RoboFi is your typical trading bot cryptocurrency Ponzi scheme.
The scammers behind the Torq Trading and Snapbots Ponzi schemes are back with another scam.
Instead of using their actual company name, RoboFi’s website states the company is “powered by Snapbots Limited”.
Launched in 2018, SnapBots was Snap Innovations’ precursor Ponzi prior to Torq Trading.
Beyond that, RoboFi provides no information about who owns or runs the company on its website.
For that you have to dig up the company’s original “lite paper”:
Fun fact, RoboFi replaced their lite paper with a stripped down version at some point. RoboFi edited down its lite paper from thirty-four pages to just fifteen.
Ting Shang Ping and the gang are not featured in the updated lite paper.
Ting Shang Ping owns Snap Innovations. He and Bernard Ong were behind the Torq Trading Ponzi scheme.
Torque Trading launched in late 2019. It was a simple crypto trading bot Ponzi scheme, run through TORQ Ponzi points.
Although Torque Trading was launched under Snap Innovations, after it collapsed Snap Innovations and Ping sought to distance themselves from the scam.
Ting Shang Ping even filed a bogus DMCA to hide BehindMLM’s coverage of his fraud.
RoboFi sees Snap Innovations and Ping return for another bite at the crypto investment fraud apple.
In RoboFi, investors invest in crypto trading bots. RoboFi is launching their bots as marketing events, coining the term IBO (“initial bot offering”).
RoboFi is built around VICS, a BEP-20 token that would’ve taken Snap Innovations five minutes to set up.
VICS was launched in late 2021. Rather than pump, it flatlined until RoboFi promotion kicked off around November. This saw early investors cash out.
Suckers who invest and participate in RoboFi, have their tokens locked for 12 months.
Funnily enough if we zoom in on VICS trading charts, we can see the tell-tale signs of bot manipulation.
Wash trading VICS is likely the only trading Snap Innovations and RoboFi are engaged in.
Beyond that RoboFi is the same “passive income” Ponzi you’ve expect from serial scammers.
RoboFi doesn’t have an MLM component. So beyond recording Snap Innovations and Ping launching a new scam, I likely won’t be following it.
I’ll finish up by noting neither Snap Innovations, RoboFi or Ting Shang Ping are registered to offer securities in any jurisdiction.
Make no mistake, even without an MLM component passive crypto investment schemes are still considered securities.
Ping is committing securities fraud by offering passive returns through RoboFi.
Anyone thinking of investing in RoboFi would do well to read up on Snap Innovations’ Torque Trading mess.