Meta Bounty Hunters, one of many extra unscrupulous MLM crypto schemes, was launched earlier this 12 months. The “crew” behind Meta Bounty Hunters was not revealed till after the sport had been launched. What we found was that Holton Buggs, the corporate’s proprietor, was extensively selling MBH to iBuumerang associates. Then there was Travis Bott, who disclosed his newest crypto grft: an NFT Ponzi manufacturing unit, through Meta Lab Company. Let’s get you on top of things earlier than we dive into Meta Labs Company. Meta Bounty Hunters was reviewed on January twenty seventh. We beforehand reported on Meta Bounty Hunters’ and iBuumerang’s hyperlinks on February 2nd.
On February twenty sixth, Meta Bounty Hunters was launched.
On February twenty seventh, we confirmed Holton Buggs and Travis Botts’ ties to Meta Bounty Hunters.
The Meta Bounty Hunters’ scheme was easy: promote 8,888 Star Wars imitation cartoon NFTs for $2000 every.
An MLM alternative, which operated as a pyramid rip-off, was connected to the unique grift. Then there have been the “weekly reflection payouts,” which successfully turned Meta Bounty Hunters right into a Ponzi rip-off. Meta Bounty Hunters made $17.5 million, based on Travis Bott. It’s going to be a fast buck for him, Buggs, and anybody else on the manager crew.
The Meta Bounty Hunters NFT assortment is traded on Open Sea, with the ground worth (now 2.29 ETH or $4028) doubtless artificially inflated by a small group of insiders. Issues seem like dismal outdoors of the NFT bubble.
Based on the Wall Road Journal, NFT buying and selling is down 92 % from its peak stupidity final September. Here is how Meta Bounty Hunters is doing as an MLM firm:
Clearly, the cash is within the swindle itself: promoting cartoon tokens to dunderheads. Travis Bott in all probability realized this when he created the Meta Labs Company in late March.
Based on a Might twenty second Meta Labs Company press launch, the company has an in-house crew of creatives, designers, and artists with internet 3 expertise. Whether or not you have already got your artwork generated or need assistance, Meta Labs Company has an in-house crew of creatives, designers, and artists with internet 3 expertise.
They’re going to work with you to ensure your NFT launch matches your model’s picture, voice, and character. Their crew has over ten years of expertise within the Net 3 trade. They’ve unique entry to greater than ten blockchain networks, in addition to an intensive understanding of sensible contracts and how one can scale back fuel bills.
The deal with distinctive utility and providing worth again to the holder is what actually distinguishes Meta Labs Company.
One of many issues we observed was the utilization of funds and making certain that the proceeds from mint have been deployed in a method that benefited the group, explains Travis Bott, CEO of Meta Labs Company.
Bott and his crew aren’t referenced wherever on the Meta Labs Company web site, which is comprehensible. “Meta Labs Brokers” is a division of Meta Labs Company. Nonetheless, we do determine a clone of the Meta Bounty Hunters “reflections” Ponzi scheme there: A listing of Meta Labs Company’s executives can be offered: Meta Labs Company’s preliminary Ponzi scheme, Meta Labs Brokers, is considerably cheaper than Meta Bounty Hunters. You will get entry to a smaller reflection pool for $300. Spending $1700 on a “Secret Agent Assortment” place unlocks “big reflection” returns. Burning 5 $300 positions to realize a “Secret Agent” funding place prices $1,500, because the mathematically savvy amongst you’ll discover.
The $1,700 direct funding expense is most probably advertising and marketing. It seems that $17.5 million from 8888 jobs was inadequate. Bott’s newest NFT Ponzi scheme entails promoting 30,000 $300 and 5,000 $1,700 positions.
Even supposing the funding positions are cut up utilizing a two-tier worth mechanism, Bott receives the identical amount of cash from buyers — $17.5 million. In a method, sure. As a result of “swap of 5 $300 positions for a Tremendous Agent place,” the precise quantity fleeced is prone to be decrease.
Along with the principal Ponzi scheme, Meta Bounty Brokers presents a slew of “coming quickly” grifts.
Ganga’s Nomad and Lions Not Sheep Crypto Chads seem like a money-making scheme geared toward insecure males. Joaquin Ganga Lopez, a tattoo artist primarily based in Los Angeles, is the creator of Nomad by Ganga. Lions Not Sheep is a conservative clothes model. Its NFT comedian artwork assortment is concentrated on insecure males as soon as extra: The Federal Commerce Fee (FTC) sued Lions Not Sheep and its proprietor, Sean Whalen, earlier this month. The FTC accused Whalen of misrepresenting the origins of Lions Not Sheep merchandise of their criticism.
The Federal Commerce Fee filed motion at this time in opposition to Lions Not Sheep Merchandise, LLC and its proprietor, Sean Whalen, for fraudulently representing that their imported gear was made within the USA.
The corporate positioned false “Made in USA” labels on clothes and accessories imported from China and different international locations, based on the FTC’s criticism.
Based on the lawsuit, Whalen allegedly posted a video of himself to his social media websites on Oct. 8, 2020, with the slogan “MADE IN AMERICA!” alongside a Chinese language flag.
Whalen mentioned within the video that tearing away the origin tags and substituting them with ones claiming that the products have been created in the US could have hidden the truth that his shirts have been made in China.
Whalen agreed to a $211,335 judgment consent settlement to fulfill the FTC’s costs. If the Lions Not Sheep NFT heist goes by, that judgment shall be nugatory. Meta Labs Company’s web site additionally mentions Season 2 of Meta Bounty Hunters. Bott seems to be removed from completed defrauding his authentic buyers. “Reflections” are on the coronary heart of Bott’s NFT ruse. That is basically a special method of referring to returns generated by invested funds.
It is a typical Ponzi scheme, with cash-grab NFT collections because the mainstay. What started as Meta Bounty Hunters has developed right into a full-fledged Ponzi scheme — missing the MLM side (extra money for Bott).
Travis Bott’s headquarters are in Utah, USA. Bott and Meta Labs Company aren’t registered with the SEC whereas providing a passive funding choice by their NFT strategies.