Monthly Archive: February 2018

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Seventh BitConnect lawsuit filed in California ($110,000 in losses)

A seventh lawsuit has been filed against BitConnect and several of its top promoters.Baltazar Avalos filed his class-action lawsuit on February 22nd in California’s northern district.Named as defendants in the suit are BitConnect, Joshua Jeppesen, Glenn Arcaro, Trevon Brown (aka Trevon James), Ryan Hildreth, Craig Grant, Nicholas Trovato (aka CryptoNick) and Ryan Maasen.In his complaint Avalos allegesBitConnect created and operated fraudulent Ponzi/pyramid schemes in the form of the BitConnect Lending Program and the BitConnect Staking Program.Despite being cloaked in technological sophistication and jargon, Defendants operated a century-old fraud that was simple at its core—Defendants paid existing investors with new money from…

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Argyll Technologies Group Review: Sports arbitrage = 600% ROI?

Argyll Technologies Group claims to be ‘a group of companies specializing in the niche field of advanced sporting data analytics‘.Despite claiming to have been “setup in 2013 in the British Virgin Islands”, the Argyll Technologies Group website domain (“argyll-tech.com”) wasn’t registered until early 2016.The Internet Archive’s Wayback Machine confirms that up until late 2017 the “argyll-tech.com” domain was dormant.Alexa traffic estimates suggest the current Argyll Technologies Group website went live around late October, 2017.In summation, Argyll Technologies Group didn’t exist prior to around September or October, 2017. The claim the company has been around since 2013 is bogus.Argyll Technologies Group do…

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USI-Tech blame withdrawal problems on payment processors

Along with “someone died”, suddenly getting struck down by a mysterious illness, hackers and DDOS attacks, “we’re too big for business” is as clichéd of a delayed payment excuse as they come.Not surprisingly, following months of promises this is what USI-Tech support are now telling investors.The regulatory crackdown on USI-Tech across the US and Canada, along with negative press and problems booking hotels in the UK, has no doubt hurt the company’s banking channels.Rather than acknowledge the need to wade deeper into the seedier side of the financial industry (typically processors with extremely high fees operating in shady jurisdictions), USI-Tech support…

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CGI Limited Review: Crypto cockfight betting through Coinsinos?

CGI Limited appear to be the parent company of Coinsinos, a self-contained MLM opportunity.The two companies have near-identical websites, so to keep things simple I’m going to refer to the opportunity as “Coinsinos”.Coinsinos operate in the cryptocurrency and gaming MLM niches. The company does not provide a corporate address on their website.The Coinsinos website domain (“coinsinos.com”) was privately registered on November 11th, 2017.Listed as co-founders of the company on the Coinsinos website are Lorence Irvine (CEO) and Daniel Grenon (Chief Marketing Officer).Lorence Irvine (right) is based out of the Philippines. Prior to founding Coinsinos Irvine was Zija International’s Country Director for…

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SaxoCoin Review: SAXO points ICO lending Ponzi

SaxoCoin provide no information on their website about who owns or runs the company.The SaxoCoin website domain (“saxocoin.io”) was privately registered on January 4th, 2018.A virtual office address owned by ServCorp in Hong Kong is provided on the SaxoCoin website.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.SaxoCoin ProductsSaxoCoin has no retailable products or services, with affiliates only able to market SaxoCoin affiliate membership itself.The SaxoCoin Compensation PlanSaxoCoin affiliates acquire SAXO points from the company’s anonymous owners.SAXO points are sold to SaxoCoin…

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PrimeLend Review: PML points ICO lending Ponzi scheme

PrimeLend provide no information on their website about who owns or runs the business.The PrimeLend website domain (“primelend.io”) was privately registered on December 9th, 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.PrimeLend ProductsPrimeLend has no retailable products or services, with affiliates only able to market PrimeLend affiliate membership itself.The PrimeLend Compensation PlanPrimeLend affiliates acquire PML points from the company’s anonymous owners.PML points are sold to PrimeLend affiliates for 50 cents to $1 each.Once acquired, PML points are “lent” back to PrimeLend…

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KaratBars International to launch KaratBank Coin ICO

The latest MLM company to jump on the pointless altcoin launch is Karatbars International.For those unfamiliar with the company, Karatbars International combines pyramid recruitment with a token gold offering.While gold is available for purchase through the company, the focus of the compensation plan is getting people to sign up with affiliate packages.You wouldn’t know that from visiting the Karatbars International website though, as the company is notoriously secretive about its MLM business opportunity.In any event, Karatbars International recently released a KaratBank Coin ICO whitepaper.According to the whitepaper;KaratBank Coin is a blockchain-based cryptocurrency that is linked to physically deposited gold in the…

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Traffic Monsoon Receivership order slightly amended

Following a request for briefings on the duties and powers of the appointed Traffic Monsoon Receiver, an amended order has been filed.The February 20th Second Amended Order Appointing (the) Receiver defines specific “powers reserved for (Charles) Scoville”.Scoville is granted authority to appeal and advance arguments on behalf of Traffic Monsoon in the appeal presently pending in the United States Court of Appeals of the Tenth Circuit pursuant to the Notice of Interlocutory Appeal or any further appeal seeking to modify the following Orders of this court.This came up as a result of an amicus brief filed by the Receiver in Scoville’s…

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BeeCash Review: BEH points ICO lending Ponzi scheme

BeeCash provide no information on their website about who owns or runs the business.The BeeCash website domain (“beecash.co”) was registered on November 28th, 2017.“Beecash coin” is listed as the owner with what appears to be bogus details (eg. “Registrant City: United Stage”).Official BeeCash marketing videos are narrated with a thick European accent. This suggests that whoever is running the company is likely also based out of Europe.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.BeeCash ProductsBeeCash has no retailable products or services,…

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Bitron Review: BTN points ICO lending Ponzi scheme

Bitron provide no information on their website about who owns or runs the company.The Bitron website domain (“bitron.io”) was privately registered on January 1st, 2018.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.Bitron ProductsBitron has no retailable products or services, with affiliates only able to market Bitron affiliate membership itself.The Bitron Compensation PlanBitron affiliates acquire BTN points from the company’s anonymous owners.BTN points are sold to Bitron affiliates for 70 cents to $2.50 each.Once acquired, BTN points are “lent” back to Bitron…