Prance Gold Holdings has ceased paying withdrawal requests.
In a weird communication pushed out to its associates, the corporate is claiming a number of cryptocurrency exchanges are underneath audit by US authorities.
Prance Gold Holdings is a Ponzi scheme that launched a number of months in the past. The corporate is fronted by “Andre Gerald”, a fictional CEO performed by an actor.
Prance Gold is believed to be run by scammers operated out of south-east Asia.
Prance Gold solicited investments of as much as $30,000 at at time, on the promise of a 600% ROI.
As visitors to Prance Gold’s web site flatlined in September, so did new funding.
This prompted Prance Gold to push a forty five% a month promoting marketing campaign, up from the unique ~27% a month provide.
The brand new ROI plan was supposed to begin in October.
On October 1st Prance Gold ceased paying withdrawal requests.
Determined buyers initially put this right down to competition celebrations in China. Stated celebrations wrapped up across the seventh nevertheless, and nonetheless Prance Gold wasn’t paying out.
With present withdrawal requests pending, on October twelfth Prance Gold started accepting extra withdrawal requests.
Associates had been advised they’d be paid on the fifteenth. That didn’t occur, prompting Prance Gold associates to panic.
On October sixteenth Prance Gold sought to calm buyers with the next announcement.
US Cryptocurrency Enforcement Framework
Greetings,
US Lawyer Common Barr introduced a radical cryptocurrency enforcement framework on October 8, 2020, and final week started regulating radical monetary transactions in blockchain transactions that handed by means of US servers.
Excessive-profile arrests have been made, together with the “pump and dump” cryptocurrency scheme and billionaire John McAfee suspected of tax evasion.
Underneath this complete framework, Prance Gold’s massive variety of arbitrage accounts are suspended throughout Binance, Huobi, and Bittrex till an audit by the authorities.
We offer full cooperation to the authorities and try to resolve the difficulty as quickly as doable.
Resulting from our massive buyer base and the complexity of monitoring each cash path in every shopper’s blockchain, we’re optimistic that we will resolve every part by early 2021.
We apologize for any inconvenience, and we face the most important problem to this point.
We respect your understanding and cooperation.
We are going to try to renew regular operation as quickly as doable, whereas offering common updates on this situation.
In case you have any questions concerning notifications, please be at liberty to contact our market representatives.
Thanks very a lot!
Fairly the bullshit sandwich!
Let’s begin with John McAfee.
McAfee was certainly indicted on October fifth for tax evasion. There was no new legal guidelines enacted to safe McAfee’s arrest and it has nothing to do with cryptocurrency or Prance Gold.
As for AG Barr’s “cryptocurrency enforcement community”; A report was revealed by the DOJ on October 1st, detailing efforts by the DOJ to fight cryptocurrency fraud since 2018.
Once more, publication of the report wasn’t accompanied by any new legal guidelines. And outdoors of Prance Gold utilizing cryptocurrency to commit securities fraud, the report itself has nothing to do with Prance Gold.
To the extent trade accounts Prance Gold was utilizing to run its Ponzi scheme have been frozen, I wasn’t in a position to verify this.
Neither Binance, Huobi, or Bittrex have issued an announcement confirming Prance Gold’s claims.
To summarize; Prance Gold’s announcement is typical crypto Ponzi exit-scam nonsense.
The take-away from the announcement is Prance Gold has suspended withdrawals till “early 2021”.
This offers the corporate’s nameless house owners loads of time to do a runner.
By arising with bullshit excuses and citing latest enforcement actions that don’t have anything to do with them, Prance Gold avoids admitting actuality: withdrawals exceeded funding and the admins need out with what’s left.
Dangling an “early 2021” return is to discourage buyers from submitting studies with authorities.
On the time of publication Alexa ranks Japan as the first supply of visitors to Prance Gold’s web site (93%).
To this point I’m not conscious of Japanese authorities investigating or taking any motion towards Prance Gold and/or native promoters.
Between Watford Corp pretending its web site was seized by the SEC and Prance Gold claiming the DOJ froze it’s crypto trade accounts, it’s been an attention-grabbing few weeks for MLM crypto exit-scams.
I’m not anticipating any but when we hear something farther from Prance Gold, Binance, Huobi, Bittrex and/or Japanese authorities, I’ll publish any updates under.
Replace 18th October 2020 – As per a video offered by Manabu Saito, it seems Prance Gold’s places of work have been deserted.