Tag: Erich Ely

Paraiba World was a vast MLM scheme founded by the Austrian Erich Ely. The (potential) members were promised quick riches through crypto investments. Regulators in various jurisdictions have issued warnings. Public prosecutors are investigating. The scheme has consequently renamed itself Trillant and launched its own Trillant Coin. A total of between €150 and €200 million is said to have been collected by Paraiba World and Trilliant.

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.