The North American Securities Administrators Association (NASAA), has cited thirteen GSPartners enforcement actions as examples of US state regulators “fighting fraud”. [Continue reading…]

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

Grokr Exchange operates from six known website domains:

1. grokrwaid.com – privately registered on April 19th, 2025
2. grokr-lssc.com – privately registered on May 23rd, 2025
3. grokrmail.com (domain disabled, used for support email) – privately registered on February 19th, 2025
4. grokrx3wf.com (already abandoned) – privately registered on August 24th, 2025
5. grokrex88.com (already abandoned) – privately registered on April 19th, 2025
6. grokr88.com (already abandoned) – privately registered on April 30th, 2025

In an attempt to appear legitimate, Grokr Exchange touts SEC registration of Grokr Exchange Ltd.

Grokr Exchange Ltd. is a Colorado shell company, registered by “Ernest Dewey May Jr.” on May 13th, 2024.

The corporate address provided for Grokr Exchange Ltd. appears to be a random unrelated office block in Denver.

Ernest Dewey May Jr. appears to be a fictional identity used to register numerous suspicious looking companies.

We’ll revisit Grokr Exchange Ltd.’s purported SEC registration in the conclusion of this review

Grokr Exchange also goes by Wealth Win Win Fund, or 3WF:

Note the above official Wealth Win Win Fund FaceBook group is managed from Cambodia:

This is indicative of Chinese crime groups operating out of Cambodia (see review conclusion for more information).

Further supporting this is Grokr Exchange’s web assets being hosted on Alibaba Cloud:

Grokr Exchange has already attracted the attention of financial regulators:

• Germany’s BaFin issued a Grokr Exchange securities fraud warning on June 11th, 2025
• Austria’s FMA issued a Grokr Exchange securities fraud warning on June 13th, 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…]

BitNest fails to provide ownership or executive information on its websites.

BitNest operates from eight known website domains:

1. bitnest.me – registered in April 2024, private registration last updated on June 5th, 2025
2. bitnest.finance – privately registered on October 23rd, 2024
3. bitnest.ac – privately registered on July 15th, 2025
4. bitnest.la – privately registered on July 15th, 2025
5. bitnest.is – privately registered on July 15th, 2025
6. bitnest.cx – privately registered on July 15th, 2025
7. bitnest.ad – registered through a private Singapore address on July 15th, 2025
8. bitnest.so – privately registered on July 15th, 2025

BitNest having so many domains is an red flag. It is indicative of a scam anticipating domain closures.

As of August 2025, SimilarWeb was tracking ~115,000 monthly website visits to BitNests’ primary “.me” domain”.

The majority of BitNest website traffic originates from Italy (18%), Germany (16%), the US (12%), the Netherlands (9%) and Ukraine (8%).

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

This suggests whoever is running BitNest has ties to China. Chinese scammers often operate from outside of China in countries like Singapore.

Research published on the website BitNest Trust suggests BitNest is a reboot of Yunus Loop:

BitNest Truth claims the above post to the official BitNest Telegram channel was edited in June 2025 to remove reference to Yunus Loop.

Yunus Loop was an MLM crypto Ponzi launched in last 2022. BitNest Truth reports Yunus Loop collapsed in early 2024, right before BitNest launched.

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…]

Shao Bank has received a desist and refrain fraud order from California’s Department of Financial Protection and Innovation (DFPI).

As per DFPI’s August 13th Shao Bank order; [Continue reading…]

Beonbit has received a desist and refrain fraud order from California’s Department of Financial Protection and Innovation (DFPI).

As per DFPI’s August 13th Beonbit order; [Continue reading…]

Ramil Ventura Palafox, founder of the PGI Global Ponzi scheme, has pled guilty to two counts of fraud.

Palafox’s plea agreement was filed on September 16th and received court approval the same day. [Continue reading…]

Optimus VIP has received a desist and refrain fraud order from California’s Department of Financial Protection and Innovation (DFPI).

As per DFPI’s August 13th Optimus VIP order; [Continue reading…]

Scott Lee Huss, aka Jryako (right), has been sentenced to 27 months in prison.

Huss (right) was indicted under seal on multiple counts of fraud in February 2025.

Huss’ criminal charges include wire fraud, mail fraud, money laundering and impersonating a foreign diplomat, consul or officer. [Continue reading…]

Fintoch has received a desist and refrain fraud order from California’s Department of Financial Protection and Innovation (DFPI).

As per DFPI’s August 13th Fintoch order; [Continue reading…]

Satoshi Mobile fails to provide ownership or executive information on its website.

Satoshi Mobile’s website domain (“satoshimobile.io”), was privately registered on August 5th, 2025.

In what appears to be attempts to conceal Satoshi Mobile’s ownership, website and marketing videos feature AI-generated slop.

The one Satoshi Mobile marketing video embedded on its website leads us to Satoshi Mobile’s official YouTube channel.

There we find a September 2nd Satoshi Mobile marketing video titled, “Bitcoin Mobile Network Service REVIEW“.

The video is hosted by John Wesley Rustin, representing himself to be from “ZSuite Team”.

ZSuite Global was an MLM crypto Ponzi launched around mid 2024. ZSuite Global’s website was disabled and its social media profiles deleted sometime over the last month.

ZSuite Global itself was a reboot of Yereq Geo Energy (aka YGE International), an energy ruse MLM Ponzi scheme launched in early 2023.

Yereq Geo Energy, Zenyge and ZSuite Global were run by John Rustin and Cynthia Rustin (aka Cynthia Ocariza Altman).

It’s unclear whether Cynthia Rustin is directly involved in Satoshi Mobile.

Of note is the Rustins’ CJCLive Media securities fraud cease and desist, issued by California’s DFPI in July 2020.

John Rustin was also separately pinged for securities fraud by Arkansas in 2009.

As per various social media profiles, the Rustins have ties to Hawaii, Nevada and California.

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…]