While the virtues of digital assets and platforms get extolled regularly, there’s a hideous side to this virtual space: the criminally-minded roam free looking for investors to devour.
With unsuspecting investors not doing enough due diligence, many scammers masquerading as businessmen fleece them of their investments by selling them worthless tokens. The lack of regulation hasn’t helped as no one is ever held responsible for the loss of funds suffered by investors to these scammers.
Since cryptocurrency became a thing, many investors have lost huge sums through scams, exploits, and frauds orchestrated by a collection of people that are fully conscious of the loopholes in the digital space.
The Man, the Myth, the Scammer
From the perspective of a naïve investor, Andrei Khovratov’s profile matches the description of a reputable businessman, which is no surprise as Andrei runs a slick sinister organization with far-reaching tentacles.
The wolf in a sheep’s clothing disguises his nefarious activities by diversifying the proceeds of his wealth into verifiable models while fronting other legal ventures such as consulting. This keeps the unscrupulous and fraudulent activities of the scammer away from public scrutiny.
The Butchering Project called CryptoUnit
Andrei Khovratov and his goons masquerading as crypto experts run an elaborate scheme called the CryptoUnit. Through the project, they register investors as owners of the CRU token, given to these holders as authentication of their ownership of specific shares in some sort of investment portfolio that Andrei Khovratov taunts as the next big thing.
Since fraud is always going to be eventually found out, Andrei Khovratov found a way to delay the inevitable through the stringent registration process. Newbies are carefully selected for the slaughter to avoid their financial demise being traced to Andrei Khovratov.
Typical of most fraudulent outfits, Andrei Khovratov executes his illicit trade through shady companies created solely to perpetuate these fraudulent actions. These companies have changed names multiple times – from SWIG to NEEW – a sign of a suspicious company. Things get interesting when you probe further and discover its one address hosting all Andrei Khovratov’s list of companies.
CryptoUnit: An MMM styled project
While the MMM founder might be dead and buried, others are getting ready to take his throne. Andrei Khovratov looks to be right in the mix with his CryptoUnit project.
This Andrei Khovratov pet project follows the same approach but with a firm grip on who gets in. Members of the unit bring fresh meat into the fold through tasty promises that are never fulfilled.
To guarantee this hook always catches a fish or two, the project is available in multiple languages, so investors of diverse races are adequately targeted.
Members are expected to upgrade on a routine basis to a new package with bogus promises attached. Of course, these promises are never fulfilled as these members are the fattened cows being milked.
Keeping such a scheme under wraps can be tough, but Andrei found a way to do it: using a cover. The sleazy conman uses the cover of offering courses to investors interested in becoming financially free to entrap victims. His fraudulent establishment, NEEW has a website that hosts several courses meant to empower users but they can only be purchased using the CRU tokens. This often piques the interests of readers, as the bait has been set. Unfortunately, most of the courses are worthless as they provide no real value to the reader.
The CRU Tokens
Supposedly, efforts were made to ensure the CRU tokens were listed as a security token, but that never materialized. And despite the failure of the token to meet the required stipulations for listing, Andrei Khovratov has continued to ensure the sales of the worthless cryptocurrency to unsuspecting investors.
How has this gone on for so long?
Andrei Khovratov’s scheme had gone on long enough due to a stage-managed marketing ploy. He throws a few crumbs at older members, so the foot soldiers keep doing his dirty work. It’s a well-thought-out strategy that has continued to pay forward for the fraudster.
Due Diligence Is Needed
With Andrei Khovratov still on the prowl for more victims, investors have to be mindful of his schemes. He has recently NEEW has gathered over a hundred million dollars in funding, but there’s no confirmation of such claims.
Having being blacklisted in certain countries like New Zealand, Andrei Khovratov might be looking to test new waters in bigger countries like the US, Canada, and others. Investors are warned to protect themselves from the activities of this scammer by doing sufficient due diligence before investing their money in any venture.
Singapore, 2 November 2019 – Singapore-based Building Cities and Beyond (BCB) Blockchain announced that BCB will be listed in DOBI Crypto Asset Exchange starting November 5. BCB is a digital currency created to develop smart city solutions for the future, leveraging an infrastructure protocol and an ecosystem built on blockchain technology.
BCB Token’s listing on DOBI Digital Asset Exchange will further solidify its prominence and reputation in the crypto space.
Known for its strict evaluation on listing tokens to its platform, DOBI Trade Digital Asset Exchange is the one of the world’s most accessible cryptocurrency trading platform that aims to create a quick, convenient, and secure trading platform for all. DOBI is also the leading manufacturer and distributor of ready-to-assemble cryptocurrency ATMs.
“The listing will allow BCB to have DOBI’s 100+ countries user base. BCB is a leading smart city blockchain protocol that has good usage volume which matches with our proven track record in the crypto space, ” Jacky, Head of Business Development, DOBI Exchange said.
BCB’s projects are focused on incubating blockchain start-ups, product development and launch of smart city applications, leading to a higher potential of smart city projects. BCB’s protocol comes with APIs that are specifically optimized for the development of distributed smart city applications, such as secure eWallet, smart contracts and peer-to peer messaging applications. BCB aims to build a community of 10,000 developers in Asia. It has physical presence in 8 countries and BCB incubation hubs in 4 of them.
“Our partnership with DOBI provides the BCB community another top exchange for trade information and market capitalization. Dobi also has the blockchain research center in Shenzhen which BCB hopes to develop smart city technologies with blockchain together,” Vanessa Koh, BCB Chief Technology Officer said.
Moving forward, BCB Blockchain is gearing up its partnerships via hackathons and acceleration programs with universities to expand development of the BCB ecosystem to create smart city solutions.
About Building Cities Beyond (BCB) Blockchain
Building Cities Beyond (BCB) Blockchain is a blockchain protocol for the development and infrastructure of smart city solutions. With BCB safe, secure and scalable protocol, the APIs are ready for use for the development of a variety of distributed applications, such as eWallets, messaging applications, integrated payment and enterprise solutions, and many more
For more information, please refer to https://www.bcbchain.io
About DOBI Crypto Asset Exchange
DOBI Trade Digital Asset Exchange is the world’s most accessible cryptocurrency trading platform that aims to create a quick, convenient, and secure trading platform for all. Take advantage of our proven track record and user-friendly interface across all actively-traded token pairs. There’s no steep learning curve as registering an account on DOBI is straightforward and easy.
DOBI is also the leading manufacturer and distributor of ready-to-assemble cryptocurrency ATMs. Ranging from compact makes to premium industrial-grade modules, they can be designed and customised to fit most specifications while offering features such as FIAT acceptance and fingerprint recognition capabilities. For more information, visit https://www.dobiexchange.com.
Email: [email protected]
Tel: (65) 6259 3193
Binance is on the move and is apparently set to leave its adopted home of Malta. One of the largest cryptocurrency exchanges, Binance, has been in Malta since 2018, but now it seems the company is moving to France.
Since the exchange was banned in its home of China, the headquarters have been in Malta. The island which was dubbed, ‘the blockchain island’ has long been known for its open regulations towards the industry.
The Malta government released three bills in June 2018, which established a framework for the industry. It gave guidelines for initial coin offerings (ICOs), exchanges and other aspects of the industry.
It was these laws by the Malta government, that prompted Binance’s decision to move to Malta, along with other major exchanges like OkEx. However, the rumored new regulations have made Binance think of moving once again.
The rumor comes from sources close to Binance who have claimed that the exchange does not plan to comply or sign the Malta VFA license. Instead they will look to attempt to sign a French license instead. What this means for the over 30 staff members at Binance in Malta is unclear. It may be that Malta turns into a European customer service hub.
Binance also has exchanges in Liechtenstein and Singapore, along with offices in many other parts of the world. Malta is meant to be Binance’s pathway to Europe, but it appears the group now sees the major European nation of France as the best way.
However, it appears that much of the regulation for France and Malta depends on the European Union (EU). The European commission still needs to pass Malta’s framework, which would also be a similar case for France.
This would ultimately mean that the sources initial rationale would not make much sense. Could Binance be unwilling to sign the license due to other reasons? Perhaps Binance and Malta regulators have been butting heads or a political issue may have arisen.
Binance have often had controversies in the past. Claims of plagiarism and Binance JEX issues have made them less than perfect and this could cause a problem between themselves and Malta.
This is all speculation, but it clearly there are whispers that Binance is on the move and may not be happy in their Malta home.