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EmpiresX started proscribing withdrawals in early October.
Withdrawals had been then utterly disabled in mid October, and have remained so since.
In an EmpiresX company replace despatched out mid December, co-founders Emerson Pires and Flavio Goncalves threatened authorized motion in opposition to victims and high promoters.
Additionally, quite than simply admit their Ponzi scheme ran out of cash, Pires and Goncalves supplied up a boatload of unverifiable withdrawal excuses.
EmpiresX’s December fifteenth replace is an audio recording styled “Replace From The Founders Of The Firm”.
In earlier EmpiresX updates Pires and Goncalves have appeared on video.
The audio recording options Pires and Goncalves studying off a script. Whether or not the 2 are in the identical location is unclear.
Along with threatening to sue buyers, Pires and Goncalves handle EmpiresX’s ongoing withdrawal points.
To maintain factor easy I’ve separated verbatim quoting of points coated within the replace beneath.
Threats of authorized motion
Pires: As a result of issues had been stated and filed in opposition to the corporate, the corporate is now pressured to spend its time and sources to guard itself.
All all through, the corporate acted in good religion, but accusations and claims had been made in opposition to EmpiresX.
EmpiresX believes the claims and accusations are unfounded and unfaithful, and (are) supposed with malice.
Due to this fact to guard everybody, the agency is pursuing authorized motion in opposition to those who supposed to trigger hurt, or make false claims concerning the firm, which is defamation.
Seeing as the one individuals complaining about EmpiresX could be disgruntled buyers, that is taken as a risk in opposition to the affiliate-base.
Shut up or we’ll come after you.
Pires: Just like our remark about abuse, EmpiresX has change into conscious that sure actors had been taking funds from sources of their community, providing a return on their funding, after which planning to supply a lesser return than what could be constructed from EmpiresX.
This violates a number of guidelines and rules, and the agency is aware of these actors and is taking authorized motion in opposition to these actors.
Scammers scamming scammers. You hate to see it.
For what it’s value, I’m not conscious of EmpiresX naming any “actors” or initiating authorized proceedings.
EmpiresX Withdrawal Delays
Pires: To raised serve you, investments had been made to diversify into new markets that lowers threat.
These new markets embody valuable stones, valuable metals and real-estate.
To finish these transactions, partnerships had been shaped with consultants in Brazil, Namibia, Angola, Dubai and Portugal.
Due to these new partnerships, there’s a worldwide attain that reduces dangers and supplies higher alternatives.
To type these partnerships, it took a variety of time and networking. That has resulted in an absence of updates.
That is the primary I’m listening to of EmpiresX pretending to interact in something however bot buying and selling.
No proof of Pires’ “new income” claims has been offered.
Additionally, as a consequence of (the) new and revolutionary nature of digital forex transactions, the corporate had guide processes that resulted in delays to the corporate’s expectations.
Due to this fact (in) an effort to streamline operations, EmpiresX engaged with seasoned professionals who broke contract phrases and acted maliciously and unfold operational commerce secrets and techniques.
This finally damage the corporate and a few of this led to further hurt to the corporate.
Goncalves: One of many harms created was the publicity of the brand new IT firm that led to numerous telephone calls to the brand new IT improvement firm, which they thought-about harassment.
Earlier than, throughout or after the brand new system improvement, it is extremely essential to keep up confidentiality to guard the corporate from malice, and the shopper database from being distorted.
This breach of contract resulted in non-performance and finally induced extra issues and delays.
Whether or not Goncalves is referencing his Tecnologia2u Brazilian improvement firm or one other firm is unclear.
No proof of Goncalves IT firm claims has been offered.
Goncalves: One other hurt was Coinbase fee platform.
To make clear, Coinbase Commerce, which is the one used for receiving and sending funds, is a unique platform from Coinbase.
And after the Coinbase outage, bitcoin community change into unavailable and continues to be unavailable until today.
This has resulted in crypto funds being untransferrable [sic], as a consequence of Coinbase error with blockchain, that’s inflicting community unavailable situation.
All different cryptocurrency can be found, reminiscent of ethereum and USDT, by the identical platform. And this error is just affecting the bitcoin community.
Sadly, nearly all of the funds to the corporate had been made in bitcoin. And this situation has restrained the corporate from changing to different cryptos, withdrawing or processing funds.
Persual of Coinbase’s incident historical past reveals no bitcoin issues logged all through December. However EmpiresX withdrawals have been disabled since mid October.
Pires: Because of unexpected challenges, the corporate is dealing with distractions from its core enterprise.
Nonetheless, the corporate is doing every part inside its management to make sure that funds might be made.
EmpiresX is not going to cease making an attempt to resolve these issues.
As of January seventh, EmpiresX withdrawals stay disabled. Emerson Pires and Flavio Goncalves are MIA.
Closing EmpiresX investor accounts
Goncalves: EmpiresX is closing account(s) the place the capital acquired was restored.
And over the approaching weeks EmpiresX will shut all accounts that has [sic] requested capital withdraw for the third time, or violated firm coverage.
In making an attempt to sound like a lawyer, Goncalves complicates three easy statements:
- EmpiresX is involuntarily closing any affiliate investor account who has acquired greater than they invested;
- EmpiresX is involuntarily closing any affiliate investor account that has positioned three withdrawals; and
- EmpiresX is involuntarily closing further affiliate investor accounts beneath the guise of firm coverage violations.
SEC Guidelines (???)
Goncalves: Exchanges or legitimate acquired for entry to EmpiresX’s enterprise actions might be restored per SEC rule over any withdraws and liquidation values.
Put merely, no matter capital was given to EmpiresX, EmpiresX will or might have already offered transaction, restoring the capital again to the supply acquired from.
I can state with confidence that there are not any “SEC guidelines” stopping EmpiresX from processing withdrawals.
EmpiresX is a Ponzi scheme, they’ve already violated US securities legislation. Not processing withdrawals beneath the guise of not desirous to additional commit securities violations is pseudo-compliance.
Goncalves: Moreover the corporate has sufficiently happy (and?) meets its web capital necessities.
Goncalves stops there, seemingly satisfied he’s made some form of level. I do not know what that time is (or what he’s even saying).
Wanting Ahead…
Remarkably, even with withdrawals disabled for 3 months, web site visitors to EmpiresX continues to develop.
Our final replace on EmpiresX was printed on December 1st. On the time Alexa’s high EmpiresX web site visitors sources had been Australia (22%), South Africa (19%) and the US (15%).
Recruitment in these international locations seems to have collapsed. EmpiresX is now being promoted closely in Tanzania (66%).
South Africa has dropped to 16% and Vietnam has changed the US at 6%.
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