Is YouXWallet a pyramid? Be sure to read before investing

A youxwallet it was a fraud involving cryptocurrency that caused many victims in Brazil. The company youxwallet was structured in the form of a financial pyramid, promising returns of 200% of its bitcoin contracts. 

A youxwallet told investors it would make trades with bitcoin, but the company never had authorization from the CVM to operate in the market. The system youxwallet it is very similar to other scams involving cryptocurrencies, such as: nick Forex , Kryptacoin and G44 Brasil. 

What is youxWallet?  

An investment platform for your capital, with returns of up to 300%. Income was the result of operations in the financial market.

In the initial commercial proposal, Youxwallet said that it made trades in bitcoin, but on other disclosure sites they spoke of the market as a whole: 

• Share 
• Mini dollar contracts 
• Arbitration 

Through the YouxWallet people registered. The registration usually took place through affiliate links, in the youtube there are several videos of people providing the company.

The platform said it had the E-Register. They talked about his authority, that this registration was authorized by an entity equivalent to the “federal police of Brazil”. 

They also said they had ESMA, European Securities Duck Markets Authority, for hearing, regulation and authorization of its operations in the financial market.

They said it was similar to CVM do Brasil. But the CVM in Brazil was the competent body to inspect investment companies, so why didn't they have CVM validation?  

How did the youxwallet ?  

A youxwallet it offered investment plans, but used multilevel marketing strategies to attract new customers. There were bonuses for those who attracted more investors to youxwallet. 

Income on company plans youxwallet were 3% a day, every day the income in the virtual account would fall in the youxwallet wallet.

The person could withdraw the income whenever he wanted, but the initial contribution was on the platform for 90 days.  

A detail about the company is that marketing was more incisive in spreading the promise of extra income through the bonus system. In other words, they wanted to attract more people for investment plans.  

youxwallet is pyramid? 

Yes it is pyramid. The classic story of blocking payments denounced the pyramid scheme in November 2019. In that month, YouXWallet blocked customer payments. That way, users of the website or app would not be able to withdraw the money invested or their income.

The reason for the suspension in November 2019 was a hacker attack, this is another famous excuse used in financial fraud involving pyramid with bitcoin. Finally, after investigations by the Civil Police, the company closed permanently. Some clients try to recover the capital invested in justice. 

youxwallet presentation 

A youxwallet in its commercial presentation it said that it had more than 4 thousand Brazilian customers and acted internationally. See countries where she worked: 

• China 
• USA 
• Lithuania 
• Portugal 
• Estonia 
• Colombia 
• Chile 

Is Youxwallet reliable? 

It is not reliable, the youxwallet it presented an image of authority saying that it had ventures in other countries, said that it was authorized by international entities to operate in Brazil and that it belonged to the National Multilevel Marketing Association.

But this was a technique for masking fraud, we don't know if the company really had these records.  

Furthermore, youxwallet it promoted events and parties, this helped to attract more customers and convey an image of seriousness to the enterprise. 

The company's directors were instructed to flaunt it to their customers. That is why they appeared with luxury cars, on luxurious trips and exhibited jewelry. Everything was a marketing plan to attract new members.  

A youxwallet  didn't have the authorization from GVC to operate in Brazil, therefore, it was illegal. THE youxwallet it could not offer any type of investment plan in the national market. As it had no authorization, the company was fined by the CVM and prohibited from operating in Brazil.  

Did the company close? 

Yes to youxwallet closed in November. Investigations CVM, the Securities and Exchange Commission, together with investigations by the Civil Police and the Public Prosecutor's Office, investigated the pyramid scheme, all investigations pointed to a culprit: Joab Santos president of youxwallet.  

Joab Santos would have been an associate of TelexFREE, one of the most famous pyramids in Brazil. Joab would have helped in the promotion and promotion of Telex, this was found in the investigations.  

Before the scheme broke the CVM issued a statement to all investors saying about the risks of investing in contracts with high profitability in the market that are not regulated, see: 

“Public offering operations or disclosures that promise high profitability on investments, can be a fraud. Such offers always omit the risk of their operations. ”  

The statement was intended to alert investors to the new financial pyramids involving cryptocurrencies and bitcoin.

We know that in the disclosures of offers such as youxwallet, the companies they do not discriminate the risks of investing in cryptocurrencies, they only spoke of the benefits. These companies also never speak of the economic viability of the enterprise. So be wary of commercial proposals like that. 

Is it a scam?

Assets that have high liquidity such as the bitcoin, are usually the target of fraudulent companies. These companies offer high fixed daily withdrawals and return on investment. Another point to highlight about the coup is the indication scheme. 

Usually a sponsor or related person introduces you to the company. This indicates that someone would be above you. That is, it is possible to detect the pyramid scheme only with the indication.  

The advertisements also denounce the blow to the youxwalletafter all, they always talked about the benefits of recruiting new members and promised high profitability. The target of these companies can be any market: 

• Forex  
• Bitcoin and cryptocurrencies 
• Gold mining 
• Trades in options binaries 
• Investing robots 

Regardless of the market or service that will help you monetize your money, fraudulent companies don't keep their promise. That is, they do not have a real profit with their services and do not pay investors because the income passed on to other customers comes from the appointment of a new member. Typical pyramidal scheme.   

Atenção para pyramids 

Be aware of the lack of information about the business, especially for companies that promise to carry out the purchase and sale of bitcoin. Failure to register the company with the CVM already denounces fraud, never buy an investment contract from companies that are not authorized by the Commission. Even if the company really does buying and selling bitcoin, if it is not registered at any time, the CVM may fine and close it. 

We know that it is possible for you to trade bitcoin, but at internationally recognized brokers and reliable exchange offices.

Do not trust intermediaries trading on your behalf, especially companies that ask for deposits in bitcoin and use benefit plans to promote the company to new members. Usually they use: professional affiliates, ambassadors or associates to attract more customers. 

Joab Santos youxwallet 

In 2019 Joab Santos, president of youxwallet  announced the end of its activities with Bitcoin in Brazil. The leader left thousands of investors without income and without the capital invested. 

Joab said that payments would be settled only in court. That is, there is no use complaining about your investment to the company or the support.

There was no justification for closing the youxwallet. Joab it only demonstrated payments that it made, “accounted for” and showed the portfolio of some investors to justify the regularity of the company. This was demonstrated in a video from youtube  performed for your customers. 

REGISTRATION 

You can watch some videos on youtube  explaining how the company registered and how to register the Wallet. But the site is currently down.

How was my capital multiplied?  

Capital was not multiplied. But in the company's proposal they said: 

We have a professional team of Traders in the financial market. Those traders they would do operations and promise a fixed yield of 3% a day.

The income appeared to customers on the company's website or app YouxWallet. A bolder investment proposal guaranteed 400% in up to 200 days. After reaching the investment ceiling, the client could buy more plans. 

Another absurd proposal from the company was: “Win with your arms crossed, you don't have to do anything”. The capital would automatically yield, the company would be the intermediary of the operations in the market and the yields would fall from Monday to Friday, under the percentage of 3%.

Withdrawals could happen when customers add up to $ 50, but a fee was charged to withdraw, 5%. 

Every investment should be in bitcoin, that is, the person should exchange the real for bitcoin and send to the platform.

The justification for operations in bitcoin eram:

"We are in more than 40 countries, imagine the structure that we should have to serve all currencies, so we opted for bitcoin".

 

Even for that, the company had a speech, they worked well the justifications to hide the fraud.  Bitcoin it really is a universal currency and has been exploited by financial pyramids, so watch out for bitcoin transactions for companies like YouxWallet.

Once transferred the bitcoin, it cannot be returned. Bitcoin has encryption and was created just to not identify users' transactions on the internet. 

Finally, be wary of any promise of easy gain like YouxWallet did. On the internet it is easy to fall into false promises, so look for trustworthy platforms to make your investment yourself, do not use intermediaries.