Fresh Concerns Over Alex Reinhardt’s Platincoin Ultima Scam
Good morning, Crypto Investors.
A fresh wave of concerns has surfaced surrounding the controversial Platincoin Ultima scheme, spearheaded by German businessman Alex Reinhardt.
Despite years of warnings and negative reports, it appears that this crypto-based multi-level marketing (MLM) operation continues to operate in the shadows.
While browsing through several websites recently, I stumbled upon troubling updates about this ongoing scam and I couldn’t resist reporting it.
Complaints Persist, Despite Warnings
As far back as November last year, online users were voicing their frustrations over the relentless promotion of Platincoin Ultima.
Even in the face of numerous investigative articles and scam warnings, promoters of the scheme seem undeterred.
“Unfortunately, all the negative articles do not seem to be able to stop this scam, the operators just keep on going,” remarked a commenter named Matisse.
It appears the network of individuals behind these operations has remained active without pause.
However, some of the top leaders who once pushed these schemes have since moved on to other ventures after reportedly earning millions of euros through their involvement.
“Many former OneCoin leaders are back at ULTIMA, such as Danish J, Emil H, Navid T, etc,” Matisse added.
From OneCoin to Platincoin
After the infamous collapse of the OneCoin scam, several MLM leaders, desperate for a new opportunity, appear to have gravitated toward Platincoin.
The allure? A business model that combines cryptocurrency with multi-level marketing an ideal setup for those previously involved in similar operations.
Worryingly, there’s been a noticeable surge in advertising for Platincoin across parts of Africa, particularly in Nairobi, Kenya, and Uganda.
“There is currently a lot of advertising from Africa, especially Nairobi and Uganda. It’s very reminiscent of OneCoin. Very sad,” Matisse noted.
This raises an important question: Are MLM scammers specifically targeting countries in Africa? And if so, who is holding them accountable?
Calls for Action, Not Complaints
While expressing frustration online is a natural reaction, industry watchers believe it isn’t enough to curb the spread of these scams.
Oz, the founder of BehindMLM, a website that has been exposing MLM schemes and scams for over a decade, weighed in on the issue.
With over 10,000 articles to his name, Oz is a well-known figure in the space.
“There is no class action against Sam Lee. He’s been indicted and US regulators have filed civil fraud charges,” Oz commented.
When it comes to Alex Reinhardt, victims appear hesitant to take firm legal action.
“If you want to take legal action against Reinhardt, go see a lawyer. A bunch of lazy Ponzi victims sitting around asking why nobody does anything means nothing happens,” Oz advised.
Platincoin Ultima Still Active, Still Rebranding
As of today, Platincoin Ultima continues to rebrand and operate under various guises.
While it remains largely underground, its presence has not completely disappeared.
Many of its top leaders are now difficult to locate on social media, further complicating efforts to track the operation.
For now, the story is far from over. I’ll be keeping a close eye on developments and will report back with any new information.
Stay safe and informed, Crypto Investors.
