiv Coin website domain (“numivcoin.com”) was privately registered on October 8th, 2017.

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…]

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

The Bitfinite website domain (“bitfinite.co”) was  privately registered on November 2nd, 2017.

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…]