Ormeus World emerged as a faceless firm in mid 2017.
In our printed Ormeus World assessment, our analysis revealed the corporate was John Barksdale leaping on the MLM cryptocurrency bandwagon.
Ormeus World had no retailable services or products. Its associates invested funds into B2X89, a “bot dealer” that Ormeus World marketed a 160% ROI by means of.
Somewhat than function legally, Barksdale selected to market Ormeus World in international locations with lower than diligent regulation.
Globally Ormeus World by no means registered its passive ROI buying and selling bot alternative with securities regulators.
At finest Ormeus World was an unlawful unregistered securities providing.
At worst Ormeus World was an unlawful Ponzi scheme that, both in full or partly, recycled invested funds to satisfy marketed 160% ROI liabilities.
As is typical of MLM cryptocurrency firms, Ormeus World launched its personal exit-scam ICO.
Ormeus Coin (ORME) initially launched as Ponzi factors.
Ormeus World associates invested ORME, at no matter inside fee the corporate had set on the time.
ROI withdrawal requests had been submitted by means of Ormeus World’s inside alternate, which the corporate honored with subsequently invested funds.
I consider ORME was additionally tied to the buying and selling bot, permitting Ormeus World to pay imaginary returns with ORME they generated at little to no value.
Ormeus World associates in the meantime had been operating round touting annual returns of 4300% by means of ORME funding.
The final part of Ormeus World’s exit-scam in late September 2017.
On or round September thirtieth, Ormeus Coin debuted on public exchanges.
After a short pump to $5.19 in November 2017, ORME started to dump as determined Ormeus World associates tried to recoup their losses.
As ORME’s public worth approached a greenback, Barksdale washed himself of Ormeus World and launched IQ Chain.
IQ Chain continued the B2X89 buying and selling bot facade and launched Ormeus Money and ORV.
Ormeus Money and ORV had been a return to Ponzi factors, which Barksdale retained full management over and set inside values for.
Ormeus Money was paid out when Ormeus World associates parked their ORME with the corporate.
ORV was distributed by means of “coin distribution contracts” soliciting funding quantities of as much as $250,000.
The supposed impact of IQ Chain was to halt the promoting off of ORME.
It flopped and after a minor spike in curiosity, IQ Chain adopted Ormeus World and went into decline.
By this stage ORME’s public worth had collapsed to mere cents. At the moment ORME is publicly valued at 6.8 cents.
The standing and inside worth of Ormeus Money and ORV factors are unknown.
Corresponding with a second spike in site visitors to the IQ Chain web site, in October it emerged Barksdale had enlisted the providers of Organo Gold’s Holton Buggs.
Naturally this raised questions as as to whether Organo Gold had teamed up with Barksdale to get into cryptocurrency.
Organo Gold had been fast to reply, with a consultant from the corporate stating ‘un-equivocally, OG needs NOTHING to do with crypto currencies‘.
Nonetheless Buggs has retained his Chief Visionary Officer function at Organo Gold, while concurrently strengthening his involvement in IQ Chain.
This has little doubt triggered inside friction between the events concerned. Publicly Buggs partnership with Barksdale and IQ Chain has led to a minimum of one PR catastrophe.
With the Ormeus World and IQ Chain manufacturers related to widespread investor losses, Barksdale has renamed his firm for a 3rd time.
IQ Legacy was introduced a couple of month or so in the past, and is being disingenuously promoted as a wholly new firm.
In violation of securities regulation in any jurisdiction securities are regulated, there is no such thing as a disclosure of Ormeus World’s and Barksdale’s historical past on the IQ Legacy web site.
As for what IQ Legacy is providing, additional securities violations are evident with the continued promotion of the B2X89 buying and selling bot (now rebranded as IQ Bot);
IQ Bot permits you to leverage an automatic buying and selling software that by no means sleeps.
Arrange iQ bot, hyperlink it your accounts on one of many obtainable cryptocurrency exchanges, set the parameters, and let iQ bot commerce for you.
You keep full management of your cash whereas iQ bot works for you.
Automated buying and selling has by no means been really easy!
IQ Legacy fails to reveal particular particulars of the bot to potential traders, together with previous audited outcomes.
Which is necessary, seeing as Barksdale first launched the Ormeus World bot roughly a yr and a half in the past.
Curiously, whereas Organo Gold has vehemently denied any curiosity in coming into the MLM cryptocurrency area of interest by means of IQ Chain, its emblem is getting used to advertise IQ Legacy.
The above is taken from a December ninth video that was printed to the official IQ Legacy YouTube channel.
The host of presentation video means that Organo Gold’s “belongings” will probably be used to pump worth into ORME.
[13:45] What’s Organo’s function in all of this?
Effectively Organo has a strategic co-op-etition relationship with Ormeus and Digital Skynet, the place there’s an alternate of belongings.
There’s a co-leveraging, or a cooperative leveraging of belongings that form of helps out one another.
One of many issues (the connection) does is it permits Organo to supply digital forex as a part of its reward system, in alternate for leveraging a few of its real-world belongings to assist increase the worth of the cash that Ormeus and Digital Skynet are bringing to {the marketplace}.
For reference, Digital Skynet is the guardian firm Barksdale makes use of to insulate himself from his numerous failed MLM ventures.
We’ve reached out to Organo Gold company for a response to IQ Legacy’s claims. Notably the suggestion Organo Gold’s belongings will probably be used to prop up IQ Legacy’s digital forex choices.
We’re additionally curious as to why Organo Gold is partnering with an organization seemingly dedicated to securities fraud.
As I write this the Alexa cite the US as the one important supply of site visitors to the IQ Legacy web site (71%).
Pseudo-compliance “we don’t market within the US” or no, IQ Legacy is being promoted throughout the US and is soliciting funding from US residents.
On the time of publication neither John Barksdale, Ormeus World, IQ Chain, IQ Legacy or Holton Buggs are registered to supply securities throughout the US (or wherever on the earth for that matter).
On the compensation plan facet of issues, it doesn’t seem a lot has modified between IQ Chain and IQ Legacy.
There’s after all the automated returns paid by means of the supposed AI bot, though specifics aren’t disclosed on the IQ Legacy web site.
One addition seems to be promotion of a degree of sale tied to IQ Legacy, by means of which funds in cryptocurrency can supposedly be made.
Once more, particulars of this, together with which cryptocurrencies will probably be accepted (solely ORME?), aren’t supplied on the IQ Legacy web site.
What we do know is IQ Legacy affiliate membership is $99 a month (commissionable) plus the acquisition of a a Bronze, Silver, Gold or Platinum pack.
Notably, IQ Legacy are solely accepting bitcoin from associates (what, I can’t pay in ORME?).
- the Bronze pack prices $500 in bitcoin, permits an affiliate to speculate as much as $5000 with the buying and selling bot and pays an 8% residual fee fee
- the Silver pack prices $1500 in bitcoin, permits an affiliate to speculate as much as $50,000 with the buying and selling bot and pays a 9% residual fee fee
- the Gold pack prices $5000 in bitcoin, permits an affiliate to speculate as much as $200,000 with the buying and selling bot and pays a ten% residual fee fee
- the Platinum pack prices $10,000 in bitcoin, permits an affiliate to speculate a vast quantity of funds with the buying and selling bot and pays a 12% residual fee fee
Residual commissions are paid out through a binary compensation construction.
Via numerous ranks, an IQ Legacy affiliate is ready to enhance their residual fee fee to fifteen%, capped at $175,000 every week.
Retail buying and selling bot entry is outwardly doable however no particulars are supplied on the IQ Legacy web site.
Recruitment commissions are paid on bundle purchases by newly recruited associates, offering a further pyramid layer to the scheme.
I say that as a result of neither Ormeus World or IQ Chain managed to generate any important retail buyer curiosity.
IQ Legacy being not a lot completely different will seemingly prove the identical.
Along with the regulatory purple flags we’ve already lined, IQ Legacy have additionally applied “pay to play” by tying residual fee charges to how a lot a brand new affiliate pays once they join.
I additionally wish to drive house IQ Legacy’s use of bitcoin. Once you signal as much as IQ Legacy your solely choice is to pay in bitcoin.
IQ Legacy doesn’t settle for ORME, Ormeus Money or ORV factors, which is telling of their precise price.
IQ Legacy additionally solely pay out commissions in bitcoin.
This bypasses banking and securities rules, successfully permitting IQ Legacy to fly beneath the radar until it’s most likely too late.
Talking of which, if IQ Legacy follows Ormeus World and IQ Legacy, associates can have no recourse to recuperate their losses.
By the point regulators get entangled funds paid to IQ Legacy can have been laundered who is aware of the place (in violation of securities and monetary rules globally).
Given how Ormeus World and IQ Chain turned out, I can’t understate the importance of IQ Legacy solely accepting and paying out bitcoin.
If I can break down IQ Legacy into its easiest type; you’re paying to spend money on a bot that has no supplied verifiable outcomes (required to be disclosed for compliance), regardless of the bot initially launching final yr.
Retail is feasible however given the entire lack of retail curiosity in Ormeus World and IQ Chain, IQ Legacy associates are going to be primarily paid to recruit new associates.
John Barksdale started his MLM cryptocurrency journey round eighteen months in the past.
Via repeated failures which have primarily revolved round unlawful securities providing, Barksdale has constructed a veritable home of playing cards.
One regulatory stop and desist or subpoena for info, and all of it comes crashing down.
Replace 18th December 2018 – Organo Gold company have responded to IQ Legacy’s use of their emblem and branding by stating ‘IQ shouldn’t be utilizing any IP of OG‘.
Keep tuned for any additional developments.