Moderately than take accountability for investor losses, Kuvera World has palmed them off to Westmyn.
Westmyn in flip is tied to the lately busted BitClub Community Ponzi scheme.
And linking all of this collectively is Travis Bott.
Kuvera World is owned by Investview, an SEC registered firm. We’ve been mentioning their flaunting of securities regulation for years.
What we’re at present is Kuvera World’s cloud mining funding alternative.
Launched in 2018, Kuvera World provided “assured” cryptocurrency mining contracts till late 2018.
On the time Kuvera World blamed “a current drop within the worth of Ethereum” for the collapse.
That very same month BitClub Community additionally collapsed and stopped paying out.
We’ll get to why that’s important shortly.
For the reason that collapse of its purported mining operations, Kuvera World has continued securities fraud with Crypto One, Equities and Equities Professional, cryptocurrency mining, tech startup funding service and Apex.
Up till lately, buyers in Kuvera World’s authentic cloud mining operates have been quietly swept underneath the carpet.
A current communication to Kuvera World associates nevertheless reveals
the internet hosting companies for purchasers of mining tools have been offered through your particular person settlement with the corporate Westmyn LLC, who contracted with the mining service supplier in Romania.
Westmyn is owned by Travis Bott, which we realized when the CFTC fined Kuvera World $150,000 again in 2018.
The Romanian service supplier is none apart from Silviu Catalin Balaci.
Balaci (proper) was lately arrested in connection to BitClub Community, which the DOJ alleges was a $722 million greenback Ponzi scheme.
Kuvera World states it reached out to Westmyn however has “not but obtained any solutions”.
In Abstract:
Your internet hosting settlement is with Westmyn LLC.
Westmyn LLC contracted with the mining service supplier in Romania, Silviu Catalin Balaci.
Silviu Catalin Balaci has been arrested in reference to the BitClub Community indictment.
We despatched a proper communication to Westmyn LLC to supply us the standing of the mining {hardware} and haven’t but obtained a solution.
We’re involved that Westmyn LLC could also be unable to entry the mining tools and get mining operations turned again on.
Because the gross sales supplier of the {hardware}, and in addition purchasers and individuals within the mining, we’re exploring quite a lot of choices to get some kind of remuneration for the {hardware}.
We’ll present updates as quickly as we’ve them.
Whereas Kuvera World’s communication babbles on about mining {hardware}, it’s essential to notice the next:
- Kuvera World solicited funding right into a passive funding alternative Investview didn’t open up to the SEC
- Kuvera World funneled investor funds into Westmyn
- Travis Bott, proprietor of Westmyn, claims he spent that cash to buy mining {hardware} from Silviu Balaci
- Balaci was simply arrested for scamming folks by means of BitClub Community
- BitClub Community additionally claimed to be producing mining income by means of bought {hardware}, however in actuality was simply recycling investor funds to pay returns
The rationale Westmyn and Bott have ghosted Kuvera World is… brace yourselves, there isn’t any mining {hardware} to get well.
BitClub Community was a Ponzi scheme and so was Kuvera World’s cloud mining alternative.
One can argue the buck stops with Kuvera World because the preliminary solicitor of funding, or Westmyn and Travis Bott for taking that cash and laundering it by means of Balaci’s Romanian Ponzi operations.
Both means, buyers have been screwed and so far US authorities haven’t performed something.
As beforehand said, Kuvera World are nonetheless on the market pushing unregistered securities.
Travis Bott has additionally moved on. He’s now pushing unregistered securities by means of Onyx Way of life.
In late 2019 Dunamis World collapsed. Shortly after the collapse, Onyx Way of life and Travis Bott introduced Dunamis World was being merged with Onyx Way of life.
Dunamis World was one other MLM crypto mining scheme (seeing the sample but?), based by Joe Abel.
Joe Abel was a part of BitClub Community and was additionally arrested in December.
Travis Bott, who like Kuvera World additionally has a historical past of securities fraud, stays at giant. His present standing and whereabouts are unknown.