The Russian Central Bank has issued a pyramid fraud alert for ZetBull.
The CBR issued a warning on ZetBull on May 17th, calling it a “financial pyramid.”
ZetBull was released at the end of 2017 with promised returns of 650%.
Actors from Moscow’s theater community first posed as ZetBull’s “Boris CEO” before the operation was exposed as a Ponzi scheme.
The number of visitors to ZetBull has plummeted in recent months.
In September 2021, when ZetBull was being evaluated by BehindMLM, the majority of visitors to the company’s website were located in Egypt, Saudi Arabia, and Russia.
Due to the collapse of recruitment in these nations, con artists have shifted their attention to others, including France (21%), Kazakhstan (16%), Romania (7%), Argentina (6%), and Cote d’Ivoire (4%).
The drop in French visitors, by 55% month over month, is notable. There has been a 29% drop in Romania’s GDP.
Negative feedback from investors posted on ZetBull’s social media accounts implies the Ponzi scheme failed sometime in March 2022.
It’s quite unlikely that Russian authorities would take any more action against the ZetBull fraudsters given that they are located in Russia and appear to have prevented recruiting there from being too substantial.