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Tuesday, March 21, 2017

Dissecting Swisscoin – Another Rising ‘Cryptocurrency’ Blockchain Ponzi

Dissecting Swisscoin – Another Rising ‘Cryptocurrency’ Blockchain Ponzi

Just recently reported on the Nigerian SEC Association’s warning about Multi-Level-Marketing (MLM) ‘cryptocurrencies’ such as Onecoin and Swisscoin. Our news team has uncovered quite a bit of shady activity while investigating Onecoin. This week we’ve decided to step into the realm of the so-called Swisscoin economy.

Swisscoin claims to be a cryptocurrency based on a decentralized blockchain, but in reality it operates more like a token MLM affiliate program with an upline and downline structure. Users are instructed to buy token packs paid for with euros or bitcoin as well as recruit members to join the Swisscoin organization. The project officially launched on June 4, 2016, and is reportedly run by the company director Manfred Mayer, a man with an extensive background within network marketing and MLM.

The company claims to be headquartered in the Canton of Zug, Switzerland where various cryptocurrency and blockchain startups reside. However much of the operations stem from Frankfurt and Leipzig, Germany, such as the company’s bank and registered domains. Furthermore, when visiting the Swisscoin member website, a vast majority of the text and news updates is written in German.

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