EspianGlobal Ponzi Scheme
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Espian Global was a multi-level marketing and ponzi scheme where investors pay money and then receive some of it back if they recruit faster than others and withdraw their funds in time. Espian Global collapsed after half a year, with the service rebooting as eOracle. It seems unlikely that investors recovered their funds.
This is a global/international case not involving a specific country.[1][2][3][4][5]
About EspianGlobal
"Espian Global is the mobile e-Sports platform based in UK. It is run by Espian Global CORPORATION LTD , headquartered in Poland. It is the future of mobile games. It offers some of the popular games in one application."
"We dont need a centralized platform, the Blockchain system can verify and support extreme levels of simple transactions and this is what all industries are seeing as the most attractive feature."
"Start your journey with an easy and simple way. Pick an affordable amount and build your behoof over time, you don’t need a deep wallet to start. Whether it is a top event or something less conventional, you will always be able to place a bet and earn the best possible game point which can encashed anytime you want at Espian Global. Different ways of Income are Super Matching Bonus, Quick Master Bonus, Medal of Honour, Percentage Of Income on Company Profits and Crowdfunding."
"REFERRAL COMMISSION AND TEAM MATCHING INCENTIVE. ESPN wealth program works with two team binary system, termed as left team and right team. To earn the benefits, you must personally refer minimum two associates in each of your team. Both team’s play points are equally matched daily and paid to you in the form of reward points. The remaining play points of stronger team are carry forward for next calculation."
"Espian Global as an MLM opportunity is a simple token Ponzi scheme with pyramid recruitment." "Espian Global provides no information about who owns or runs the company." "Espian Global’s website domain (“espianglobal.com”) was privately registered on January 2nd, 2021."
"In an attempt to appear legitimate, Espian Global provides three corporate addresses on their website; one each in the UK, Poland and Malaysia. The UK address belongs to a hotel. The Polish address is spelt wrong and the Malaysian address belongs to an IT company. It is highly unlikely that Espian Global has a physical presence at any of these locations."
"Espian Global markets a gaming platform filled with shovelware. Whether there’s currently any games on the platform is unclear." "It should be obvious that Espian Global has nothing to do with ESPN or their e-sports division."
"Espian Global affiliates invest in Smart Gaming Tokens (SGT). This is done in the hope they’ll later be able to cash out more than they initially invested. Espian Global’s compensation plan revolves around recruiting new affiliates and convincing them to invest."
"Espian Global primarily targeted investors in India and Nigeria." "Alexa currently estimates India and Nigeria make up 82.5% of traffic to Espian Global’s website."
"5th June 2021 – Espian Global has collapsed. The Ponzi scheme has been rebooted as 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." "The Ponzi scheme had a short run, lasting less than half a year."
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.
| Date | Event | Description |
|---|---|---|
| June 5th, 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.
References
- ↑ Crypto Scam Websites Attracted Millions of Indians Last Year, Chainalysis Says – Featured Bitcoin News (Feb 18, 2022)
- ↑ Espian Global (Feb 23, 2022)
- ↑ eOracle Review: Espian Global reboot with new Ponzi token (Feb 23, 2022)
- ↑ Espian Global Review: This scam has nothing to do with ESPN (Feb 23, 2022)
- ↑ Shovelware - Wikipedia (Feb 23, 2022)