In late April PetronPay disabled withdrawals and successfully collapsed.
Not content material to only do a runner with invested funds, PetronPay’s nameless admins initiated the token exit-scam mannequin.
PetronPay disabled withdrawals late final month. The corporate initially advised affiliate buyers they might be capable of withdraw on Could 1st and Could fifteenth.
By Could 1st this had modified to a token exit-scam mannequin.
PetronPay’s token “Petron” was created on Could sixth. There isn’t a details about the token supplied on PetronPay’s web site.
From what I’ve been capable of put collectively, PetronPay is an ERC-20 token. These price little to nothing to create and might be arrange in minutes.
Petron tokens are assigned a price based mostly on how a lot is paid to take a position straight in them. The worth goes down as folks money out.
I discovered a list for Petron token on CoinJab. After pumping to $3500+ shortly after launch, Petron has since dumped to $913.
This would possibly sound excessive, however keep in mind each withdrawal lowers the worth.
The mechanics of how Petron was built-in into PetronPay are unclear.
After integration, PetronPay associates are unable to withdraw cash. They obtain Petron tokens which then must be cashed out.
That’s depending on new funding into the token, which permits PetronPay’s nameless admins to slink off with what they’ve stashed away.
BehindMLM reviewed PetronPay in November 2020. Based mostly on its 300% ROI and enterprise mannequin, we recognized PetronPay as a Ponzi scheme.
In response to Alexa site visitors estimates, PetronPay’s victims are primarily from Angola, Cote d’Ivoire and the US.
Replace twenty sixth April 2022 – PetronPay continues to be kicking alongside on an alternate area.
This has caught the eye of the SEC, seeing PetronPay added to the PAUSE record.