Ponzi Scheme: The Dubious Claims of "We Are All Satoshi" (2024)

Ponzi Scheme: The Dubious Claims of "We Are All Satoshi" (1)In a recent Zoom Meeting recorded on April 17, 2023, two notorious scheme promoters, Tami Jackson and Soma J. Gobikishn (Gobi), attempted to lure members of the HyperCommunity into investing in a new project called “We Are All Satoshi.”

Facilitated by these individuals, the meeting was intended to encourage investment in what has now been revealed as a fraudulent scheme.

Since the recording of this video, founder Sam Lee of the “HyperFund” crypto pyramid scheme, has faced charges from the SEC for fraud, with the scheme totalling a staggering $1.7 billion. Despite the legal repercussions, these individuals continue to promote other scams, exploiting unsuspecting individuals for financial gain.

False Claims and Deceptive Promises

In the recorded Zoom meeting, Soma J. Gobikishn (Gobi) makes numerous false claims about the “We Are All Satoshi” project, aiming to entice potential investors with grandiose promises. Here, we dissect and highlight the misleading assertions made in the transcript:

1. Proof of Reserve: Gobi and Sam Lee tout the concept of “proof of reserve” as a groundbreaking feature of their scheme, claiming it to be a first in the industry. However, there is no evidence to substantiate this claim, and the legitimacy of such a mechanism is questionable.

2. Transparency and Sustainability: The promoters emphasize the transparency and sustainability of the project, asserting that funds are allocated towards supporting the value of Bitcoin. However, given the fraudulent nature of the scheme and the subsequent legal action taken against its founders, these claims ring hollow.

3. Financial Rewards: Gobi paints a rosy picture of financial rewards for investors, including daily bonuses, check match bonuses, and Ascension Club rewards. These promises of substantial earnings are a classic hallmark of Ponzi schemes, designed to lure individuals into investing their money with the false hope of high returns.

4. Licensing and Regulation: Gobi suggests that “We Are All Satoshi” offers a licensed and regulated exchange platform, implying a level of legitimacy and security that may not exist. The lack of regulatory oversight and the involvement of individuals facing legal action cast doubt on the credibility of such claims.

5. Multiverse Matrix: The promoters introduce the concept of the Multiverse Matrix, which supposedly allows investors to earn additional income based on their investment package. However, the specifics of this mechanism remain vague, and its legitimacy is questionable.

Conclusion

The transcript of the Zoom meeting reveals a concerted effort by scheme promoters to deceive and manipulate potential investors for personal gain. With false claims of innovation, transparency, and financial rewards, they seek to exploit the trust and naivety of individuals within the HyperCommunity.

It is imperative for individuals to exercise caution and skepticism when presented with investment opportunities that sound too good to be true. As evidenced by the legal action taken against the founders of “We Are All Satoshi” and similar schemes, the promise of quick and easy riches often leads to financial ruin.

In the face of such deceptive practices, it is essential to remain vigilant, conduct thorough research, and seek advice from reputable sources before making any investment decisions. Only by staying informed and discerning can individuals protect themselves from falling victim to Ponzi schemes and other fraudulent schemes.

Ponzi Scheme: The Dubious Claims of "We Are All Satoshi" (2024)

FAQs

Ponzi Scheme: The Dubious Claims of "We Are All Satoshi"? ›

Gobikishn (Gobi), attempted to lure members of the HyperCommunity into investing in a new project called “We Are All Satoshi.” Facilitated by these individuals, the meeting was intended to encourage investment in what has now been revealed as a fraudulent scheme.

What is the most notorious Ponzi scheme? ›

The Bernie Madoff Ponzi Scheme

Bernie Madoff began as a legitimate stockbroker in the 1960s. Allegedly starting in the early 1980s, though, his company's operations began transforming into the biggest Ponzi scheme in history.

What is the name of the Ponzi scheme in Crypto? ›

"Manhattan U.S. Attorney Announces Charges Against Leaders Of “OneCoin,” A Multibillion-Dollar Pyramid Scheme Involving The Sale Of A Fraudulent Cryptocurrency."

Who was the original Ponzi scheme guy? ›

Charles Ponzi was the most flamboyant early practitioner of a scheme where the fraudster creates a plausible investment, gathers investors, and then uses the money from newer investors to pay off older ones while raking in a tidy profit.

What is the Ponzi game theory? ›

The con artist pays the high returns promised to their earlier investors by using the money obtained from later investors. Instead of engaging in a legitimate business activity, the con artist attempts to attract new investors to make the payments that were promised to earlier investors.

What is the largest Ponzi scheme in human history? ›

Bernard Lawrence Madoff (/ˈmeɪdɔːf/ MAY-dawf; April 29, 1938 – April 14, 2021) was an American financial criminal and financier who was the admitted mastermind of the largest known Ponzi scheme in history, worth an estimated $65 billion. He was at one time chairman of the Nasdaq stock exchange.

What was the largest woman run Ponzi scheme? ›

In reality, authorities say Champion-Cain was funding her lavish lifestyle and businesses using money she'd stolen in a massive Ponzi scheme totaling more than $350 million—earning her the distinction as the mastermind of the largest female-run Ponzi scheme in United States history, according to the latest episode of ...

Is social security a Ponzi? ›

Despite the extremely superficial correlation of today's workers providing a substantial percentage of the benefits existing beneficiaries are receiving, Social Security in no way meets the definition of a Ponzi scheme.

What is the most famous pyramid scheme? ›

American investment manager Bernie Madoff was the most famous Ponzi scheme executor in U.S. history. His scam cost investors an estimated $50–65 billion and wiped out many of the participants' life savings.

How long do Ponzi last? ›

Balance. We can see that in the 22nd month, the balance of the promoter will be reduced to 0. In other words, the promoter is no longer able to pay back the investors. Therefore, the Ponzi scheme will last for up to 22 months.

Is Amway a Ponzi scheme? ›

No, Amway is not a pyramid scheme, and it does sell actual products. But when it comes to using Amway as a way to supplement your income, it's just another scam. Amway's not the only scam to look out for on the internet.

How does a Ponzi make money? ›

A Ponzi scheme is an investment scam that pays early investors with money taken from later investors to create an illusion of big profits. A Ponzi scheme promises a high rate of return with little risk to the investor. It relies on word-of-mouth, as new investors hear about the big returns earned by early investors.

Is Ponzi the same as pyramid? ›

The essential difference between the two frauds is that a Ponzi scheme generally only requires investment in something from its victims, with promised returns at a later pay date. Pyramid schemes, unlike Ponzi schemes, usually offer a victim the opportunity to “make” money by recruiting more people into the scam.

What state has the most Ponzi schemes? ›

Utah has more Ponzi schemes per capita than any other state, and in 2015 became the first to create a white-collar crime registry. That pattern allegedly played out with Judd, Beasley and others who were charged in an SEC civil complaint filed last year.

What is a 419 scheme? ›

Named for the violation of Section 419 of the Nigerian Criminal Code, this is a sub-classification of an advance fee fraud scheme. Section 419 schemes involve scam artists who pose as business owners, lawyers, bankers, or foreign government officials needing assistance to move money from their country.

How is Mary Kay not a pyramid scheme? ›

Why is MaryKay not Considered a Pyramid Scheme? Even though the Mary Kay Company does play some emphasis on recruiting, they place more of an emphasis on selling their products which is the hallmark of a legitimate MLM.

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