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StableDAO- Scam Review

0

StableDAO was created by Samuel Lee (often known as Xue Lee and Samuel Lee).

Lee’s participation was confirmed by us because of his participation in a StableDAO webinar on October 17.

Lee handed the webinar off to Chief Business Officer Garrett Blakeslee after a short introduction.

In a January 2021 interview with the Crypto Revolution Telegram group, Blakeslee mentioned he “got here into crypto again in 2017” utilizing BitConnect.

Blakeslee was selling his enterprise, Block Duelers, which was a busted NFT fraud on the time.

Blakeslee claims that StableDAO opened up registrations “a number of hours” previous to the October 17 webinar after preloading Hyperverse scammers.

About two hours in the past, we launched.

Principally, the early participation program is a method for you attractive folks to get in on the bottom flooring, begin incomes shortly, and begin incomes straight away.

StableDAO pays $10 for every new investor introduced in to encourage the recruitment of latest victims. Moreover, new traders get $100.

Via a unilevel staff, residual recruitment commissions are paid out.

The hitch is that StableDAO “credit” are used to pay for all the pieces.

The “steady.restricted” area, privately registered on September 28, 2022, serves because the headquarters for StableDAO.

Throughout his presentation on the webinar, Nicholas Hofgren mentioned StableDAO’s Ponzi providing.

We’ve acquired MOUs for refinancing in reference to one of many initiatives we’re engaged on. This permits us to ensure a return inside three months. which is unbelievable information for us.

We’ve a refinancing that permits us to make roughly 33% on our funding whereas buying the property for a nominal worth of about 8.5 ringgit per sq. foot.

Malaysia makes use of the ringgit as its official foreign money.

The StableDAO fraud is roofed in monetary lingo. The assertion that CitiBank is concerned is prominently displayed on its web site.

I can guarantee you proper now that CitiBank has nothing to do with Sam Lee or StableDAO. least of all, on objective.

The principle component of StableDAO’s misleading rip-off is that it lures new traders in with the promise of rewards which are allegedly linked to actual property (evidently in Malaysia and elsewhere).

For apparent causes, this defies the Ponzi logic check. What does StableDAO want your cash for if they’ve already signed MOUs that can produce 11% each month?

The reason is that StableDAO is yet one more Ponzi scheme, similar to all of Sam Lee’s Hyper* frauds that got here earlier than it.

Lee boasts that traders within the StableDAO would make 4% a month on their cash.

  • make investments over $500,000 and also you’ll obtain an additional 1% a month
  • make investments over $1,000,000 and also you’ll obtain an additional 2% a month
  • make investments over $5,000,000 and also you’ll obtain an additional 3% a month

One other speaker on the webinar was Farzam Kamalabadi, the non-executive chairman of StableDAO.

The HOO cryptocurrency change is owned by Kamalabadi. Since at the very least 2020, HOO has been deeply included in HyperFund and Hyperverse.

Taking advantage of traders who misplaced thousands and thousands of {dollars} in Sam Lee’s a number of Hyper* Ponzi schemes was Kamalabadi.

He shared the next in an effort to become profitable with StableDAO as soon as extra:

So the sport of the longer term will really be this hybrid system. Then there are the precise property and operations.

There will likely be no extra whitepaper claims which are nothing greater than empty pledges that can by no means materialize.

They finally lose steam and go away. Nonetheless, not right here. The undertaking can’t be anticipated to fade.

Early in 2021, Sam Lee and his Hyper* allies fled to Dubai out of concern of being arrested.

Lee established the Ponzi schemes HyperCash, HyperCapital, HyperFund, and Hyperverse with confederate Ryan Xu. The vast majority of traders misplaced cash in every of those schemes.

HyperOne and HyperNation are two of Hyperverse’s offshoots. It’s unknown how a lot Lee is concerned in every state of affairs.

Xu hasn’t been noticed within the open for greater than a yr. He could or is probably not related to StableDAO.

In any case, Dubai is the world’s epicenter of MLM crime.

Dubai’s guidelines are as follows:

  1. If somebody lives in Dubai and approaches you about an MLM alternative, they’re attempting to rip-off you.
  2. If an MLM firm relies out of or represents it has ties to Dubai, it’s a rip-off.

In an effort to assist its advertising claims, StableDAO would thereafter current licensed monetary reviews to regulators and potential traders.

The proof hasn’t been audited and filed as a result of StableDAO is a Ponzi scheme run by a seasoned con artist. 

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