Crypto scams have in the past become a popular way to rip off unsuspecting investors looking to join the digital currency space. Brock Pierce, one of the crypto market billionaires, was recently accused of giving an endorsement to a probable scam dubbed ‘EXW Wallet’.
The prominent crypto figure attended a convention held by EXW Wallet’s team at the beginning of 2020. Some stakeholders in the crypto community have however raised concerns about the legitimacy of the project given its structure is similar to previous scams. Brock who was formerly at Block.One has since deleted the tweet in which he endorsed the potential MLM crypto scheme;
This space is so fucked up. Mr. EOS, Brock Pierce, supports the most obvious scam "EXW Wallet" by being a guest speaker. This ponzi scheme promises 0,33% on your investment per day – generated by a trading bot. 2020 and people are still falling for shit like this. from CryptoCurrency
As it stands, the project has promised a 0.33% daily return on investment for users who deposit digital assets with them. Furthermore, EXW Wallet has partnered with Crypto Trust Consulting; the latter claims to be registered within U K’s laws. Records by the Financial Conduct Authority, however, tell a different tale and it appears that Crypto Trust Consulting is not registered by the regulator as purported. The firm is also on Austria’s Financial Market Authority blacklist after it emerged that its investors had zero protection from a loss of funds.
Big Fish in Crypto Promoting Scams
Several warnings have been issued by both authorities and legitimate crypto-oriented businesses against the rampant scams within this industry. Some investors are however still falling prey for MLM designed schemes given the crypto ‘figures’ associated with the projects. The EXW Wallet is a perfect example; this project was identified as a Ponzi back in September 2019 by BehindMLM.
The idea by EXW Wallet is to pay out higher returns to early joiners and increase this value based on how one's affiliate portfolio grows. This will be done through EXW token which currently has an insignificant value given they do not trade on any major crypto exchanges. It, therefore, raises the question of whether Brock Pierce is indeed aware of the shady operations or just another crypto celebrity victim?