Organo Gold’s Holton Buggs Risks Tarnishing Reputation with New Crypto MLM Scammer Association
Last month, Organo Gold announced that it had reached an agreement with Digital Skynet. The two companies will collaborate to form a joint venture that is yet to be named. The highlight of the deal, however, was the appointment of Holton Buggs. Buggs was selected as the executive advisor to ‘Ormeus', a subsidiary of Digital Skynet.
Digital Skynet is the parent company to Ormeus Global. Both entities are owned either partially or entirely by John Barksdale. Ormeus Global appears to bet one of the many fraudulent schemes in the crypto space. ORME, a shitcoin that is the native token o the Ormeus global ecosystems, peaked at $5 during the bullish run of 2017. Currently, the coin is valued at a meager $0.17. In March, Ormeus Global affiliate had not been paid their commissions for over a year.
At the beginning of 2018, Barksdale created IQ Chain to revive Ormeus Global. Similar to its predecessor, IQ Chain claimed to rely on a trading bot to generate profitable returns. The only notable difference was that IQ Chain used ORV points. As expected of a sham, IQ Chain entirely controls the value of ORV points. Moreover, ORV is not tradable on public platforms and cannot be accessed outside the IQ Chain and Ormeus Global. Essentially, ORV were Ponzi points that aimed to swindle unknowing clients.
As of now, Buggs is allegedly preparing to introduce a new cryptocurrency project. In fact, the platform is reportedly in its pre-launch phase. According to a post on BusinessForHome (BFH), this crypto investment will launch in the US and is a result of a collaboration between IQ Chain and Organo Gold. The article further stated that Buggs was recruiting leaders for the American market.
The post on BFH generated mixed reactions from the crypto community. Buggs refuted the article, saying that he is against the sale of crypto assets. He added that they intend to use blockchain as an innovation rather than a product. Contrariwise, some of the website’s readers indicated that Buggs is marketing a crypto investment opportunity and even has a corresponding whitepaper. One reader, called Jeffrey Roma, confirmed that he is a member of the prelaunch team formed by Buggs.
Like Buggs, Roma rebutted the claims that they were launching a crypto multilevel marketing company. Roma was previously linked to a crypto scam in the US known as WGN. Roma is a close associate of Buggs and was recently in Thailand for business purposes. A majority of WGN clients were based in Thailand, and coincidentally, it is the country of residence for John Barksdale. This is sufficient proof that Buggs is preparing to establish another scamming project in partnership with Roma and Barksdale.
Surprisingly, Organo Gold has distanced itself from the crypto MLM. Patrick Miranda, General Counsel for Organo Gold Canada, unequivocally stated that their joint venture with Digital Skynet is for the integration of blockchain technology into their platform. Miranda reiterated that the partnership will not involve the sale of digital currencies because that would cause the revocation of their license.
The stance adopted by Organo Gold raised questions over the role of Holton Buggs as an advisor to the firm while he is infamous for his fraudulent endeavors. To this end, Miranda said that Buggs cannot engage in cryptocurrency MLM within Organo Gold. Regardless, the affiliation of Buggs with scamming projects is likely to cause problems for Organo Gold.
Organo Gold recently published a press release stressing the firm’s objection to the concept of crypto MLM. The statement declared that there will be no prelaunch for the joint venture between them and Digital Skynet. Furthermore, the partnership is aimed at increasing the efficiency of Organo Gold operations by integrating blockchain technology. The company also revealed that it would release new IT platforms over the next 18 months.
Despite the efforts of Organo Gold to distance itself from the activities of Holton Buggs, its affiliation to him will eventually cause problems. For now, let’s wait and see!