Prosecutors Begin Investigating FutureNet After UOKiK Issues Pyramid Scheme Warning
Pyramid schemes are fairly common in the financial industry, and cryptocurrency is no exception to this problem. In Poland, the Office of Competition and Consumer Protection (UOKiK) had warned the public against interacting with FutureNet and related companies as a result of a potential pyramid scheme. As reported by BehindMLM, FutureNet and their shell companies are theorized to be “pyramids,” after the publication researched the platform with FutureAdPro and Banners App as well.
With the various business models, BehindMLM determined that both FutureNet and FutureAdPro are conclusively Ponzi/pyramid hybrid schemes. They deduced that the purpose of creating Banners App was to pump the coin that FutureNet launched called FuturoCoin, meant to be involved as part of the exit scam they would implement somewhere down the line.
Based on the suspicion that this group of companies could be pyramid schemes, the UOKiK decided on March 22nd to issue a warning to consumers. Warsaw prosecutors have already gone after BCU Trading and FutureNet Ukraine, which are shell companies associated with FutureNet. Reports show that BCU Trading is allegedly based in Dubai, which has become a favorite location amongst scammers for its lack of firm regulations. Both BCU Trading and FutureNet Ukraine are being prosecuted in Poland and are also the subject of a biggest investigation involving FutureNet as a whole.
The first time that the authorities in Poland had alarmed the public about the actions of FutureNet was in 2017, which is when the OUKiK is believed to have been investigating them. At least until the beginning of this year, founders Roman Ziemian and Stephan Morgenstern have been believed to be based in Poland as well, but the authorities have refrained from the detainment of either party. There is presently no information to indicate why the authorities have been lax on these arrests.