There is a new Ponzi scheme related to virtual currencies that is already affecting investors in the market. Frega Global is a self-described financial technology company that wants to provide services for banked, underbanked and unbanked individuals around the world.
According to an investigation conducted by behind MLM, there is no information related to who is behind this website and who runs the business. However, Behind MLM says that some researches reveal hat Paddy Delaney is the owner of the Frega Global business, and he credits himself as the owner of Frega Global on Linkedin.
However, Mr Delaney is also the owner of RealStew, a monthly 2×2 matrix gifting scheme that collapsed. This is why it seems that Delaney decided to launch RealStew shares. And it seems that he also launched Frega Global.
Indeed, Behind MLM showed that the company tries to attract investors by creating an appealing marketing campaign with complicated and technical words that give the project more authority. Nevertheless, as Behind MLM shows, the marketing campaign is just a marketing campaign.
And indeed, the investigation continues showing that there smoke and mirrors built around the platform. It seems that users can give £25 GBP and they will be qualified to receive payments form subsequently recruited Frega Global affiliates.
At the same time, this plan increases the FregaCrypto token daily return of investment (ROI) rate for users.
The company explains:
“Subscription to The Plan increases the Frega Rating of the Member. An increased Frega Rating increases the derived value of the passive flow. It also increases the capacity to support P2P loans, and once the Frega Rating is consistently over, 750 for a full month, this will reduce the Ledger fees by 10% for the following month.”
Nevertheless, the website and company do not specify whether the ROI is paid using tokens or fiat currencies. At the same time, the Frega Global platform operates an exchange in which it is possible or affiliates to sell their FregaCrypto tokens at the market price.
At the same time, there are several marketing promises behind Frega Global. This is in order to create an illusion of external ROI revenue generation, according to Behind MLM. One of these projects is known as Something2Trade where users can market a business.
However, it is not possible to provide an ROI of 400% to users that take the decision to invest in his company. Fraga has also decided to build an important number of coins such as MuslimCrypto or TransportCrypto that have completely irrisory and arbitrary values.
It seems that the company aims at launching as many altcoins, without any useful case, to sell them to the public and earn with these sellings.
Once the affiliate recruitment tanks, all the business collapses. All the individuals behind this project will be running away with the funds that several investors placed there believing in the future of the company.