Kancha Chora’s MuQuant Ponzi scheme has collapsed.
Promoting month-to-month returns have been disabled, and MuQuant company are begging traders to recruit new victims to steal from.
MuQuant’s issues started on November seventh with a “tech replace” to their web site.
MuQuant’s web site was down for round six days, returning on or round November thirteenth.
That very same day the “MuQuant Staff” put out an replace, advising it had disabled marketed month-to-month returns:
We have now briefly halted the minting share till the brand new system model is able to be applied.
This was adopted up by one other communication from MuQuant Staff on November twentieth, this time begging traders to recruit new victims.
It has been roughly months [sic] since MuQuant mission began & operation price was used for varied functions reminiscent of advertising and marketing, tech developments, and sustaining the mission.
At this early stage, it’s vital for us to foster a powerful and united neighborhood.
We acknowledge the current state of affairs shouldn’t be supreme, and we wish to give you an evidence.
Want time [sic] to function know-how and discover new clients to proceed to extend work compensation claims.
MuQuant has struggled to garner the eye of exterior communities. We actually want your assist to develop new clients to create liquidity for our Widespread Vault.
As I perceive it, “Widespread Vault” is the identify of the pool of invested funds MuQuant pays withdrawal requests from.
A reader emailed in on November fifteenth to advise, regardless of MuQuant’s claims, that “you can’t swap any gathered muquant to USDT 10 days now.”
MuQuant was an MLM crypto Ponzi scheme constructed round its MUQT token.
The rip-off was run by Kancha Chora, a serial promoter of MLM Ponzi schemes.
Chora represents he has ties to the UK and Nepal. How a lot he stole by his short-lived MuQuant Ponzi stays unclear.