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CryptoUnit Scam Targets Multiple Countries, Officials Issue Warning

OneCoin scam had left the investors speechless, but it offered a glimpse of how easy it is to fraud people. The Ponzi scheme exit scam proved to be inspirational for many others and the crippled filtration of the crypto ecosystem showed loopholes to defaulters.

CryptoUnit is one of such new projects seeming to follow the ideology of OneCoin, highly ambitious. The project is being carried out by the New Economic Evolution of the World group of companies, previously called SWIG.

How CryptoUnit Operates

CryptoUnit representatives offer to make participants co-owners, stakeholders, or shareholders of CryptoUnit’s global investment portfolio. The MLM network is run on dozens of portals created in different languages to target different regions.

To become a member or participant, you must be invited by one of the existing network members, followed by the purchase of projects tokens that come as a package. The issued tokens aren’t regulated, registered or approved by any of the commissions on the securities market and are sold without it. Neither they have a fail-safe to return the invested funds in case of project default.

NEEW or CryptoUnit cunningly lures people into their network through webinars, training events or meetings at a physical location shared through an invitation.

This could be an attempt to erase the malpractices done under the banner of SWIG and start fresh with a brand new name. The man leading the operation is speculated to be Andrey Khovratov who can be seen involved with high profile people.

Who and What brought the scam into light?

New Zealand authorities first reported the fraudulent scheme. In an article published on Stuff, it is stated that FMA has cautioned against SWIG that it may be involved in a scam. SWIG had hosted a seminar in Auckland, where the speakers attracted crowds explaining lifetime payout benefits.

Before New Zealand, authorities in Belgium, Lithuania, and Estonia had also dropped a warning about SWIG’s suspicious activities in their region.

Councilor of South Auckland, Alf Filipaina said, “I’ve seen too many things like this where they’ve just sucked in our people, they’ve got all their money, and they’ve gone. And they get none of that money back.”

London is the recent entrant to have taken strict actions against the NEEW group’s CryptoUnit project. The authorities have begun taking legal steps and blocking the bank accounts of people involved in the scam.

SWIG has been swiftly targeting regions overlooked by crypto regulators and plotting under the nose of local agencies. The company is assumed to have raised over $124 million and the funds are disposed of and distributed at the sole discretion of few individual leaders.

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