MLM Detective POSTS

0

Empire Coin Club Review: Bitcoin package investment Ponzi

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.Empire Coin ProductsEmpire Coin has no retailable products or services, with Empire Coin…

0

DavorCoin securities fraud cease and desist issued in Texas

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.For those unfamiliar with the scheme, DavorCoin is a BitConnect ICO lending Ponzi clone.The gist of the model sees anonymous admins launch an ICO, take in real money on the promise of a monthly ROI (paid out of invested funds) and eventually do a runner when withdrawals exceed new investment.BitConnect’s recent collapse resulted in widespread investor losses.DavorCoin was heavily touted as a reload scam…

0

MartCoin collapses, investors unable to withdraw

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.As they are wont to do prior to collapsing, MartCoin shut down its servers for an “upgrade” on January 30th.After completing the upgrade, we will announce the great Martcoin events in February.The “great Martcoin events” turned out to be the shutting down of their ICO lending Ponzi scheme two days later.On February 2nd MartCoin advised affiliates itsLending – Spinning Program will officially cease operation…

0

BitsTrades Review: BSS points ICO lending Ponzi scheme

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…

0

Ribbon Coin Review: ICO Ponzi scheme “with a cause” is still a Ponzi

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.Ribbon Coin ProductsRibbon Coin has no retailable products or services, with affiliates only able to market Ribbon Coin affiliate membership itself.The Ribbon Coin Compensation PlanRibbon Coin affiliates acquire pre-generated RBC points from the company’s anonymous owners.RBC points are sold to Ribbon Coin affiliates for between 50 cents and…

0

BitConnect dumped from primary exchange, Davor circles the gurgler

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 eithertry to offload their plummeting in value points orhold their points in the hope that, for no evident reason, they’ll go back up in valueAs class-action lawsuits pile up and the specter of federal regulatory action looms, the primary exchange still allowing BCC trading has dumped the coin.Prior to BitConnect’s collapse upwards of 95% of BCC trading took place on the internal exchange, wherein newly invested funds were used to pay existing BitConnect investors…

0

Numiv Coin Review: NUM points ICO lending Ponzi scheme

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.Numiv Coin ProductsNumiv Coin has no retailable products or services, with affiliates only able to market Numiv Coin affiliate membership itself.The Numiv Coin Compensation PlanNumiv Coin affiliates purchase pre-generated NUM points from the company’s anonymous owners.Numiv Coin sell NUM points to affiliates for 80 cents to $1 each.Once…

0

Bitfinite Review: BFC points ICO lending Ponzi scheme

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.Bitfinite ProductsBitfinite has no retailable products or services, with affiliates only able to market Bitfinite affiliate membership itself.The Bitfinite Compensation PlanBitfinite affiliates purchase pre-generated BFC points from the company’s anonymous owners.BFC points are sold to Bitfinite affiliates for 75 cents to $1.15 each.Once acquired, BFC points are “lent” back to…

0

Fourth BitConnect class-action lawsuit filed in Minnesota

The latest litigation filed against BitConnect marks the fourth class-action filed against the company in two weeks.In the latest lawsuit, filed in Minnesota on January 31st, Plaintiff Patricia Mengesha seeks to hold BitConnect International PLC, BitConnect LTD and BitConnect Trading liable for ‘financial losses suffered from an inline investment scam‘.According to Mengesha, a resident of Dakota County, Minnesota,Bitconnect scammed thousands of Minnesotans and hundreds of thousand of Americans out of millions and millions of dollars.Bitconnect took advantage of the increased attention, interest and success of cryptocurrencies and legitimate companies and technology to convince Plaintiff and the class that they would make…

0

Third BitConnect class-action lawsuit filed in Florida

BitConnect victims continue to take matter into their own hands, following the filing of a third lawsuit in the US.Filed on January 30th, Plaintiffs Paul Long and Kiandra Love seek to hold defendants BitConnect International PLC, BitConnect LTD, BitConnect Trading LTD and Ryan Maasen accountable for their losses.According to the compliant, BitConnectscammed thousands of Floridians and hundreds and thousands of Americans out of millions and millions of dollars.BitConnect took advantage of the increased attention, interest and success of cryptocurrencies and legitimate companies and technology to convince Platintiffs and the Class that they would make money on their investment in BitConnect’s product.Ryan…