Tag: L7 DEX

FinTelegram issues a stark warning and an urgent call for information regarding the newly launched 20Exchange (20EX), a crypto scheme spearheaded by Gerald Check, a key figure linked to the blacklisted L7 DEX crypto MLM scheme. Given the emerging pattern of dubious crypto schemes and the lack of transparency surrounding 20EX, we advise potential investors to exercise extreme caution. Stay informed, stay vigilant.

In the intricate crypto world, transparency is key to building trust among investors. However, the L7 DEX scheme, operating under the guise of a decentralized asset management protocol based on Web3, raises red flags due to its opaque nature and potential connections to fraudulent activities. The L7 DEX website, encompassing domains like L7dex.com, L7dex.financial, and L7pay.finance, is shrouded in secrecy, offering little information about its operating legal entities and key individuals.

This is an open letter to Alchemy Pay which we discovered to be the payment processor and crypto card issuer behind the L7 DEX crypto MLM scheme. Alchemy Pay is registered in Lithuania as a Virtual Asset Service Provider. In our letter we request Alchemy Pay to influence its client L7 DEX to provide all legally and regulatory required information about the operators on their website.

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.