Belgian authorities have shut down the Vitae token Ponzi scheme.

Vitae Token launched as Vitae Coin again in early 2018. It was shortly renamed Vitae Token and promoted as a part of a social community.

That idea flopped, prompting founder Michael Weber so as to add a Ponzi scheme.

BehindMLM grew to become conscious of Vitae Token by means of Vitae Rain Chat in August 2020.

Vitae Rain Chat was a standalone chat platform, introduced after Discord shut down Vitae’s official communication channels.

Vitae Rain Chat was an adcredit Ponzi scheme. Associates paid $14.99 a month for entry and bought adcredit positions for $25.

Vitae Rain affiliate membership funded a pyramid scheme.

Vitae Rain adcredit positions positions paid a return, funded by subsequent funding.

Vitae token has been publicly tradeable on dodgy exchanges since September 2018.

After the compulsory preliminary pump to simply over $3, Vitae token dumped to round 60 cents.

From January 2020 Vitae token climbed to $1. it hovered there till Vitae Rain’s launch in August.

The introduction of the Vitae Rain Ponzi scheme noticed Vitae token pump to simply over $12 in November 2020.

The inevitable dump adopted, with Vitae token’s worth trending largely downward since.

Proper now Vitae token is sitting at 33 cents.

Not a lot is understood concerning the Belgian investigation into Vitae, apart from it’s of felony nature.

As reported by HLN, Belgian authorities seized Vitae’s and Vitae token’s web site area on Tuesday twenty second.

This occurred on the orders of an investigating decide, the federal prosecutor’s workplace experiences.

A considerable amount of cryptocurrencies have additionally been seized.

In the meanwhile, the federal prosecutor’s workplace has not supplied any additional details about the file.

In keeping with his Twitter profile, Vitae’s founder Michael Weber (proper) relies out of Colorado within the US.

The one Vitae connection to Europe I used to be capable of finding was Vitae Token’s official Fb web page is managed from the Netherlands.

HLN notes

victims have been recruited throughout displays in our nation (Belgium) and within the Netherlands, amongst different locations.

Whether or not the Netherlands are individually investigating Vitae is unclear.

Regardless of going by Michael Weber for years, Weber is now going by “Michael Bradley” on Twitter and YouTube.

Weber was a prime earner within the BitConnect Ponzi scheme. Weber launched Vitae token just a few months after BitConnect collapsed in January 2018.

The SEC lately went after a number of prime BitConnect promoters within the US. Weber was not a named defendant.

What occurs subsequent is unclear. Weber’s final Twitter publish is dated June nineteenth, three days earlier than the Belgian seizure.

As founding father of Vitae, Weber is at the moment booked to talk at a North American Blockchain Expo occasion in September:

Vitae Token deserted Fb in December 2019. The final publish on the official Vitae Token Twitter web page is dated April ninth.

Pending an replace from Belgian authorities (or every other legislation enforcement or regulator), keep tuned.

Replace twenty fifth June 2021 – VRT are reporting Belgian authorities performed raids and have arrested 5 Belgian nationals.

The felony gang behind the social media platform is essentially of Belgian nationality.

On Tuesday, the dish invaded 17 completely different locations in our nation, primarily in Antwerp, East and West Flanders and Limburg.

5 folks have been arrested and detained earlier than the investigating decide.

They had been charged with membership of a felony group, fraud and cash laundering.

The investigation was additionally performed in collaboration with Switzerland, because the gang used an organization below Swiss legislation for his or her practices.

With respect to seizures;

Practically 40% of the circulating cryptocurrency Vitae was seized.

Greater than 1.1 million euros in money, nearly 1.5 million in digital forex, 17 luxurious autos, numerous luxurious watches and gold had been additionally seized in the course of the searches.

Michael Weber’s present whereabouts and standing are unconfirmed.