MLM Detective POSTS

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AladinCoin Review: AIC Ponzi points scheme

AladinCoin provide no information on their website about who owns or runs the business.The AladinCoin website domain (“aladincoins.com”) was privately registered on March 21st, 2017.In what appears to be an attempt to feign legitimacy, AladinCoin provide a HSBC UK “Deposit of Fund” certificate on their website.The deposit is for $1 billion USD and was made by Taswin Tarib, an Indonesian citizen, on November 14th, 2017.For some reason AladinCoin took it upon themselves to block out the company owner on the document.Where things get interesting is the provided address for Aladin Coins LLC is in California.According to a Business Entity Search with…

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3 million EUR tied to OneCoin to remain frozen, objection dismissed

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.OneCoin appears to have petitioned for the release of 3 million EUR, through a complaint filed against BaFin’s freeze order.As I understand it OneCoin, through the shell company, tried to…

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BitXGroup Review: Hourly & daily ROI crypto “mining & trading” Ponzi

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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…