It is a traditional Ponzi rip-off based mostly on a buying and selling bot. Scammers behind the Ponzi schemes of Torq Buying and selling and Snapbots are at it once more.
RoboFi’s web site implies that the corporate is “powered by Snapbots Restricted” somewhat than their precise firm title. SnapBots was Snap Improvements’ Ponzi earlier than Torq Buying and selling was launched in 2018. RoboFi’s web site would not say anything in regards to the firm’s possession or administration. For this, you may want to trace down the unique “mild paper” from the enterprise: It is a enjoyable tidbit that RoboFi needed to change their lite paper at a while.
RoboFi’s lite paper was decreased from 34 to fifteen pages because of intensive modifying. Ting Shang Ping and the remainder of the gang usually are not included within the new lite paper. Snap Improvements is owned by Ting Shang Ping. Torq Buying and selling was run by him and Bernard Ong. In late 2019, Torque Buying and selling went stay.
TORQ Ponzi factors had been used to fund a easy crypto buying and selling bot Ponzi scheme. Even though Snap Improvements began Torque Buying and selling, Snap Improvements and Ping had been fast to dissociate themselves from the rip-off upon its demise. To obscure our protection of Ting Shang Ping’s wrongdoing, Ting Shang Ping even filed a faux DMCA.
Snap Improvements and Ping have returned to the crypto funding fraud desk for a second time, in accordance with RoboFi. Cryptocurrency buying and selling bots are the main focus of RoboFi’s investments. IBO stands for “preliminary bot providing,” and RoboFi is utilizing it as a advertising and marketing phrase for his or her bots.
As a BEP-20 token, RoboFi relies on VICS, which might have taken Snap Improvements solely 5 minutes to implement. In late 2021, VICS was launched.
As an alternative of rising, it remained flat till the RoboFi advertising and marketing marketing campaign acquired underneath manner in November. Early buyers made cash off of this. RoboFi tokens are locked for a yr for everybody who invests and participates within the challenge.
Nevertheless, a more in-depth take a look at the VICS chart exhibits apparent indicators of bot manipulation. Snap Improvements and RoboFi are probably solely engaged in VICS wash buying and selling. In addition to that, RoboFi is the same old “passive revenue” Ponzi scheme utilized by scammers all through historical past.
MLM is just not part of RoboFi’s enterprise mannequin. Due to this, I doubt I will be taking note of the debut of a brand new fraud by Snap Improvements and Ping. This concludes our dialogue of Snap Improvements, RoboFi and Ting Shang PING.
Passive crypto funding schemes, even when they do not have an MLM element, are nonetheless securities. Utilizing RoboFi, Ping is committing securities fraud by promising buyers passive earnings. Anybody considering a purchase order of RoboFi ought to familiarize themselves with Snap Improvements’ Torque Buying and selling fiasco earlier than doing so.