RoboFi is a classic Ponzi scam involving trading bots for cryptocurrencies.
The con artists behind the Ponzi scams Snapbots and Torq Trading are at it again.
RoboFi’s website refers to the business as being “powered by Snapbots Limited” rather than utilizing its actual company name.
Before Torq Trading, Snap Innovations’ predecessor Ponzi, SnapBots, was introduced in 2018.
Beyond that, RoboFi’s website has no details regarding the company’s ownership or management.
You must locate the business’s original “light paper” for that.
Fun fact: At some time, RoboFi changed its light paper with a simpler one. RoboFi reduced the thirty-four sheets of its lightweight paper to just fifteen.
The new light paper does not have any content about Ting Shang Ping and his crew.
Snap Innovations is owned by Ting Shang Ping. The Torq Trading Ponzi scam was orchestrated by him and Bernard Ong.
Late in 2019, Torque Trading began operations. It was a straightforward TORQ Ponzi scam using a crypto trading bot.
Even though Snap Innovations founded Torque Trading, once it failed, Snap Innovations and Ping tried to dissociate themselves from the fraud.
To prevent BehindMLM from reporting on his scam, Ting Shang Ping even filed a false DMCA.
Snap Innovations and Ping are back for another attempt at cryptocurrency investment fraud thanks to Robo.
Investors in RoboFi fund cryptocurrency trading bots. The phrase “initial bot offering” (IBO) was used by RoboFi to describe the start of their bots as marketing campaigns.
VICS, a BEP-20 token that would have taken Snap Innovations five minutes to set up, is the foundation of RoboFi.
Late in 2021, VICS was introduced. Up to the start of the RoboFi campaign in November, it did not pump but rather remained stable. Early investors made money off of this.
The tokens of fools who invest in and take part in RoboFi are frozen for a year.
Funny enough, if we enlarge the trade charts for VICS, we can detect bot manipulation.
Probably the only trade Snap Innovations and RoboFi do is wash trading VICS.
Beyond that, RoboFi is the standard “passive income” Ponzi scheme used by fraudsters regularly.
There is no MLM element to RoboFi. So I probably won’t be following it beyond documenting Snap Innovations and Ping launching a new fraud.
Finally, I should point you that neither Ting Shang Ping, RoboFi, nor Snap Innovations are authorized to offer securities in any country.
Make no mistake, passive crypto investment schemes are still regarded as securities even without an MLM component.
By promising passive profits via RoboFi, Ping is engaging in securities fraud.
Anyone considering investing in RoboFi would be well to educate themselves on the Torque Trading debacle at Snap Innovations.