Bank of Canada Issues a Fraud Warning against World Way Capital (WWC) Cryptocurrency
- Canada's central bank warns against allegedly fraudulent cryptocurrency, World Way Capital (WWC).
- The crypto's founders have reportedly been using fake names to and licenses promote a scam.
The Bank of Canada has issued a warning about a fraudulent investment scheme which has severally claimed to be in partnership with the Canadian central bank. The alert warning that was issued on Monday and the central bank warned the public to be cautious of a ponzi like scam that is being carried out by a company known as World Way Capital (WWC).
Falsely Claiming To Have Obtained Regulatory Clearance
In efforts to appear legitimate, the World Way Capital falsely claimed that it had received regulatory approval from Bank of Canada. However, in a press release, the Bank of Canada confirmed that World Way Capital is a fraudulent investment scheme using the bank’s name to dupe investors.
According to the Bank of Canada, WWC offered potential investors with fraudulent “deposit guarantee/investor compensation” which is dated February 2019 and claims that the bank will guarantee deposits in US dollars as well as cryptocurrencies.
“The Bank does not accept deposits nor does it guarantee any deposits or investments with WWC or any other company,” reads part of the press statement. “The Bank has no connection to this scam.”
Additionally, WWC is also presenting a fake partnership agreement with the Bank of Canada that is dated January 29, 2019 which claims there is a deal between the firm and the central bank. The central bank has refuted these claims stressing that it has no agreement with WWC.
“This fraudulent investment scheme misrepresents the [Bank of Canada] and makes use of the Bank’s name, identity, logos, trade-marks and letterhead without authorization,” stressed the bank.
The central bank says that it does not accept nor does it guarantee any deposits or investments with WWC or any other company. The statement ends by the bank stressing that it has no connection to the scam being perpetrated by WWC.
Another Ponzi Scheme?
A review of WWC website reveals that the company provides no information about the owners or management of the company.
This makes the company suspicious. Additionally, WWC claims it was incorporated in Ontario, Canada but the address provided is residential. The company claims that the address is shared by numerous businesses. In this regard, you can easily deduce that the address is baloney and the company has no physical presence in Canada.
The company also provides additional ambiguous addresses in Vietnam, Kenya, the Philippines that cannot be verified.
The website also has a video of the company’s CEO John Walters that was uploaded on May 14, 2019. The video is poorly done and the person acting as Walters is reading from a script which is easily notable. To ensure people do not point this out, WWC has disabled video comments.
Behindmlm says that Iran and the US are the highest sources of traffic to the WWC website. This suggests that the company is well known in these countries.
What’s your take on Bank of Canada’s fraud alert issue against World Way Capital? Is World Way Capital another ponzi scheme? Share your thoughts with us in the comments section.