Vietnam’s Competition and Consumer Protection Department has issued fraud warnings against multi-level social network Vitae
Vietnam’s Competition and Consumer Protection Department (CCPD) has issued a fraud warning about multi-level cryptos investment models such as Crowd1, OneLink, and Vitae. Crowd1 and OneLink are two projects that have been promoted a lot on social networking sites recently. And Vitae (not to be confused with Vitae Global) is an emerging name, which is also being marketed by the project owner with the promise to earn up to $ 28,000/month.
What is Vitae? The truth about the multi-level social network Vitae
Vitae was run through Vitae AG, a shell company incorporated in Switzerland through a PO Box. The project is described as a social network like Facebook, Instagram, or Twitter, but with the added function of making money from ads. Like Bitclout, Vitae is a decentralized social network, 90% of the profits are shared with the participants, the company only takes 10% of the income from advertising. In the future, participants are promised to just like and share posts to earn money.
But, Vitae is like many multi-level models, the latter pays the other first. To put it simply, with a 5×5 matrix, participants who want an income must pay to buy like packages. Each like package is worth about $ 0.0061, including 150 likes, corresponding to the top position in the 5-storey matrix tree, each successive tier must grow 5 times as many people as the previous tier. When this 5-storey matrix tree has enough 3,906 participants, the leader of the matrix will receive a commission of $ 344.1. In addition, members from tier 1 to tier 4 also enjoy a commission ranging from $0.09 to $0.12. If the members below develop a full matrix tree, the top person receives an additional $101 commission.
However, if you buy only one position (ie only one matrix tree), the probability that the matrix is full of people is very difficult. And at this time, the trick will appear. Vitae then encourages the player to buy multiple slots so that the probability of getting enough tiers is higher. The recommended minimum amount for newcomers to the system is from $ 260.34 – $ 347.12 (equivalent to 400 – 600 positions). This amount is relatively reasonable for an investment project and is especially suitable for young people who are “savvy” with new technology but have little capital.
Continuing to lead players to the maze of profits, Vitae also has a 3×8 matrix package for only $ 200. This matrix has a total of 8 tiers, each successive tier must develop three times more people than the previous one, a total of 8 tiers has nearly 10,000 people. If this matrix has enough tiers (approximately 10,000 participants), the head will receive a passive income of up to $ 28,000/month for life. The more you buy 3×8 matrix trees, the more chances you have of getting more money.
To get money quickly, with both 3×8 and 5×5 matrices, the player must actively develop the system to fill the matrix tree. Because only when enough people join the matrix tree, players will receive money.
Like other multi-level cryptocurrency projects, Vitae members constantly paint a positive prospect of huge income up to thousands of dollars, even tens of thousands of dollars in just one month for participants. The profit is so high, but no one seems to wonder when can players recover their capital. The project only says that the amount will be gradually paid into the wallet until the matrix is full. However, the ability of participants to fill each of their matrix trees (from 4,000 – 10,000 players) is very difficult. Especially when Vietnamese investors are already suffering from previous multi-level projects such as OneCoin, iFan,…
Finally, all player commissions are paid by Vitae in Vitae coin tokens, not cash. Currently, for individuals who want to not be able to develop the system, Vitae members also encourage buying Vitae coins issued by the company, waiting for the price to rise to make a profit.
Belgian authorities shutting down the project earlier this week, two arrested suspects have now been confirmed
The project owners behind Vitae are mainly Belgian, such as founder Michael W., commercial director Mendy Zicherman, chief executive officer Shrage Posen. Among them are three others, Guy Meeuwis, Kobe Bické, and Tom Lauwerysen, in charge of expanding the project (actually money launderers). The six suspects arrested were charged with being part of a criminal organization, in addition to fraud and money laundering.
Mendy Zicherman, Commercial Director or introduced as the owner of Vitae AG (on the right)
Police seized 37% of Vitae tokens, approximately 1.1 million EUR, 1.5 million in cryptocurrency, and seven luxury vehicles, a range of luxury watches and gold. Belgian authorities estimate that about 223,000 people were victims of the project. Their losses are said to be in the tens of millions of dollars.
Vitae coin is currently ranked 943 on Coinmarketcap, trading around $0.3484, up 40% in the last 24 hours. Despite warnings and previous multi-level projects, thousands of people are still trying day and night to call on the community to join the new social network Vitae with ads with huge incomes and high salaries.
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