Free Mart has introduced quite a few upgrades to its Nugen Coin platform, which it’ll use to perpetrate cryptocurrency fraud.
Not too long ago, a reader requested me if I used to be aware of the whitepaper for Nugen Coin. It appeared odd to me that I hadn’t seen it earlier than. Nonetheless, I found its creation date to be June sixteenth after inspecting its file attributes. When the examine got here out in the course of Could, none of those initiatives had been disclosed. The newest distribution of Nugen Cash is being branded as “Nugen Universe.”
“We at Nugen Universe LLC are proud to announce our twin incorporation within the nice states of North Carolina and Florida.” In relation to the press releases, Free Mart has used nearly each cryptocurrency jargon within the ebook to advertise their Ponzi scheme. “We intend to ascertain a “licensed financial institution… in over 50 states within the USA,” and we’ve NFTs (the mEtaVeRsE).”
I did some analysis into potential Neo Banks and got here throughout one which was “launching shortly in India.” On the entire, although, when individuals discuss of a “neo financial institution,” they normally imply a financial institution that exists solely on-line. Naturally, Free Mart doesn’t reveal the identification of the Neo Financial institution. They plan to make use of us to open a “licensed financial institution.” That is as a result of they’re supported by a financial institution with a questionable status within the Cayman Islands.
Looking for “Fazil Mohamed Jabar” and “Cayman Island Financial institution” yields no outcomes. Nonetheless, Nugen Coin boasts “a wide range of funding alternate options” and an “glorious fee of returns on mounted deposits and different investments.” When discussing Fazil Jabar, he’s now talked about because the CEO and co-founder of NugenCoin:
David Crookston, the unique co-founder of Free Mart, has nonetheless gone lacking, though John Austin can also be talked about as a co-founder. Free Mart has brazenly acknowledged its standing as a “shitcoin manufacturing unit,” in line with the Nugen Coin mannequin (a BEP-20 shittoken that may be generated in a matter of minutes for subsequent to nothing).
Thus, they’ve launched the Nugen Power Coin, Nugen Realty Coin, Nugen Oxygen Coin, and the Nugen Journey Coin. It is nice and all, however Nugen Coin remains to be primarily a passive funding:
Whereas your cash are being staked with NuGen, you’ll obtain 0.35 % of your staked cash 4 instances a day, for a each day return of 0.357 %. Your coin steadiness will double each 202 days at that fee of curiosity.
That is what I learn on the official Nugen Coin web site simply now.
The present asking worth for a Nugen Coin, with a minimal funding of $50, is 74 cents, up from 32 cents a month in the past.
While you purchase a “Good Contract” for the NuGen Forex, the variety of cash you obtain is proportional to the present worth of the coin. With a minimal funding of $50, you should buy as many cash as you want.
NuGen will stake your cash for 18 months earlier than transferring them to an trade of your selection. Since Nugen Coin just isn’t at present traded on any established exchanges, its worth is decided arbitrarily.
Nugen Coin lists a Nebraska road tackle for its enterprise headquarters on its web site. SimilarWeb knowledge reveals that April was the busiest month of the yr for the Nugen Coin web site.
The next month, Could, had a 41% drop from the earlier month. Ninety-three % of the visits to the Nugen Coin web site come from outdoors america. Due to this fact, it may be concluded that almost all of Nugen Coin buyers are residents of america.
As of publication, Free Mart, Nugen Coin, Fazil Mohamed Jabar, and John Austin weren’t SEC-registered. Though the whitepaper for Nugen Coin does include some nonsense about monetization by issues like ATMs, “processing of presidency checks,” and deposits, none of this stuff really exist presently.
Because it stands, Nugen Coin is actively searching for funding on the promise of a passive return. To say that Nugen Coin and its management group are responsible of securities fraud is an understatement.
In line with us, Nugen Coin is and stays a Ponzi scheme as a result of it lacks a reputable outdoors funding stream.