State Securities Regulators Set Up Pyramid Schemes With GS Partners, Including ‘Token Skyscraper’

VaselineSeptember 16, 2024

0 1 minute read

State Securities Regulators Set Up Pyramid Schemes With GS Partners, Including ‘Token Skyscraper’

Five states have settled with European crypto firm GS Partners for several crypto investment pyramid schemes. These included one in which the firm sold crypto “vouchers,” each representing a single square centimeter of a 36-story Dubai skyscraper, which they said would allow holders to earn passive income from rental contracts. The group reportedly offered a guaranteed weekly return of 5%. Other schemes involved the sale of metaverse land and a supposed gold-backed token. GS Partners has worked with various celebrity spokespeople, including the ever-flaming moth of crypto scam projects, Floyd Mayweather. GS Partners closed in the United States in December 2023.

Terms of the settlement include 100 percent repayment of investments made by victims in the five states that settled: Texas, Alabama, Arizona, Arkansas and Georgia.

GS Partners has also faced regulatory scrutiny in other US states, as well as in Canada, Australia and South Africa.

VaselineSeptember 16, 2024

0 1 minute read

Vaseline

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