Berlin Group Recycle Bot Telegram Considered a Crypto MLM Ponzi Scam

Berlin Group Recycle Bot Telegram Considered a Crypto MLM Ponzi Scam

The Berlin Group Recycle Bot Telegram Considered A Ponzi Scheme

Another Ponzi scheme has appeared in the virtual currency market. The Berlin Group, that operates in the MLM cryptocurrency niche seems to be another scam targeting crypto users. The company is based in Australia since the website is providing two different addresses, one in Melbourne and another in Brisbane.

The Brisbane address belongs to a virtual office provider known as Servcorp. The second address is a private apartment in Melbourne. Joachim Pydde is the director of The Berlin Group. The Group’s Executive Operations Manager is known as Laurie Suarez. According to a report from Behind MLM, Laurie Suarez, also known as Lorenzo Suarez, is a ‘convicted fraudster.’

Additionally, there is another individual working on this scam. Peter Ohanyan, which is cited as The Berlin Group’s Chief Marketing Officer. At the beginning of the year, he was promoting 3T Networks, an illegal unregistered securities offering also related to a pyramid scheme.

Once 3T Networks collapsed Ohanyan continued its campaigns to scam individuals on the internet promoting GroceryBit, which was a failed crypto cashback scheme.

As per Behind MLM’s report, the Berling Group has no ‘retailable’ products or services. The company offers affiliates to invest Bitcoin in The Recycle Bot. This bot works on Telegram that is operated by The Berlin Group. Apparently, it offers a 2.8% ROI for 60 days. Additionally, there are juicy commissions for those who invite more users to the platform. The first level offers 10% affiliates, the second and third level offer 3% and 1% respectively.

The minimum investment is 0.002 BTC and users do not need to pay for an affiliate membership.

Clearly, the reuse behind the ROI scheme is recycling. According to the company, he Recycle Bot is officially a ‘Crypto Growth Bot.’ In this way, the investor will receive 168% ROI every 60 days. Interesting, right?

However, the company bans affiliates that mention The Recycle Bot or The Recycle Growth Bot in any manner in websites, blogs or any other public internet domain.

About It The Berlin Group Explained:

“You are not permitted to create videos on YouTube or any other video platform regarding The Recycle Bot/The Recycle Growth Bot. You are not permitted to make public social media posts anywhere that includes The Recycle Bot/The Recycle Growth Both”

The Berlin Group is just recycling newly invested funds and pay off existing investors, creating a Ponzi scheme. Although the company is registered in Australia, Behind MLM says that these are just ‘smoke and mirrors.’ According to the report, Australian authorities rarely pursue MLM related fraud and in general, they just delist the company. Additionally, Alexa shows that the traffic to the website comes from the United Kingdom, Greece and the Philippines, among others. Nonetheless, the company is not licensed to operate as an investment platform in these jurisdictions.

This Ponzi scheme will end up as many other Ponzis in the market. There are winners and losers. Those who enter first will gain some funds, those entering at the end will lose all their investments.

Source: www.bitcoinexchangeguide.com