Coenraad “Coenie” Botha’s CBI World Ponzi scheme has collapsed for a second time.
Moderately than simply admit it ran out of cash, like all Ponzi schemes inevitably do, Botha is blaming South African regulators.
In a November twenty third communication despatched out to CBI World buyers, Botha (proper) suggested;
We’re closing out change services in South Africa as of finish November.
Because of this as from 30 November we’ll now not purchase and/or promote CBI, BTC and ETH by way of our checking account in South Africa.
Botha claims this resolution was made as a result of “numerous regulators” are investigating him and his Ponzi scheme.
That is due to the fixed investigations concerning our presence and actions in South Africa whereas there are not any rules concerning crypto currencies in place.
As acknowledged that is seemingly simply an exit-scam ruse, nevertheless it’s a great instance of securities fraud denial by MLM crypto scammers.
Securities fraud by way of cryptocurrency is similar as securities fraud by way of another foreign money and/or asset.
CBI World’s second collapse follows Botha disabling withdrawals again in July.
CBI World itself is a reboot of Botha’s unique Uhuru Tribe Ponzi scheme.
Botha claims CBI World will return as a decentralized Ponzi scheme sooner or later.
What occurs now along with your CBI account?
NOTHING CHANGES! The one distinction is that we’ve closed our change facility and don’t function within the South African jurisdiction in shopping for and promoting crypto anymore.
All our merchandise on CBI World are nonetheless intact and you may nonetheless take part in them.
We’re transferring over in making all our merchandise decentralised which suggests … no involvement of any third events.
That is in fact baloney, seeing as CBI World is owned and operated by Botha – making it very a lot centralized.
If South African authorities are investigating Botha and CBI World, they haven’t made something public.
Botha runs his Ponzi scheme from neighbouring Namibia. Circa June 2021, the majority of site visitors to CBI World’s web site was from Namibia.
Recruitment of gullible buyers in Namibia has since collapsed.
At time of publication, Alexa attributes 100% of site visitors to CBI World’s web site to South Africa.
So far authorities in Namibia have proven little interest in going after Botha.
As for South Africa, after the MTI debacle, I’ve much less religion in any investigation than I do Botha’s fourth dEcEnTrAlIzEd Ponzi reboot.
Replace sixteenth March 2022 – CBI World has collapsed once more.
Coenie Botha has instructed associates to proceed laundering cash by way of DafriBank.