Frega describes itself as a “monetary expertise firm” whose goal is to supply “monetary providers for the banked, beneath banked and unbanked”.
The issue is behind Frega International’s cliched pitch is your typical cryptocurrency Ponzi scheme.
Frega International gives no info on their web site about who owns or runs the enterprise.
Additional analysis reveals Paddy Delaney (proper) crediting himself as proprietor of Frega International on LinkedIn.
Delaney’s LinkedIn profile additionally cites him as proprietor of RealStew. RealStew was a £25 month-to-month 2×2 matrix gifting scheme.
As RealStew collapsed, Delaney seems to have launched “RealStew shares”.
That additionally flopped and so sooner or later Delaney launched Frega International.
Like seemingly everybody who’s ever launched an MLM underbelly scheme, Paddy Delaney has reinvented himself by means of cryptocurrency.
Right here’s how Frega International describe their firm on their web site:
Fregared Accounts will accumulate distributed funds. A proprietary alogorithm [sic] is utilized to find out the distribution of the funds and in all of the World’s currencies.
Entry to the distributed funds is ruled by eMoney laws with completely different ranges of identification required to be supplied primarily based on the extent of funds passing by means of the Account
The preliminary primary service will probably be for the Account to take receipt of the distributed funds, and a restricted ablity [sic] to make inter account transfers.
Fregared Account holders, with three-months proof of distributed receipts, will probably be permitted to commerce (Promote/Purchase) a portion of their Derivied [sic] Worth.
The rights to obtain these recurring receipts, are traded on the Derivied [sic] Worth portal. it will permit a Frega Account holder to boost lump sums of cash in change for forgoing a portion of their future revenue.
If that feels like meaningless advertising jargon, it’s as a result of it’s.
At its core, Frega International sells FregaCrypto tokens to buyers on the promise of a each day ROI:
There’s a boatload of smoke and mirrors constructed round this, however FregaCrypto funding is the core of the enterprise.
Oh and the RealStew gifting part of the enterprise appears alive and nicely, solely now it’s referred to as “The Plan”.
Registration to entry any Software, from a rising Library of Functions, will place the registrant to entry a share of distributed revenues from 1320 contributing members in as much as 1320 international locations.
Subscribe to ‘The Plan’ and the registrant doubles the variety of contributing Members from 1320 to 2640 numberville tables which will probably be in 20 international locations.
You present £25 GBP in and that fee certified you to obtain funds from subsequently recruited Frega International associates.
What the “The Plan” gifting fee additionally does is enhance your FregaCrypto token each day ROI fee.
Subscription to The Plan will increase the Frega Ranking of the Member. An elevated Frega Ranking will increase the derived worth of the passive circulation.
It additionally will increase the capability to assist P2P loans, and as soon as the Frega Ranking is persistently over 750 for a full month, it will scale back the Ledger charges by 10% for the next month.
What I haven’t been in a position to confirm is whether or not FregaCrypto token ROIs are paid in actual cash or tokens.
For the aim of legitimacy evaluation nevertheless, whichever the case the top end result is similar.
Frega International operates an inner change by means of which associates can promote FregaCrypto tokens at regardless of the present set worth is.
Frega International set the interior worth of FregaCrypto tokens as they see match.
Though there was in all probability an preliminary providing to RealStew associates, for essentially the most half FregaCrypto models have been offloaded onto buyers for £1 GBP every.
Right here’s Paddy Delaney himself explaining why folks have invested in FregaCrypto models;
Anyone who was to purchase into our Frega crypto unit goes to be shopping for in to get a dividend yield. They’re going to get a really massive yield.
So these guys are shopping for in at a pound for placement now.
We are able to present from our whitepaper that they could possibly be taking a look at three to 4 kilos return on that pound funding over the subsequent twelve months.
That was January 2018, roughly eleven months in the past. Frega International don’t publish the interior FregaCrypto unit worth so I can’t say for positive, however I’ve but to see anybody crowing a couple of 400% ROI.
Hooked up to Frega International are a bunch of selling guarantees, by means of companies that create the phantasm of exterior ROI income technology.
Essentially the most seen of those is “Something2Trade”, a web site on which Frega International associates can both market a enterprise, themselves or offload junk they don’t need.
For sure no matter income Frega International would possibly skim off folks gullible sufficient to record on Something2Trade, isn’t sufficient to pay a 400% annual ROI on prime of all the pieces else.
On the exit-scam facet of issues (each MLM cryptocurrency firm has one), Frega International are going to bury their buyers in a sea of nugatory altcoins.
Having perfected the altcoin script mannequin (or extra possible paid another person to), Paddy Delaney can seemingly generate altcoins on a whim.
Inside Frega International I discovered over ten pointless altcoins with arbitrary inner values;
Along with RealP2PCrypto, POSCrypto, AnimalsCrypto, ChristianCrypto, DatingCrypto, EntertainmentCrypto, GreenCrypto, PropertyCrypto, MuslimCrypto and TransportCrypto… there are much more Frega International altcoins within the works:
The plan appears to be to launch as many shitcoins as attainable, hope just a few stick. In the event that they don’t, nicely… sorry to your loss and onto the subsequent one.
You’ll be able to see among the altcoin nonsense Frega International have launched or are planning to launch over at Frega World.
Replace June thirteenth 2019 – As of this replace the Frega World web site has been pulled offline. /finish replace
Oh and on prime of its personal altcoins, for a price Frega International will push a button and allow you to create your individual shitcoin for his or her inner change:
However uh yeah, the gimmick of letting associates create their very own nugatory cryptocurrency coin… one thing one thing 400% annual returns.
No worries.
Someplace in all of this you’ve gotten FregaCrypto tokens, which seems to be like it is going to ultimately be FregaCoin.
Frega is the primary Crypto, all the pieces else, apart from Crypto Fairness launch tokens are verticals.
Nugatory shitcoins constructed on their very own nugatory shitcoins… that’s the place we’re at people.
However after all that is all smoke and mirrors. As I acknowledged in the beginning of this text, Frega International is only a RealStew reboot.
You’ll be able to nonetheless present in your £25 and accumulating gifting funds from different Frega International associates.
And if you wish to get into Ponzi scamming, FregaCrypto tokens are there too.
Because it stands the one verifiable income getting into Frega International is new funding. The one folks utilizing Frega International’s sham websites are their associates, so any charges charged rely as inner income too.
That cash is used to prop up the interior change, creating the closed-loop essential to show a Ponzi scheme.
You put money into FregaCrypto tokens and also you withdraw by means of the corporate’s inner change by offloading your tokens onto different Frega International associates.
The cash you obtain is subsequent funding in FregaCrypto tokens (and all the opposite shitcoins), on prime of the each day ROI (which you additionally must withdraw to comprehend).
When affiliate recruitment tanks, FregaCrypto collapses. At that time Paddy Delaney and people he works with do a runner with the cash you handed over for FregaCrypto tokens.
You and the remainder of the gullible Frega International bagholders are left scrambling to tear one another off by means of the interior change. The inner worth plummets in the direction of zero and Delaney washes his palms of any improper doing (“however you bought one thing of worth to your cash, it’s not my fault the worth is $0!”).
Factors for creativity with the push-button DIY shitcoin angle, however in any other case Frega International is similar previous cryptocurrency token Ponzi mannequin.