The L7 a/k/a L7 DEX scheme describes itself as a decentralized asset management protocol based on Web3. The website is very secretive and doesn’t reveal much more, which is not good for a financial scheme, to say the least. This scheme also operates its own crypto token, L7 (symbol: LSD), which currently has a market capitalization of around $5 million. L7 is a multi-level marketing (MLM) scheme and recently launched its own L7 crypto debit card.
L7 DEX A Ponzi Scheme?
On the various websites (L7dex.com, L7dex.financial, L7pay.finance), one searches in vain for references to the operating legal entities and persons. The individual menu items are not linked to any further information. The lack of transparency of the L7 DEX scheme gives a dubious impression in the first place.
It should be noted in advance that according to BehindMLM, an intelligence service specializing in MLM schemes, L7 DEX is a Ponzi scheme. BehindMLM’s assessments are reliable and accurate. All the evidence we found in our first assessment confirms the Ponzi hypothesis. The L7 DEX scheme promises its members incredibly high returns on its crypto assets. It is possible to receive a daily 1.5% staking award on the crypto funds invested, the scheme promises.
For the time being, we have set L7 DEX to “under investigation” status and will soon publish a comprehensive review, including a rating.
MLM Artist Dirk Griesdorn
According to our information, one of the main contributors behind the L7 scheme is the former mental and NLP trainer Dirk Griesdorn. This guy is a German national who moved to Austria, where he was doing business for some time. He liquidated his coaching company, DG Seminare GmbH, in 2021. Like many other crypto entrepreneurs, Griesdorn is currently based in Dubai.
Dirk Griesdorn has made quite a mark on the MLM and crypto scene in recent years and has not left a good impression. That’s putting it very carefully. He is said to have been one of the key figures behind the crypto scheme CMC Invest. The notorious German platform GoMoPa connects him with other highly questionable MLM schemes, such as Bonofa, Centauri Coin, and GDM.
Griesdorn is also associated with the Paraiba Word scheme, another Ponzi scheme that is being investigated on suspicion of fraud. According to the Telegram communication we have been presented, The Austrian Erich Ely is the founder and CEO of the Paraiba World scheme. Griesdorn is the head of the Paraiba World Academy there and appears as a motivator and speaker.
The L7 Crypto Card Partners
The virtual L7 Crypto Card is issued by Alchemy GPS Europe UAB, a company registered in Lithuania as a Crypto Service Provider and doing business as Alchemy Pay (website). This virtual debit card is available from Visa and MasterCard in Lite and Standard versions. The Lite version does not require a KYC check and has a monthly top-up limit of $10,000, whereas the Standard version can be topped up with $50,000. A recharge fee of 2.5% is payable for recharging.
It is said that a physical debit card will soon be issued by Paytend Europe UAB d/b/a Paytend (website) pursuant to a license by MasterCard International Inc. Paytend Europe UAB is authorized by the Bank of Lithuania to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051).
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We are currently working on a comprehensive review and rating and, therefore, request further information on the operators of L7 DEX and their activities. If you have any information or experience, please let us know via our whistleblowing system, Whistle42.
