Recently, a certain PointPay company has been in the spotlight of the public, which positions itself as a successful cryptocurrency project, but in fact is a scam, that is, a fraudulent startup.
The office does not have any licenses, its tokens are illiquid. According to the “Client Agreement”, PointPay is not responsible for anything and in fact throws its members for money. And the project management is not trustworthy at all.
Recently, entertaining news has stirred up the crypto audience of the Russian Federation and not only. In the Moscow region, law enforcement officers detained the co-owner of the scandalous PointPay office, who stole almost 200 million rubles from his clients. About it reported popular edition of Interfax.
They arrested a scammer with the same loot. Oh, how inconvenient.
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As the representative of the Ministry of Internal Affairs of the Russian Federation Irina Volk said, the investigation is sure that the arrested “businessman” is one of the actual owners of the online trading platform where they buy, sell or exchange digital monetary assets. It was he who controlled the movement of large amounts of money in the crypt and transferred them to cryptocurrency wallets. As it turned out, the comrade is still fruit, as they say, with rottenness. Apparently, I thought about it and decided to withdraw a “little” dough for myself personally. But fortune turned her back on him.
A swindler was detained in a hotel of a private airport in the Serpukhov urban district with two suitcases of money, in which there was cash for a total amount of more than 190 lyam rubles.
But this is not all. Also, law enforcement officers conducted 29 searches in the homes of the detainee and his potential accomplices in a number of cities: Moscow, St. Petersburg, Novosibirsk, Yalta. As a result, law enforcement officers seized more than 50 million rubles, a million dollars, 70 thousand euros, expensive and multifunctional computers, hardware cryptocurrency wallets, important documentation and luxury goods.
On this fact, a criminal case was initiated under Part 4 of Article 160 of the Criminal Code of the Russian Federation on embezzlement. The detainee is arrested, as are his accounts. Also, a petition was sent to the court with the aim of seizing all his property, the value of which is estimated at more than 2 billion rubles.
PointPay investors in a panic: they want to know where their 50 million dollars have gone and threaten to take legal action
What happens within the company itself? At the end of last year, shortly before the aforementioned events related to the scandalous arrest of the co-owner of PointPay, investors panicked. It did not arise out of the blue, but there is something to panic about. So, over the past year, this crypto project during the initial token offering (ICO) was able to raise over $50 million. Only now investors from the Russian Federation and the USA do not understand why the project is not developing at all, having such huge investments. Large token holders are simply afraid of losing their money due to account blocking.
An attempt by journalists to contact the owner of PointPay Ilya Zavyalov in social networks did not produce results.
The picture shows Ilya Zavyalov, who is known for his greed and always keeps a low profile. It is he who alone manages all the money of the project. At the same time, he has a bunch of multi-million dollar debts, both in the Russian Federation and in the USA, as well as 4 illegitimate children.
Investors claim that the management does not care about the development of the project at all. If at first, according to the White Paper, they promised to allocate 42% of the collected money for marketing, which is $ 21 million, then in fact they allocate only 5,000 – 10,000 dollars. For such a large cryptocurrency project, this is a penny that does not help in any way in development.
In addition, there are a lot of nuances with collapses in token prices, lack of liquidity on the Uniswap exchange, no promised buyback of tokens, etc.
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Another person who is accused of ruining the project is Andrey Svyatov. This is the former head of the CEO of the direction.
He was at the origins of the project, did a lot for its development. He was even promised a share of 10% of the tokens, but they scammed him. And not only him, but many employees and even chat moderators. Subsequently, Svyatov was even threatened with a trial if he did not leave quietly.
In general, here you can continue to “rake up the rubble” in the structure of the cryptocurrency scam up and down, but we are moving on.
Dumb topic: what kind of office is PoinPay
PoinPay is a banal hype platform that positions itself as a successful and trendy crypto-currency banking platform. Such a pathos, but in fact a really dumb topic. Why? Well, see for yourself.
1. Pseudo bank and no licenses
PointPay has absolutely nothing to do with the banking sector. But at the same time, using the phrase “banking platform”, it makes attempts to seem like a legal company. But in reality, it is not at all like that.
The cryptocurrency project does not have a single license, whatever they say there.
2. Is PoinPay a Parasitic Crypto Pyramid?
The office launched its own crypt based on Ethereum. And now he is trying to spread it as much as possible among market participants. How to distribute? Sell in large quantities, of course. To do this, scammers promise annual returns of 20 percent by promoting their referral program. In simple words, PoinPay is a regular crypto-pyramid. And everyone knows how investing in pyramids ends … Let’s hint: only those who are closest to the top of the pyramid can make a profit, but this is all illusory. Do you know at whose expense the “banquet”? Due to the many new investments from “fresh” participants. Do you need it? Forgot how the landmark scam with MMM ended?
3. Offshore registration says a lot!
From earlier investigations, it is known that Point Pay Ltd changed its registration data several times. So, relatively recently, the official website indicated registration in the UK dated 06/25/2018 under No. 11431098. Then, when the truth began to crawl out, the guys promptly changed their shoes and “moved” to Estonia, and then went deeper into offshore companies. Only this information has been preserved in the vastness of the Internet to this day. As they say, the dough is not enough to cover their tracks.
So, at the moment, on some sites, including on the FB of the office, the registration data in Tallinn are still indicated: Harju maakond, Tallinn, Kesklinna linnaosa, Tuukri tn 19, 10120.
But on the official website, another offshore address is already indicated: First St. Vincent Bank Ltd Building, P. O Box 1574, James Street, Kingstown, St. Vincent & the Grenadines.
But that’s not all. It is noteworthy that the same offshore address is also listed on the website of a similar fraudulent company Quotex.
Coincidence? We don’t think. Recall that swindlers from Quotex are known for their illegal brokerage activities in Russia.
By the way, here is another confirmation that PoinPay is illegally swindling in the Russian Federation. On job sites you can find a bunch of fresh vacanciesand as you can see, not at all at the place of “registration”, but directly in Moscow.
Vacancies freshest, for every taste. As they say, take – I do not want. Given that positions are updated every few days, or even every day, 5 options for a “highly paid” job fall out, such offers are not in great demand.
4. There may be problems if you want to withdraw money from PointPay
If we talk about the return of money, then this office does not give absolutely no guarantees. In fact, the participants in this virtual scam exchange their personal real money for some obscure candy wrappers, but what to do next with them is an open question. In fact, here everyone is on their own, the office has renounced any risks or systemic failures.
Here are just some of the points from the “Client Agreement” posted on the company’s website. Agree, it’s sobering. The only problem is that, as a rule, few people read such documents.
Therefore, when investors try to withdraw money, the funds may simply not be credited to the crypto wallet. There have been many such cases. So, a similar case is described in the review of one of the customers. Read about it below.
What else to add here? In fact, we are witnessing fraudulent fraud by PointPay for the purpose of illegal enrichment. Scammers are trying to steal other people’s money.
Before investing your finances in any projects that promise “mountains of gold”, carefully study all available sources, consult with experts and do not let scammers deceive you.
5. And finally, a few reviews about PointPay, draw your own conclusions!
To be continued.