Qubit Life Ponzi Scheme

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Qubit Life

Qubit Life was a multi-level marketing scheme with no realistic product or service behind it. On March 26th, 2021, the platform collapsed and all funds were lost.

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

About Qubit Life

"Taking a leap towards the Quantum Future. The main mission of QubitLife is to provide its users with effective ways to receive royalty payments from the use of quantum technologies."

"The main goal of QubitLife is to reach platform's capitalization value of 10 billion USDT and grow its users base to more than 10,000,000 users by 2025."

"The development ideology of QubitLife implies the creation of its own unified ecosystem based on quantum technologies, as well as distribution of platform resources among its users."

"The main mission of QubitLife is to provide its users with effective ways to receive royalty payments from the use of quantum technologies, as well as to grant its users with an exclusive access to its strategic partners' platforms."

"The main goal of QubitLife is to reach platform's capitalization value of 10 billion USDT and grow its users base to more than 10,000,000 users by 2025."

"QubitLife already uses the advantages of quantum technologies, gaining a serious advantage over the competition by adopting quantum neural networks data processing and applying computing power of quantum algorithms. Such implementations allowed to significantly improve the accuracy of analytical data acquired used for development, set up and adjustments of algorithmic systems, and as well as generally improve the efficiency of platform operations."

"QubitLife initially marketed their “big webinar” as being hosted by CEO Greg Limon and Chief Marketing Officer Marc Swickle."

"Speaking of collapses, it should be noted that victims of QubitLife, another recently collapsed Ponzi scheme, are being funneled into eOracle." "Neither [Greg Limon nor Marc Swickle] turned up, leaving Global Master Distributor Iakov Ashurov to deliver the bad news."

"Following a lavish event held in Dubai for its top net-winners, QubitLife has informed the rest of its affiliate-base, over a quarter of a million victims, that withdrawals have been suspended."

"QubitLife collapsed on May 26th. Five days later Espian Global collapsed and was rebooted as eOracle."

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 - Qubit Life Ponzi Scheme

Date	Event	Description
May 26th, 2021 12:00:00 AM	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

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?

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.