Jun 2017 - GladiaCoin Multi-Level Marketing Scheme Collapses - $Unknown (Global)
"Gladiacoin was a company founded on November 26, 2016, which promised to double bitcoin in the period of 90 days. The earnings included a 2.2% payout dividend with a fully automated system. Gladiacoin was a company based upon a “ponzi-scheme” model. The collapse of the, “Double your money in 90 days company” took place during the month of June 2017."
"The GladiaCoin website domain (“gladiacoin.com”) was privately registered on November 26th, 2016."
"Gladiacoin advertised that investors would "double the bitcoin within 90 days" and promised daily returns of 2.2% on all deposited bitcoins." "Gladiacoin claimed to buy bitcoins in one market and sell them in another market in which bitcoins had a higher value, "exploiting the difference in price on difference exchanges.""
"Spartacus 1 – invest 0.05 BTC and receive ??? after 90 days (the GladiaCoin website does not disclose how much the Spartacus 1 plan pays out)
Spartacus 2 – invest 0.1 BTC and receive 200% back in 90 days
Spartacus 3 – invest 0.3 BTC and receive 200% back in 90 days
Spartacus 4 – invest 0.5 BTC and receive 200% back in 90 days
Spartacus 5 – invest 1 BTC and receive 200% back in 90 days
Spartacus 6 – invest 2 BTC and receive 200% back in 90 days
Spartacus 7 – invest 4 BTC and receive 200% back in 90 days"
"GladiaCoin affiliate membership is tied to an investment of between 0.05 and 4 BTC.
The more an affiliate invests the higher their income potential via the GladiaCoin compensation plan."
"A friend is into GladiaCoin. He keeps asking me to join, but it seems to good to be truth. Most of the searches for "gladiacoin scam" seem to be paid advertisement. Anybody can chime in?
EDIT: Thanks for the responses. Why the downvotes? Shouldn't this question get more upvotes so that other people can fin it?"
"I feel for it with half a bitcoin back in 2017 with a group out of Singapore. It was an MLM type scenario where you got paid based on how many people you recruited under you, and the person that got me in was a long time family friend. She was getting her payments, vouched for it, so I sent half a bitcoin. There was a payment cycle where at the end of your term, you would have a whole bitcoin back, and potential for additional commissions for those that you invited. I got paid once for .11111111, and then the Ponzi dried up. The website went dark, and I never saw the rest of my payouts. As I mentioned, it was an old family friend that got me into it, and she paid me back the rest of my .39999999 to make me whole, after a bitter argument. I was new to crypto and panic sold for an $80 loss overall. Three weeks later was the fork that led to bitcoin peaking over 10k for the first time. I still cry in my sleep over it sometimes."
"If you use that logic it is also true of a real estate company or a corner shop. "as long as there are customers the shop works". It may be a Ponzi scheme or it may not. You can't assume it is, just because it is working. You can't assume it is not either. There are many traders who more than "double their money in 90 days", so just because that is outside my and your experience does not mean it can't happen. If you are going to label something a Ponzi, you really need some proof other than just the scheme's success."
"Gloria Sun Jung Yun commenced this action by filing a pro se complaint, on July 18, 2017, asserting that Gladiacoin.com ("Gladiacoin") and several other defendants ran a Bitcoin-based Ponzi scheme through which they fraudulently obtained Yun's bitcoins." "Yun brings claims, not only against the entities and individuals directly liable for defrauding her (collectively, "Defendants"), but also against companies and service providers, such as GoDaddy.com, LLC ("GoDaddy"), from which Yun seeks information to prove her claims (collectively, "Codefendants"). (Doc. 1, at 1-2, 15)."
"The balance of Yun's complaint consists of allegations of Portillo's ties to Gladiacoin and the ways in which he knowingly defrauded Yun and others. Despite having disclaimed any ownership in Gladiacoin, (Doc. 1, at 7, ¶ 20), Portillo apparently put up promotional videos on Facebook and YouTube touting and flaunting the wealth he obtained by investing with Gladiacoin."
Further Analysis
GladiaCoin offered investors an opportunity to double their money within 90 days, apparently exploiting arbitrage between different exchanges. The scheme was launched in November 2016 and eventually collapsed in June 2017.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Unknown Ripple Exchange Phishing Scam > > < < Bithumb Privacy/Phishing Hack
Sources/Further Reading
Can someone explain to me how people fall for scams like "Send crypto to this adress to double it"? : CryptoCurrency (Dec 31)
drunk_phish comments on Can someone explain to me how people fall for scams like "Send crypto to this adress to double it"? (Dec 31)
overview for drunk_phish (Dec 31)
overview for drunk_phish (Dec 31)
Documenting the collapse of a bitcoin doubler (GladiaCoin) (Dec 31)
Gladiacoin - BitcoinWiki (Dec 31)
Yun v. Gladiacoin.com, CIVIL ACTION NO. 3:17-CV-01267 | Casetext Search + Citator (Dec 31)
Is GladiaCoin a SCAM? : Bitcoin (Dec 31)
Gladiacoin - Legit or Scam? - YouTube (Dec 31)
Breaking News: Gladiacoin Update - What's the HYYYPPPEE? (Dec 31)
Gladiacoin may not be a scam after all - VIEW MY NEW VIDEO - YouTube (Dec 31)
https://web.archive.org/web/20161208011435/https://www.gladiacoin.com/ (Dec 31)
https://medium.com/@gladiacointoken/about (Dec 31)
https://web.archive.org/web/20170601193137/http://gladiacointopteam.com/ (Dec 31)
Gladiacoin Compensation Plan - How The Gladiacoin Compensation Plan Works! - YouTube (Dec 31)
Error (Dec 31)
GladiaCoin Review: 90 day bitcoin doubler with binary recruitment (Dec 31)
https://web.archive.org/web/20170602112449/https://gladiacoin.com/ (Dec 31)
Gladiacoin victims (Dec 31)
GladiaCoin, JetCoin sued by US victim (Dec 31)
 t.me/QuadrigaInitiative
|
 /r/QuadrigaInitiative
|
 @QuadrigaInit
|
 info@quadrigainitiative.com
|