EOracle Ponzi Scheme

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EOracle

eOracle was supposedly investing in various blockchain startups. In reality, there is no evidence that any funds were invested. The site appears to have run for a short time before disappearing with any invested funds. There is a report that 3 of the founders have been arrested in India.

This is a global/international case not involving a specific country.

About EOracle

"Following months of misappropriating ESPN branding to shill their Ponzi scheme, Espian Global has collapsed."

"Now the anonymous scammers behind Espian Global have rebooted as eOracle."

"e-Oracle is an Organic global Knowledge Network sustained by a portfolio of top tier Blockchain use-cases."

"e-Oracle is an educated global community using a proprietary and innovative decentralised platform to access a highly vetted pipeline of blockchain startups, The e-Oracle Use Case. The e-Oracle User is sharing in a unique wealth building model that exponentially distributes knowledge and wealth. Our 5+ Million plus e-Oracle Users is the Unicorn and our model our USP."

"Blockchain system verifies and supports extreme levels of simple transactions and this enables players to engage in battles and win money. Take part in the competition and be rewarded for your winnings in the safest way possible."

"Welcome! At e-Oracle you can join an exciting and lucrative family of entrepreneurs building their financial future on a sustainable ecosystem of first tier Blockchain use cases. Simply select from our Platform Dashboard one of many economical memberships to get started today and join our first class family of global networkers, where you can learn, earn grow your business."

"e-Oracle unites the cryptocurrency industry with the Online Gaming sector. Take your place, start earning rewards. Take advantage of cryptocurrency mining, staking and spend your daily earnings with your Peywey Mastercard Crypto."

"e-Oracle's primary business function is providing the framework to incubate and accelerate the "best of bread" blockchain startup projects, and with success of this function, our e-Oracle Users participate in wealth generation directly from our DEFI, Yield Farming and Lending Ecosystem."

"With e-Oracle you can accelerate your success. Attend international events, meet leaders who are making a difference. Be inspired and listen to their success stories. Thanks to Referral Marketing you can impact millions of people and contribute to their growth. With this system combined with e-Oracle Global's products and services, you can provide real solutions to the market and be recognised as an e-Oracle Ambassador to the world."

"Like Espian Global, eOracle’s website provides no verifiable information on who owns or runs the company." "eOracle’s website domain (“e-oracle.com”) was privately registered on May 31st, 2021."

The CEO is not named. The signature provided however reads “Edgar Ariel Gavilan Gonzales”.

"On LinkedIn Gonzales represents he is from Colombia. Gonzales’ LinkedIn profile cites him as a “Business Developer” for M2R Technology." "M2R Technology is a dead tech company based out of Colombia."

"At the time of publication Alexa ranks India as the only notable source of traffic to eOracle’s website (67%)."

"eOracle has no retailable products or services, with affiliates only able to market eOracle affiliate membership itself."

"eOracle affiliates invest funds on the promise of advertised returns. eOracle offers four investment tiers, each with seven levels within the tiers."

"eOracle affiliate membership ranges in cost from $50 to $30,353 paid annually. The more an eOracle affiliate spends on membership, the higher their income potential."

"Once again when recruitment tanks, like Espian Global did eOracle will also collapse." "The math behind MLM Ponzi schemes guarantees that the majority of participants lose money."

As of November 10th, 2021, "Indian authorities have identified a trio of scammers they claim are behind FomoEX, Espian Global and eOracle."

"The arrested suspects are Raghavendra, Nagaraju and Shivamurthy. All three reside in Bangalore, India."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - EOracle Ponzi Scheme

Date	Event	Description
November 10th, 2021	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

General Prevention Policies

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.

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.