In a message provided to affiliates in their backoffice, Bitqyck has confirmed it is under federal regulatory investigation.
The company doesn’t name which regulator is investigating it. Based on Bitqyck’s unregistered securities business model however, it’s safe to say it’s probably the SEC.
Bitqyck founders and owners Bruce Bise and Sam Mendez signed off on the message, which claims Bitqyck is ‘winding down … in response to an ongoing federal agency review of our business and business model‘.
Considering US regulators don’t “review” MLM companies or their business models, this is a roundabout way of confirming an investigation.
Back in March BehindMLM reviewed Firstmover International.
Essentially a planned offshore continuation of Bitqyck, Firstmover International demonstrated Bise’s and Mendez’s commitment to securities fraud.
In the wake of confirmation of a US regulatory investigation, Bitqyck investors have scrambled to mitigate impact of the announcement.
One such investor, Savun Phon, reassured his downline there was no reason to be “upset or worried”.
There is an official statement that has been posted in your back office.
Don’t worry about it, just wait 2-3 days for the official transition of the back office to FMI.
This needed to be done to make the transition go smoothly per regulations.
No more Bitqyck: everything moving forward is Firstmover.
So get used to becoming and calling yourselves “First Mover” affiliates!
There’s no reason anyone should be upset and worried. All Affiliates know that we have been making this transition for many months now, so it should be very easy and clear.
It’s a needed statement in order to transition smoothly.
An email communication accompanying Phon’s message additionally states
we are transitioning from Bitqyck, a U.S. based company, to First Mover Inc. (FMI), an international company with offices in Thailand, Singapore and Ireland.
This has been a necessary transition and in the end an excellent one to benefit all affiliates and customers more than before!
Neither communication directly addresses Bitqyck’s ongoing US regulatory investigation.
Tell you what though, if the SEC are putting together a case against Bitqyck, Bruce Bise and Sam Mendez, then running off to Asia with a shell company isn’t going to work.
At least not in the long-term.
Moreover, we have to point out again that if Bitqyck and Firstmover International were legitimate cryptocurrency mining opportunities, then there’s no reason for Bise and Mendez to not register them with the SEC.
In addition to no evidence of external revenue generation, the calculated attempt to dodge a US regulatory shutdown makes it pretty clear Bitqyck and Firstmover International are Ponzi schemes.
Pending the outcome of the unnamed agency’s investigation into Bitqyck (and Firstmover International), stay tuned…