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I would also like to talk about this other Ponzi scheme that has existed for years now. WeWe Global says it operates with the goal of making cryptocurrencies accepted everywhere. The website, registered by DigiTech Service LTD in January 2020 in the British Virgin Islands, states that you should invest as much money as possible to change your life and achieve financial freedom. The company claims to be a decentralized platform where users can get maximum profits from cryptocurrencies. In reality the platform itself requires KYC (prerogative of centralized platforms). WeWe presents itself as an ecosystem that provides vouchers for purchases and travel (via an anonymous site registered in 2019 called Travel4You). Furthermore, the company uses its own virtual token to conduct transactions and provide profits. The tokens that are mined are called WeWex, they have no volume outside of their platform (until 2021 the token was called WeWe). Like most Ponzi schemes, WeWe has no revenue. The company relies only on investments from affiliates. Each affiliate must pay a commission, as well as invest an amount between $100 and $7500 in WEWEX tokens (which are rented, although it is not clear where the rent comes from). The income produced is taxed at 30% if you decide to take profit with part of it, the remainder must be invested. When you sign up on platforms that offer packages or subscriptions, these are always pyramid schemes (Ponzi). The same goes when there are levels and degrees of affiliation.
Level 1 affiliates, if they recruit a subsequent person this becomes level 2, this in turn recruits other affiliates who are level 3 and so on up to level 20. Then further bonuses and greater incomes are given to those who recruit more people.
The entire structure created pushes affiliates to reinvest money (new and earned) in the company and to invite as many people as possible (as they earn 5% for each affiliate invited). It is clear that WeWe Global, not generating any profit, relies on investments from new users to pay for old ones. This is a traditional Ponzi scheme model. The website hides behind services such as Trading, Cloud Minting (where machines and servers are rented to create tokens) and travel vouchers, justifying the investment in these "utilities".
Red flags:
1) levels and to the clear pyramid scheme of affiliation
2) KYC (on a platform that calls itself decentralized)
3) lack of a blockchain and a whitepaper
4) the tokens earned are not exchangeable anywhere (they only have an internal market and can be sold for BTC)
5) the platform would be the successor to Liracoin (MLM system where products were sold and declared illegal)
NEW TOKENS, SUSPENSION OF WITHDRAWALS AND MIGRATION
In mid-2022, WeWe Global expanded its Ponzi scheme through LyoFI tokens. This is linked to LyoPay, led by CEO Luiz Goes (who would run WeWe Global and LyoFi from Dubai). On January 9, 2023, the Lyo token crashed, prompting WeWe Global to launch a new token called LFI. In mid-August 2023, WeWe Global suspended withdrawals following an unscheduled "maintenance" on August 11. Obviously WeWe Global is not updating anything, nor are they concerned about KYC. SimilarWeb tracks Italy (40%), Greece (15%), Germany (6%), Bulgaria (6%), and Peru (6%) as the top sources of Wewe Global website traffic. Recruitment in New Zealand was on the rise, until the FMA issued a fraud alert on WeWe Global and LyoPay securities in February 2023. The platform, as a prerogative of all Ponzi schemes, could migrate and be reborn under another name (same thing Hyperfund has done for years). Be careful of these scammers!
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MISSED THE ARKHAM AIRDROP? TIP OF THE MONTH
Arkham airdrop was from a few thousand dollars to hundreds of thousands of dollars. It was enough to register an email and then the address. Basically, these are intra-chain analysis and intelligence sites (tracking of on-chain movements). Six other similar sites have opened whitelists where you just need to enter your email. Someone is hinting that they could perform an airdrop like Arkham so I suggest you sign up by entering your email (you can also use secondary mail):
Peer Money (Whitelist, On Mail)
Vold (Whitelist, Only Mail)
Scamfari (Whitelist, Only Mail)
Nansen (Whitelist, Only Mail)
Velodata (Whitelist, Only Mail)
Tabi (Social Quests: Twitter, Discord, Reddit). For more info: Will Tabi Be The New Blur & Arkham? Participate In Quests!
Are you interested in ways to earn crypto bonus? Check it out here: Some Sites To Earn Crypto Bonus (Old & New)
