Yesterday longtime BehindMLM reader GlimDropper shared a Nui replace with us.
By way of Nui Worldwide, Darren Olayan was providing 12 month crypto funding contracts.
Following a $595,000 securities fraud nice from Utah in late 2020, Olayan had been laying low.
Having deserted his social media in December 2017 as a number of regulators launched investigations into Nui, Olayan had returned in mid January…
…to push NFTs. Hmm.
I ran a fast search on a connection between Nui and NFTs and turned up nothing. Whereas I wasn’t in a position to affirm Nui Worldwide was nonetheless working as an MLM firm, I felt the brand new funding plans GlimDropper had shared warranted, on the very least, a assessment replace.
And so I queued Nui for an replace and proceeded to maneuver onto placing collectively a assessment.
…however it bugged me. Why had Olayan returned to social media after two years to bang on about NFTs, when Nui wasn’t providing any?
It was right here I fell down the rabbit gap of Olayan shifting his Nui Ponzi scheme to Brazil.
Whereas Nui itself isn’t providing NFTs (a minimum of indirectly and never but), in June 2021 Darren Olayan registered the area (“bitmobb.biz”).
There, amongst different issues, Olayan is advertising himself as a “crypto coach” and “Blockchain Entrepreneur and Enterprise Guide”.
Naturally, leaping on the NFT hype bandwagon is a part of the pitch.
So far as I’m conscious, NFTs are only a advertising software to Olayan.
What NFTs supplied me was a springboard into Olayan’s present enterprise operations. There’s lots to unpack right here so I’ll first present a listing of each firm and entity I got here throughout.
Beneath the record we’ll undergo them one after the other, adopted by a conclusion on why any of this issues.
The Darren Olayan crypto rabbit gap as of Might 2022
- BitMOBB
- DoMoreLLC
- Symatri
- Illuminex
- Bitcoin Automotive Cash
- Kala Cup
- Nui and Nui Worldwide
- KLA Make investments
- Naka Video games
- Sure Financial institution
BitMOBB
BitMOBB operates from “bitmobb.biz”. The MOBB a part of the identify is an acronym for “My Personal Borderless Banking”.
This can be a reference to crypto ATMs, which is a throwback to the previous KALA ATM advertising schtick from 2020:
Apart from that BitMOBB capabilities as a weblog for Olayan to market himself and his varied schemes on.
Do Extra Consulting
Do Extra Consulting is linked off Olayan’s BitMOBB web site as “DoMoreLLC”.
Do Extra Consulting was launched in 2019 and operated from “domorell.com”. That web site area has since been deserted.
Do Extra Consulting itself was short-lived. The corporate’s official FaceBook web page was created in February 2019, solely to be deserted a couple of months later in Might.
In late 2021 Olayan made two video posts to the web page, sharing movies he’d uploaded to the just lately renamed “BitMobb – Blockchain, Crypto & NFT group” YouTube channel.
As of December 2021, Do Extra Consulting has been deserted once more.
Symatri
Symatri is the shell firm Darren Olayan launches his crypto schemes by. This started with Kala Coin (KALA) again in 2017.
Right this moment Symatri refers to Olayan’s varied connected spinoff schemes as “purchasers”.
These could be recognized as firms utilizing KALA, as a result of no one exterior of Nui is utilizing KALA.
Illuminex
Illuminex is pitched as an “automated buying and selling bot” scheme:
Illuminex is represented to be a Symatri shopper, which means Darren Olayan runs it.
We will additional affirm this by wanting on the Illuminex backoffice, and seeing it makes use of “Kala Gasoline”:
Kala Gasoline is a “transactional token” utilized by firms launched below Symatri.
Bitcoin Automotive Cash
Bitcoin Automotive Cash is marketed on BitMOBB.
It’s some dodgy wanting crypto automobile mortgage firm that was arrange in late 2021:
BitMOBB is predicated out of Utah and accepts varied cryptocurrencies together with, you guessed it, KALA.
Kala Cup
Kala Cup was a lame try and get into gaming by Fortnite.
Final yr Symatri hosted “Kala Cup”, a Fortnite event they arrange by Rematch.
This seems to be a observe on from now defunct sponsorship of Workforce Xen, a Fortnite esports workforce:
Nui and Nui Worldwide
Nui Worldwide options within the “generate profits” part of BitMOBB.
At this level Nui and Nui Worldwide are one and the identical. To maintain issues easy I’ll simply Nui.
As reported by GlimDropper, Nui Worldwide continues to supply unregistered securities by its crypto funding Ponzi scheme.
As a part of their advertising pitch, Nui promoters reference Nui Social LLC, a Utah company belonging to Olayan:
Olayan additionally owns Nui Worldwide LLC, one other Utah company. Each firms have been energetic at time of publication.
Nui solicits funding from shoppers by two cryptocurrency contracts; Nui Rental Contracts and Nui Custody Contracts.
Nui Rental Contracts sees associates make investments $5000 or extra on the promise of 5% a month. Be aware that every Nui Rental Contract components in MLM commissions earned by Nui, capped at 200% of the invested quantity.
Particulars of Nui’s MLM alternative aren’t supplied.
Nui Rental Contracts expire in 12 months, no matter whether or not 200% is paid out.
Nui Custody Contracts sees Nui solicit $100 to $20,000 in bitcoin, on the promise of “variable day by day returns”.
Nui Custody Contracts pay Monday by Friday for 12 months. Withdrawals of returns appeal to a 5% charge.
Neither Darren Olayan, Nui or Nui Worldwide are registered with the SEC.
KLA Make investments
KLA Make investments solicits funding in bitcoin in KLAINDEX25;
an index that encompasses the principle 25 largest Cryptocurrencies that make up the cryptocurrency market cap.
Any particular person, bodily or authorized, can spend money on KLAINDEX25.
Minimal Funding: BRL 5,000.00 (5 thousand reais).
If there’s a return of as much as 100% (100%) on the capital invested, KLA can be entitled to a efficiency charge of 20% (twenty %) on the outcome.
If there’s a return above 100% (100%) and as much as 200% (200 %) on the invested capital, KLA can be entitled to a efficiency charge of 35% (thirty-five %) on the outcome.
If there’s a return above 200% (200 %) on the capital invested, KLA can be entitled to a efficiency charge of fifty% (fifty %) on the outcome.
If there’s a request for liquidation of the funding earlier than its maturity, the shopper can pay a nice of 20% (twenty) %.
KLA Make investments is featured within the “generate profits” part of BitMOBB. Proper off the bat, it’s fairly apparent who’s behind it:
Olayan claims KLA Make investments (additionally goes by KLA Capital and KLA Crypto Index), is the “first crypto hedge fund licensed in all of Latin America”.
What they did is that they took two years to get a license from the CVM.
The CVM in Brazil is the equal to the SEC in the USA.
Olayan has gone to nice lengths to symbolize KLA Make investments is predicated out of Brazil and has nothing to do with him.
To that finish you’ve got KLA Capital Group Gestora de Recursos Ltda, and a Brazilian company deal with.
Naturally no government info is supplied on KLA Make investments’s web site. The corporate’s web site area (“klainvest.com”), was privately registered in July 2021.
On February 14th Olayan uploaded one other of his NFT advertising spam articles to World NFT information. Within the footer of the article Olayan provides away he’s behind KLA Capital Group and KLA Make investments;
Darren Olayan featured in Brazil after acquiring Crypto Hedgefund license from the CVM.
Whoops.
One other concrete hyperlink between KLA Make investments and Nui is the corporate’s company paperwork (handily supplied on KL Make investments’s web site):
As above, they have been put collectively by Douglas Caetano.
Right here’s Caetano representing Nui Social’s company authorized workforce in October 2020:
Right here’s Caetano, a couple of months in the past, selling KLA Put money into his position as authorized for Nui Social:
The implication right here is Olayan’s Brazilian transition has been arrange with Caetano’s help and shell firms.
Naka Video games
On January 14th, 2022, a KLA Make investments advertising video was connected to a World NFT Information spam article:
That video is unlisted on a YouTube channel bearing the identify “Naka Video games”:
Not figuring out what Naka Video games is, I checked out the opposite movies on the channel.
The primary video uploaded to Naka Video games’ YouTube channel is “Money Out in English“.
It was uploaded on April nineteenth, 2022, and options Darren Olayan narrating “the money out course of”.
So Naka Video games is one thing run by Darren Olayan that individuals can money out from.
However what’s it?
When you have been scammed by some crypto/mining MLM, we now have an answer.
We’ve actual sensible contract know-how that really protects you this time. We use NFT know-how to offer you management of your community, your commissions and what you are promoting.
Placing apart the irony with mounting investor losses courting again to Divvee, Naka Video games sounds an terrible lot like Olayan’s failed CompChain grift from 2019.
Compchain is the world’s first blockchain created particularly for networking.
It places the facility of your private community again in YOUR arms.
Compchain gives a secure, safe service that shops and protects your community, without end.
Constructed on immutable blockchain know-how, Compchain lets you lock in your community for all times, and faucet into new merchandise and alternatives as they’re added to the platform.
However y’know, with added NFT and smart-contract buzzwords.
Why name it Naka Video games although?
As a result of along with being a rehashed Compchain, Naka Video games sees Olayan soar on the NFT gaming bandwagon.
A Rewards Platform is a Blockchain-based resolution for holding monitor of buyer reward factors, making a shared transaction ledger between all concerned manufacturers.
I’ll depart Naka Video games itself there as a result of, let’s face it, we’re effectively into “no one is ever going to make use of this besides Nui KALA bagholders” territory.
However I’ll dig a bit deeper into Naka Video games’ affiliation with Upstream.
NAKA is affiliated with Upstream, a Horizon-powered regulated inventory change for digital securities, eligible fan-driven belongings lessons will be capable of commerce in real-time from a user-friendly buying and selling app.
Over on their web site Upstream claims to be a securities change.
Upstream is a revolutionary change and buying and selling app for digital securities.
Commerce US & Worldwide equities all on Upstream.
Put money into US and worldwide equities which are dual-listed on Upstream and different world marketplaces.
So uh, Upstream is registered with the SEC then I take it?
No after all it isn’t.
Who’s behind Upstream
MERJ Alternate Restricted (“MERJ”) started in 2011 because the operator of the nationwide securities marketplace for the Republic of the Seychelles.
The change was born as a part of the IMF backed Financial Reform Programme to diversify the nation’s financial system within the wake of the worldwide monetary disaster of 2009.
Horizon is a fintech firm that builds and powers world securities exchanges, unlocking liquidity for historically illiquid asset lessons.
Seychelles… severely?
For the aim of investor due-diligence, Seychelles gives no safety or energetic regulation by any means. It’s a purposefully chosen jurisidciton due to this.
Oh and except you reside in Seychelles, Upstream and its related firms being integrated and registered there’s additionally fully meaningless.
However I digress, what does any of this should do with Darren Olayan and Naka Video games?
The “money out” video Olayan narrates exhibits him cashing out “commissions” from a take a look at account.
That is what Naka Video games is promoting;
We goal to unlock liquidity for traders of all ranges on our investor-driven, app-based market. On the floor, NAKA gives world traders a real-time, safe, and intuitive buying and selling app.
Beneath the hood, NAKA introduces what we consider to be the way forward for securities and NFT buying and selling that includes among the highest ranges of transparency, accessibility, and investor protections enforced utilizing blockchain know-how.
It’s one other MLM grift with much more securities fraud.
One ultimate notice, Naka Video games’ web site includes a hyperlink to Climark in its footer. This seems to be a Brazilian digital advertising firm firm.
How far they’re built-in into Olayan’s securities fraud empire past Naka Video games is unclear.
Sure Financial institution
Darren Olayan’s Sure Financial institution, to not be confused with the foremost Indian financial institution of the identical identify, is a deliberate cost processor.
Sure Financial institution operates from the area “yesbankbrazil.com.br”. That area was registered in April 2021. The registration up to date in March 2022 and the present holder web site is pretty new.
Jackson Amaral Erohin is listed because the area proprietor. Erohin runs J&F Capital, a Brazilian administration and consulting firm.
Past that I don’t know what his tie to Olayan and Nui is.
What I do know is YesBank, regardless of not having launched but, is promoting KALA integration:
This reveals Olayan’s hand within the firm, both wholly or partially.
Right here’s Sure Financial institution described in Olayan’s personal phrases;
[2:40] The financial institution is named Sure Financial institution. And guess what? Kala is without doubt one of the cryptocurrencies that they’re carrying, together with bitcoin and ethereum …
… You’re speaking a few financial institution that has a checking account, and financial savings account, and checking account. The power to do all the pieces that banks do.
Nonetheless we’re offering a variety of the blockchain know-how, the pockets know-how, the insurance coverage know-how. And naturally kala is in there.
[4:11] I informed you guys. I mentioned what occurs if we actually had a financial institution utilizing our pockets know-how, our insurance coverage, and carrying our crypto?
Do you perceive what you are able to do when you’ve got these capabilities?
Oh yeah, I’m gonna deposit my kala after which I’m gonna switch it to bitcoin. Or Brazilian reals or {dollars} or no matter.
Are you able to see that? Are you able to think about what’s going to occur? Particularly once they have already got the entire card, Visa, MasterCard system in place.
It’s a financial institution guys. I’m not simply making this up. It’s a financial institution.
So uh, any takers who owns Sure Financial institution Brazil? For sure Olayan and Nui don’t maintain any banking licenses that I’m conscious of, in Brazil or elsewhere.
Why does any of this matter?
I’ve been documenting Nui’s origins as Divvee since 2016. I first caught wind of Darren Olayan’s securities fraud in 2017.
Olayan confirmed he knew he was violating US securities regulation in 2018.
Six years after Divvee’s launch and regardless of a number of regulatory investigations…
…Olayan continues to be at it and the crypto bro bullshit is as thick as ever.
If something after laying low for some time after the Utah nice, Olayan is again at it and increasing.
Brazil is a giant a part of Olayan’s renewed crypto crime wave. I determine the gamble is reside within the US however rip-off Latin Individuals and fly below the regulatory radar.
As I write this SimilarWeb ranks visitors to Nui Worldwide as coming from Brazil (27%), Colombia (25%), (Italy (17%) and Portugal (14%).
And it’s on the rise…
Site visitors to the opposite elements of Olayan’s Ponzi scheme is, at this stage, negligible.
The place does it finish? And maybe extra importantly, who’s nonetheless falling for this rubbish?
Replace nineteenth June 2022 – Naka Video games seems to have extra ties to a Russian MLM Ponzi manufacturing unit.