The Quwiex Ponzi scheme has collapsed.
Following disabling of withdrawals over a week ago, Quwiex told investors they would be resumed on April 18th.
Instead of that happening, Quwiex disabled its website and it’s now been down for two days.
Quwiex was a simple Boris CEO Ponzi scheme, headed up an actor playing “George Bennett”.
Whilst pretending to operate from New Zealand, Quwiex solicited investment on the promise of a 5% a day ROI.
On April 8th New Zealand’s Financial Markets Authority issued a Quwiex securities fraud warning.
A few days later Quwiex disabled withdrawals. Affiliates were told withdrawals would be resumed on April 18th.
On April 13th George Bennet appeared in a YouTube video, promising a “Quwiex Global” reboot on April 21st.
I could have waited an extra day, but what prompted me to call Quwiex’s collapse was a missed April 20th Zoom call.
As per the above post, which is still available on Quwiex’s official Twitter profile, Bennet was supposed to appear on an April 20th Zoom webinar.
As far as I can tell that webinar didn’t happen. Coupled with Quwiex’s website still being down, obvious Ponzi collapse is obvious.
Looking forward if Quwiex does reboot on April 21st, or even at a later date, it will be a reboot of a collapsed Ponzi.
This means that without new money, pending withdrawals will remain disabled or at best heavily restricted.
That’s typically not how the Boris CEO Ponzi factories in eastern Europe work though. Once a scheme is dumped they hire new actors and pump out a new scam.
For now consider funds invested in Quwiex lost. Any outstanding balances in the Quwiex backoffice never existed.