World Cryptocurrency International (WCI) Rebrands as Fintegri to Convince Banks It’s Legitimate
WCI Rebranding as Fintegri in a Bid to Convince Banks that It Is Legitimate
Crypto Clover also known as Calen Powell recently received an invite to attend a World Cryptocurrency International (WCI) event in Bali, Indonesia. As the event was starting, the participants were requested by the organizers to desist from using electronic devices, especially those that can film while they were within the auditorium where the event was being held.
Failure to abide by this request would lead to the attendees being thrown out of the World Cryptocurrency International event. While a Spanish-language component was going on, Powell left the auditorium and made a short film to discuss what he had heard at the event. His film was broadcasted live on the web.
On realizing what Powell was up to, the organizers called the event’s security team and had him evicted from the events’ premises. From their reaction, it is apparent that the organizers of the World Cryptocurrency International do not want people outside their company to know the reason why they have decided to rename themselves to Fintegri.
Powell has claimed that John Rock, the CEO of WCI informed the attendees that the reason they were renaming their company was because banks were afraid of dealing with companies that were using the term “cryptocurrency” as part of their official name.
WCI—World Cryptocurrency International
For those that may not be well-versed with the history of WCI, it is important to note that WCI was initially known as Worldwide Cryptocurrency Investment. Its founders are former OneCoin Scammers, whose whereabouts are unknown.
John Rock, the CEO of WCI has in the past been involved with Ponzi schemes. He served as a compliance officer for the Ponzi scheme known as the Banners Broker Ponzi Scheme. 5 years ago (2013), he was terminated from this position for breaching the terms of his contract.
The authorities later shut down the Banners Broker company in 2015. Two of its administrators were also arrested. WCI uses a business model that is very similar to that of known cryptocurrency Ponzi schemes.
How Does It Work?
Its affiliates invest their funds with the promise that they are going to receive a daily return on their investments. In addition, pyramid commissions get paid out every time a recruited affiliate makes an investment. Their investment contracts have a maturity period of between 225 and 450 days. This means that the funds available to pay the return on investments could be running low since the company was relaunched in 2017.
As such, approaching a bank to request for a loan to use in paying the Ponzi ROIs does not seem plausible, mainly because this would only lead to the company incurring more debt. According to Powell, most of the event’s participants were drawn from the Philippines and Vietnam.
Being able to scam investors drawn from third-world countries is easy as they do not have any type of recourse. It is, however, much harder to scam banks by taking loans to cover the Ponzi scheme payments, as this is something that is bound to attract the authorities’ attention.