The Belief Investing Ponzi scheme has collapsed.
Somewhat than simply admit the scheme ran out of investor funds to pay out, CEO Diego Chaves claims the corporate was hacked.
Whereas Belief Investing seems to have ties to Russia, Diego Chaves is believed to be primarily based out of Spain.
Having simply lined Spain’s Belief Investing securities fraud warning issued in April, I went digging for clues on Chaves present standing.
That led me to Belief Investing’s official FaceBook web page, on which I used to be capable of piece collectively Belief Investing’s collapse.
Belief Investing seems to have begun collapsing in late 2021. The primary signal Belief Investing was on the rocks was the introduction of “Truster Coin” in mid 2021.
MLM crypto Ponzi schemes sometimes introduce native shitcoins as a part of their exit-scam technique. Initially offered in its place withdrawal technique, finally the rip-off switches to solely paying out in its shitcoin.
TrusterCoin was formally launched in October 2021. Belief Investing additionally launched TrusterExchange, granting them tighter controls on affiliate withdrawals.
Between TrusterCoin’s announcement and launch, Belief Investing applied withdrawal restrictions in tether.
I don’t have a selected timeline for this however in November 2021, Chaves introduced restrictions in place can be easing.
GOOD NEWS: Beginning at the moment, 11/04 your withdrawal restrict will improve to 35,000 USDT and this restrict will likely be weekly.
That reprieve was short-lived. Someday in late November or December 2021, Belief Investing pulled a “we received hacked!” exit-scam.
Chaves claimed hackers made off with $800 million and a 90 day audit was instantly introduced.
That is in fact all baloney to cowl up Belief Investing collapsing.
On March 4th Chaves introduced the fictional audit had been accomplished.
As everybody has acquired the information, our audit got here to an finish on February 28, 2022.
After three lengthy months of very arduous and fixed work. We’re completed inside 90 days.
We’re getting a number of new info that’s astonished us. Many, given the amount of sources concerned on this hack.
Sadly, the influence was very sturdy. You will need to notice that this enormous theft that we had, allowed us to handle our firm with transparency and seriousness throughout all three months.
Higher than that, the corporate continues to develop and construction itself with new companies akin to Belief Vitality.
“Belief Vitality” seems to be a fictional advertising ruse Belief Investing got here up with in 2021. “Belief Recycle” is one other one.
For all this, as we’ve already mentioned, we are going to want fifteen working days to have the ability to validate the information that the auditing firm is offering us.
We are going to depend on this clear manner to have the ability to formulate a structuring plan for all our Trusters. And we are going to make all funds by way of a coherent restructuring plan to all our associates.
We may have one other communication on this matter from March 21.
To keep away from backlash, Belief Investing disabled suggestions from buyers on all its social media profiles.
In late March Chaves and Belief Investing net-winners received collectively in Spain, to debate the following a part of their “restructuring” exit-scam.
Step one was assuring buyers that, after $800 million had purportedly been stolen, they’d “fastened the glitch”.
Traders who complained or requested questions have been threatened with termination:
Chaves and the Belief Investing promoter assembly lasted per week. On the finish of the week a “restoration plan” was introduced:
The restoration plan was introduced in two phases.
The primary section noticed Chaves promise a 115% ROI on invested tether. This could be paid out by way of a brand new platform, hosted on “dauntrustentuvida.com”.
KYC was additionally introduced. That is so Belief Investing may delay and deny withdrawals as required.
The second section was the aforementioned transition to solely paying out in a local token. Versus TrusterCoin, Chaves claimed Belief Investing would launch a brand new token for section 2.
Why not TrusterCoin you ask? Effectively…
TrusterCoin did the Ponzi shitcoin pump and dump, then itself promptly collapsed.
To placate buyers who’d already scammed greater than they invested, thus ready for section 1 to pull on, Belief Investing continued to publish meaningless weekly ROI reviews:
In an April thirtieth replace, Chaves revealed Belief Investing was going the Estonian shell firm route:
It’s largely died down now however, just a few years in the past, scammers have been utilizing Estonian shell companies to open MLM crypto Ponzi banking channels.
On Could 4th Chaves introduced Belief Investing was getting its oWn BlOcKChAiN.
Chaves’ final replace was on Could sixth:
Section 1 of Belief Investing’s restoration plan (repaying buyers 115% of their losses), is meant to complete on the finish of this month. There have been no standing updates on how that’s going because the Luna crypto crash earlier this month.
As above, TrusterCoin is over. Belief Investing’s web site continues to be up however a go to to “dauntrustentuvida.com” reveals a “upkeep work” web page:
It must be apparent to anybody with half a mind that Belief Investing is over. Somewhat than simply admit that (and investor complaints), Chaves has launched into a seven-month lengthy exit-scam.
Why Spanish authorities haven’t taken any additional motion in opposition to Belief Investing and Chaves is unclear.
A securities fraud warning isn’t going to chop it at this stage, arrests should be made whereas Chaves and buddies are nonetheless in Spain. By the point they flee to Dubai or wherever, buyers are effectively and actually screwed.
Pending any additional updates to Belief Investing’s collapse and drawn out exit-scam, keep tuned…