Cloud Token exit-scam and WoToken are both under investigation by the BC Canada

Neither Cloud Token nor WoToken has registered for a securities supply license in Canada. At the same time, both of these projects are operating illegally. Of course, this did not surpass the British Columbia Securities Commission. Therefore, both are under investigation. Besides, based on not allowing withdrawals in the past weeks, Cloud Token is also entangled in the exit-scam case.

Cloud Token, WoToken are illegal activities in Canada

In Canada, it is prescribed securities regulation occurs at a province level, with the BCSC regulating securities in British Columbia.

WoToken Wallet is an investment project that advertises a profit of 6 – 20% monthly by activating the trading software. Meanwhile, as AZCoin News mentioned, Cloud Wallet is also a Ponzi investment project that calls for a profit of 6 – 15% per month in the same way.

cloud-token-exit-scam-and-wotoken-are-both-under-investigation-by-the-bc-canada

Ronald Aai, one of the founders of Cloud Token | Source: Cloud Token

Director of Enforcement at BCSC, Doug Muir, shared about the two projects as follows:

“These apps claims of big payouts from some automated crypto-asset trading appear too good to be true. The apps also resemble a pyramid scheme, in which investors are promised earnings if they get others to join in. Big promises and pyramid-like payouts are both classic warning signs of risky investments. We urge everyone to approach these apps with extreme caution.”

Besides, BCSC has identified three shell companies associated with WoToken. Including WoToken Wallet in the BVI, WO Data Group Limited in Colorado, and WO Data Group in British Columbia itself. Cloud Token also has its own shell company, called Cloud Cloud Technology & Investments Pty Ltd. be registered in Australia.

As AZCoin News reported, Ponzi Cloud Token was disrupted by the Chinese police. However, authorities in Malaysia and Singapore have yet to make any move to Cloud Token or the World Blockchain Forum.

Follow AZCoin News on Telegram: https://t.me/azcoinnews

Twitter: https://twitter.com/azcoinnews

Cloud Token is the public exchange exit-scam model

It is known that Cloud Token affiliates were not able to withdraw money via internal exchange for most of October. However, Cloud Token did not give any reasonable explanation. Every week, Ronald Aai, Founder of Cloud Token, offers a new reason on Facebook.

cloud-token-exit-scam-and-wotoken-are-both-under-investigation-by-the-bc-canada

Ronald’s pleading whenever Cloud Token does not allow withdrawals

Despite the ongoing cash withdrawal issues, earlier this month, Cloud Token paid money to institutional investors of the company’s top employers in Malaysia.

Explaining the reasons for not being able to withdraw money, Ronald Aai confirmed that whenever Cloud Cloud 2.0 is released, company-funded withdrawals are stopped.

He stated:

“When we move on to this, you can’t do conversions within the wallet itself. Instead, withdrawals will be processed through Ribbons – a third party company.”

However, when looking, it is easy to see that Ribbons does not exist, and it seems that this is just a shell company founded by Cloud Token.

Referring to the difference between Cloud Token paying out withdrawal requests and Ribbons, Ronald said:

“So basically what happens is when you click on convert, it sends you out to the OTC (Ribbons), whereby you will be putting up an order for sale. And the other members when they click on the pop-up button for their Cloud SIMs, they will go to OTC to check where they can buy from.”

Instead of Cloud Token using previously invested funds to pay, Cloud 2.0 will only allow new sponsored investors to make withdrawal requests. This is important because Cloud Token has run a unique investment process.

Besides, while Cloud Token has manipulated internal CTO values ​​as they see fit, the value of future CTOs will be set by the trading branches on Ribbons.

A ton of orders, no buyers, worth $ 0, and this is the public exchange exit-scam model.

Some Chinese investors said that these are the same people behind PlusToken, Wotoken and some other Ponzi schemes. Considering that some key members behind the PlusToken scam have been under arrest while other scammers at large are still dumping its crypto, there’s little chance for investors of such projects to get their money back.

On the same day, police in Baotou, a city of Inner Mongolia in northern China, warned the public of the Wotoken to exist scam as many investors reported that withdrawals were stopped and soon the Wotoken wallet app ceased operation.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS