Keep This Website Handy
It just might help you avoid a crypto scam
Recently, I shared that The Missing Crypto Queen is one of my top reads this summer. It’s a great book, and outlines the fascinating twists and turns of OneCoin and its enigmatic founder, a woman named Ruja Ignatova. She’s been missing for years after heading up a scam that would make Bernie Madoff blush.
Earlier this month, the FBI added her to the Ten Most Wanted List.
Most of what happens in the story takes place outside the US, and tentacles reach pretty far. Just when you think you know what’s about to happen, the story takes another turn.
One of most interesting parts: how the scam united MLMs and crypto.
I suppose in several ways, the pairing makes sense. MLM stands for “multi-level marketing”, and often involves people selling items to their social networks. You’ve heard of the more successful (and legit) ones, like Mary Kay, Herbalife, and Amway. MLMs have broad reach, and can involve everything from vitamins to life insurance.
MLMs tend to make promises of life changing money and freedom.
Investing in crypto does that too, especially given the overwhelming success of Bitcoin. People see that, want to invest in it and other cryptocurrencies, and sometimes meet scammers along the way.
In the book, a website called Behind MLM plays a large part in the exposure of OneCoin as a fraud. Internet sleuths catch on when the authorities do not, and that starts a chain reaction that makes the scheme tumble pretty quickly.
And a quick log on of the site shows the folks on Behind MLM are still at work. Not only is Behind MLM still tracking OneCoin with gusto, but the site also has many posts about other crypto projects that are suspected to be little more than pyramid or Ponzi schemes.
So keep the Behind MLM website handy. When you come across a new crypto project, it’s worth running a check on that site to see if the founders or the company have a track record you’ll want to know about.
It never hurts to keep your guard up, especially when it comes to investing.
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.