Mabcredit Ponzi Scheme Rugg Pull Their Investors!
- Crypto News
- June 20, 2024
In the grand tradition of shady investment schemes, the Mabcredit Ponzi scheme has officially gone kaput.
Last week, around Thursday or Friday, Mabcredit decided to pull a disappearing act. Now, visiting their website gives you a “403 forbidden” error, which is internet-speak for “we’re gone, suckers.”
We had the pleasure of checking out Mabcredit on April 24th. With a business model that screamed “fraud,” we confidently called it a Ponzi scheme. Turns out, Mabcredit had already set the stage for their grand escape a week earlier, around mid-April.
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Here’s a taste of the fancy nonsense Mabcredit fed their investors (not direct quote but basically what they mean):
Dear Esteemed Investors,
We are beyond thrilled to announce a huge step in our investment journey. As part of our relentless pursuit of innovation, we’ve picked a select group of investors (that includes you!) to test our mysterious DAPP network technology.
P.S. We’ll never tell you what DAPP technology is or why we need it because that’s part of the fun!
April 17th:
Sorry, folks! The onboarding process we hyped up for April 15th is delayed. Unforeseen circumstances (like we weren’t ready to run yet) mean you’ll have to wait until April 22nd.
April 23rd:
Oops, we did it again. The onboarding for our central vault, scheduled for April 22nd, needs another 72 hours. Our IT guys need more time, probably to pack their bags.
April 26th:
Guess what? The onboarding didn’t go smoothly. We’ll let you know when the next session is, maybe next week, if we’re still around.
May 23rd:
Hi again! We apologize for the onboarding chaos. You followed the instructions, but nothing worked. Don’t worry; we’re working hard (to disappear with your money). The next onboarding is set for June 10th.
After this last message on May 23rd, Mabcredit went radio silent. It seems their exit strategy included a $250 “onboarding” fee.
Due to our ‘tight budget’ and the need to approve every expenditure, we’re asking you to pay a flat onboarding fee of $250, no matter your investment size.
Mabcredit likely pulled the plug once they’d squeezed every last $250 out of their investors. The total losses are still up in the air. As of May 2024, SimilarWeb showed most Mabcredit victims were from Canada (46%), the Netherlands (41%), and Denmark (13%).
And there you have it, another Ponzi scheme bites the dust, leaving a trail of bewildered investors and empty wallets in its wake.
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