The ITP Corp Ponzi scheme has collapsed. Withdrawals had been disabled 5 days in the past, with no official clarification offered.
As a substitute of explaining why withdrawals are disabled, ITP Corp relentlessly pushed a 100% match “Thanksgiving” deposit bonus.
Instantly after disabling withdrawals, ITP Corp additionally trotted out a $100,000 72-hour withdrawal assure.
Clearly developing on six days of no withdrawals, the 72 hour deadline has come and gone. Clearly no person obtained the promised $100,000 assure.
For reference “Albert” within the assure discover above refers to Albert Gomez, a fictional government id the scammers operating ITP Corp just lately got here up with.
ITP Corp was primarily promoted to UK residents. This prompted native recruitment leaders to provide you with fictional tales about blockchain hacking and Thanksgiving Day within the US affecting withdrawals.
One such high UK recruiter is Fakih Mahmood Subedar (aka Mack Subedar), a former rest room paper salesman from Leicester.
Earlier right now Subedar was waffling on about “blockchain points”;
I’m getting LOTS of calls asking me for an UPDATE.
It’s Very Easy. We’re all simply ready very patiently as the problems with the blockchains unfold. What a loopy time for the hackers to hit the Networks.
Thanksgiving is HUGE in America. They timed it at a time after they knew there’s a NATIONAL SHUTDOWN HOLIDAY.
This can trigger probably the most disruption. Let’s simply be affected person.
To be clear, though it represents it’s based mostly out of Seattle within the US, ITP Corp is a “click on a button” app Ponzi.
This explicit sort of rip-off emerged in late 2021. Behind has to date documented over 100 examples, all of that are run by Chinese language scammers.
ITP Corp’s unique web site featured Chinese language:
The web site on ITP Corp’s third area, following blocking of the primary two by UK by ISPs, has been scrubbed of any Chinese language.
Nonetheless if we have a look at the source-code of ITP Corp’s official help web page, we see it runs on Meiqia’s platform.
Meiqia is a Chinese language software program firm based mostly out of Beijing. Past a US shell firm certificates, bought on-line utilizing bogus particulars, ITP Corp has no ties to the US.
One other high UK ITP Corp promoter is Somerset resident Charlie Wildish (proper).
Within the description of video uploaded to Wildish’s YouTube channel on November fifteenth, Wildish states;
The community that ITP switch withdrawals over has been hacked.
As a precaution the community has quickly been shut down to stop the hackers syphoning of anyone else’s cash.
Like Subedar’s lies, this too is baloney. The match behind Ponzi schemes firstly ensures they’ll inevitably collapse. It additionally ensures that when that occurs, the vast majority of traders lose cash.
Merely put; to ensure that ITP Corp’s admins and high promoters like Subedar and Wildish to steal cash, the vast majority of traders in ITP Corp needed to lose cash.
Whereas the FCA banned MLM cryptocurrency funding schemes within the UK on October eighth, to date no motion has been taken towards ITP Corp or native UK promoters.
It stays unclear whether or not UK ISPs blocked ITP Corp’s web site of their very own accord or on behalf of authorities.
Replace twenty sixth November 2023 – Inside minutes of this text being printed, ITP Corp printed a withdrawal replace of their official Telegram group.
The replace parrots the Thanksgiving Day hacking lies first trotted out by Mack Subedar and Charlie Wildish.
As a result of latest USDT blockchain volatility points, it has led to the traditional environment friendly operation standing of many blockchain associated enterprise throughout the globe.
On the similar time, this section additionally coincides with the U.S. Thanksgiving vacation, ITP supervisor group can also be in a standard vacation shutdown, however doesn’t have an effect on the normalization of the operation of the ITP software.
Naturally there are not any points depositing new USDT into ITP Corp. Go determine.