After seeing an increasing interest in this ‘project’ on Telegram, YouTube and seeing it sponsored by the usual crypto investment ‘gurus’, we decided to analyse Exvam, a new Ponzi scheme.
Exvam claims to offer an innovative blockchain-based trading platform, promising investors unbelievable profits within a short period of time. However, an in-depth analysis raises significant doubts and concerns about the claims made by EXVAM. In this article, we therefore go to see the various aspects, albeit few, that make it a ‘project’ to stay away from. As usual, we will look at all areas, from the website to the company, from the business model to the community, in order to understand how to unmask a scam, avoid falling for it, and distance ourselves from the sly dodgers who propose it to us.
Who is behind it?
In an industry where transparency and trust are crucial, the lack of clear and verifiable information about the EXVAM team raises doubts about the seriousness and reliability of the entire project. As far as the administration is concerned, the only information that pops up about the company, created with just £3,750 of capital in February 2023, is the registration in the name of a certain Max Spencer. Of Mr Spencer, however, there is no information either on the internet or on social media, and he has never given interviews or made presentations about his innovative company. Not to mention that the company was established on the internet, so Mr. Spencer’s existence has not even been established.
No specific information is provided on the skills, experience or even the very existence of the team members; the only conceivable members are the Telegram contacts at the bottom of the page: @brandonexvam_com – @sara_exvam, themselves present only and exclusively in the relevant Telegram group @exvam_support. This lack of transparency makes it difficult to verify the authenticity of those behind the company and raises questions about their trustworthiness.
Website
As far as Exvam’s website is concerned, unfortunately there is not much to say, it is just a landing page with little useful information and a lot of spin. The data concerning deposits and withdrawals are nothing more than numbers written in code; which says a lot, since a company that tends to make certain numbers after about 50 days of the launch date (02-05-2023) would have every interest in publishing them in an up-to-date and accurate manner.
Another worrying aspect is the lack of official regulations and authorisations for EXVAM’s activities, usually included in the footer but not present this time. No evidence was found that the company had obtained the necessary licences from recognised financial organisations. This raises a clear red flag, as operating as a financial company without the necessary authorisations is illegal.
Business model
The earnings promised by this investment platform, according to them, are based on profits generated by trading; but unfortunately there is no data on traders, market strategies or other useful parameters. Three investment plans are proposed to us, the difference between these we are not given to know, but they promise 7% to 9% per day depending on the capital ‘invested’. In fact, if we pour into the platform 25$ (really?!), 1000$ or 5000$ we will have our capital automatically managed, generating for the user a guaranteed ROI (Return of Investment) of 360% (ROI is at most 100% by definition), and if mathematics is not an opinion, with 7% per day this 360% would be done in 51 days and with 9% per day in 40 days, so the 360% refers to what?
Besides being a rather ambitious and unsustainable promise, this is above all a promise that has no logical basis. Anyone who has ever invested or who has even heard of investing and trading knows very well that there is no such thing as an assured and predictable return; if you already knew the percentage you were going to earn tomorrow, we would all be rich.
In addition to the utopia stated above, however, another way of earning money is described:
“An additional (or only) source of income can be recommending our platform to others using your referral link.
Exvam website
or
“Another way (or only way) to earn money can be to recommend our platform to others via your referral link.”
Translation from the Exvam website
There it is! The pyramid scheme is finally revealed, and with it the reason why crypto gurus talk about it. All those who propose this scheme, are in fact ref catchers, who aim to get rich with other people’s money, by getting them into Ponzi schemes.
Another factor that should arouse suspicion is EXVAM’s payment system. The company accepts payments via cryptocurrencies, such as Bitcoin, Ethereum and Litecoin. Although cryptocurrencies are a legitimate and growing tool, their use in financial contexts can present high risks. Cryptocurrency transactions are irreversible and are not subject to traditional financial regulations, which makes it difficult to recover funds in the event of fraud, except in certain cases.
In addition to all this, a company that accepts cryptocurrency payments should at least show the wallet on which it receives them, perhaps multi-signature (in these wallets the movement of funds must be approved by several signatures), and the smart contract that handles customers’ funds must be audited by a third company, such as Certik.
Community
It is difficult to comment on the actual community; while EXVAM claims to have a large community of satisfied investors, there is no authentic evidence or testimonials to back up these claims. The few comments or testimonials on their website are probably false or artificially generated to deceive potential investors.
As is often the case with Ponzis, the official community is run by unknowns, while small groups of scammers orbit around like satellites, aiming only for referral links. There are no AMAs (Ask Me Anything) from the team, no live streams on Twitch or videos on YouTube; everything that a serious company should do is totally ignored by Exvam. Their Twitter page has only 517 followers and virtually no interaction with the 7 posts they have made.
Despite the desolation of the official community, however, there are videos on YouTube with tens of thousands of views and plenty of Telegram groups sponsoring Exvam. If you take a closer look at who is sponsoring this project, however, you will notice that they are the same ones who were sponsoring all the scams we previously covered. Some of them removed the videos and changed the posts to look innocent, but they are the same ones who were selling products to ‘cure’ themselves with bleach on Web 2. The tool changes, but the scammers remain the same.
Conclusions
Let us therefore give a brief recap of what we have (or rather, have not) seen. The platform promises disproportionate returns, 7 to 9 per cent a day, but instead of getting rich with investment funds and banks, they come and ask us to deposit 25 dollars. The website has been online for only a few months, is bare bones and without useful information, done the fast way with stock images and no info on the team. The company was set up online with 4 pennies and probably with a fake document, as we have already seen happen in other ‘projects’ like this one.
Whitepaper, team, partners, business model info, all non-existent. The community proliferates among the groups of serial scammers and ref catchers; the usual sellers of bleach on Web 2, who have already lost tens of thousands of dollars to tens of thousands of people, plus, of course, the crypto gurus on YouTube. The real and only business model is a pyramid scheme aimed at getting more and more people into the Ponzi scheme. Summing up, there is little to be said, soon everyone on the inside will lose their money, so good luck to those on the inside, and stay out if you are on the outside.
In light of these concerns and the doubts raised, it is strongly advised to avoid any form of investment or interaction with EXVAM. It is crucial to disseminate this information to protect potential investors and the financial community from falling victim to similar scams. Although it is presented and promoted as an investment in crypto, it is not.
The intent of our articles is to set out the facts and warn against financial scams. Precisely for this reason, it is essential for each individual to carry out further research on the basis of the insights included in this article. Especially for this reason, links to verification tools are always included in all our articles.
The blockchain offers many opportunities, and it is equally important to be aware of the risks and scams that can hide behind tempting promises. Knowledge and education are the best defences against such scams, and only with increased awareness can one avoid falling victim to fraudulent schemes such as the one proposed by EXVAM.
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