Concerning issues affecting investor wallets and active investments, Laetitutde and Swapoo is being coy.
according to an August 13th “Latitude News” report;
You may have recently received one or two emails from Swapoo that also have an impact on our Latitude members.
We can guarantee that these changes won’t have an impact on your Latitude accounts because Swapoo and Latitude still have a tight working relationship. Latitude will carry on as usual.
The wallet and the bots will be impacted by Swapoo’s changes. However, we are aware that whenever difficulties arise and doors close, other ones will emerge, providing opportunities for better than before.
Swap is only reacting to a market and regulatory environment that are always shifting.
It is not made public what was in the emails that were sent. No real-world instances have come to my attention.
Latitude is a Ponzi scam performed through Swapoo, and it refers to “ever-changing regulatory environments.”
Dubai, the world’s center for MLM fraud, is where David El Dib is based and operates Latitude. Philippines-born Dave Martin, the owner of Swapoo, runs it.
El Dib and Martin both had successful careers in the BitClub Network.
The DOJ’s investigation established that BitClub Network was a $722 million Ponzi scam. The creators of BitClub Network were detained in 2019.
El Dib and Martin operate their Ponzi scheme and commit securities fraud through Latitude and Swap.
The regulation of securities is nothing new. Every nation with a financial market has long had laws against securities fraud.
A fix for lost Swapoo wallets was revealed by the Ponzi scam in a follow-up “Latitude News” post from August 26th;
You probably already know that Latitude no longer uses Swapoo for secure wallet services, therefore we just added functionality that enables you to fund, buy, and withdraw money from Latitude directly.
In light of this, we would like to encourage you to log in as soon as possible and withdraw your balance, as well as to keep doing so as your compensation earnings increase.
You must keep your account safe with an extremely strong password because Latitude lacks the two-factor authentication security that Swapoo offers.
Once more, nothing about what occurs behind the scenes is made public.
The only clue I could locate was a query posted on Swapoo’s most recent Instagram post two weeks ago:
Since their previous post on July 30th, Swapoo has not updated its social media accounts. This date was also the most recent post on Latitude’s Facebook page.
The lack of traffic to Latitude and Swapoo suggests the Ponzi scheme is out of money to pay investment withdrawals.
One of the world’s busiest securities regulators is the SEC of the Philippines. But it’s not obvious if they have anything to do with Swapoo’s issues.
Closing wallets and quickly putting them up as unsecured in-house assets are uncommon, whatever is happening.
Keep an eye out for any further developments.