DESCRIPTION OF EVENTS
"THE MINING AND NETWORK MARKETING REVOLUTION FOMOEX. FOMOEX is offering an innovative mining system of the cryptocurrency Filecoin, with a winning referral marketing plan."
"FOMOEX is offering an innovative mining system of the cryptocurrency Filecoin, with a winning referral marketing plan. The project was born from the idea of its Founder"
"Usually you’d have to buy computer mining rigs to do the mining. This is generally quite expensive, due to the hardware, the electricity to power them, the actual space to house them, etc.. but in this case Fomoex are taking care of this for their users. The interesting thing is that Fomoex aren’t taking any of the passive income from these rigs, nor are they making the rigs cost more than they actually are."
"In order to make that happen, they need to get as many customers as possible, completely forgetting about any revenue and profits up front. By doing this they can feed this current revenue back to the users so they can create a massive community for the upcoming IPO."
"To participate individuals will need to create an account and then pick a package that best suits them. The payments for these packs are made in USDT crypto-currency and the rate of the rewards are based on the size of package purchased."
"FomoEX has no retailable products or services."
"Affiliates are only able to market FomoEX affiliate membership itself."
"At time of publication Alexa ranks top sources of traffic to FomoEX’s website as the US (29%), India (17%) and Russia (12%)."
"The accused, Raghavendra, Nagaraju and Shivamurthy, floated FOMOEX, a company offering investment in cryptocurrency with huge returns on every investment made. The accused also held conferences in hotels to explain the business models and claimed to have branches in the U.S., Singapore, and China. They offered huge returns to those who could get more investors on chain link business modules. Hundreds of people had invested in the scheme. The accused had earlier floated a firm, ESPN Global Company, and duped many, a police officer said."
FomoEx was a service with no products or services, which allowed investors to purchase mining plans. It is not believed that any actual mining was happening behind the scenes. On November 10th, 2021 the individuals behind the scheme.
HOW COULD THIS HAVE BEEN PREVENTED?
Experienced cryptocurrency users can typically tell what's fraudulent, however this takes practice, so it's always best for new participants to err on the side of caution, and avoid investing in most services.
To prevent such ponzi schemes, our framework provides that 2 industry reviews should be conducted of each proposed new service, by knowledgeable organizations. Regular reviews should also be conducted to ensure that all customer assets are fully backed, which prevents ponzi schemes since the key component is that funds are no longer backed.
FomoEX Ponzi admins arrested in India (eOracle too) (Feb 27)
https://www.thehindu.com/news/cities/bangalore/cryptocurrency-scam-3-held/article37374709.ece (Feb 27)
FOMOEX | The Mining and Network Marketing Revolution (Mar 3)
Fomoex Review: Legit Crypto Filecoin Mining MLM Or Scam? - YouTube (Mar 3)
FomoEX Review: 300% ROI eOracle HyperFund mega Ponzi (Mar 3)