369X launched its cryptocurrency MLM operation on January 20th, during a marketing event held in Budapest. The company's website domain, 369x.io, was privately registered months earlier, on October 30th, 2023.
One day prior to its public launch, 369X posted on Instagram, claiming a "partnership" with Mavie Global and Ultron. Both Mavie Global and Ultron operate as a single Ponzi scheme, overseen by CEO Michal Prazenica. 369X represents the second such spinoff from this interconnected operation.
This recent venture appears designed to penetrate Central and South American markets. Francesco Porcu, an Italian national, leads 369X as CEO. Porcu's corporate biography states he spent nearly two decades in financial markets, contributing to funding efforts at Hantec Markets Ltd before founding Black Peral Securities Ltd in 2013. The company's own materials misspell "Pearl." Black Peral Securities was purportedly an FCA-regulated online trading brokerage. Regulatory checks show no active FCA registration for a company by that name, casting doubt on Porcu's stated history in regulated finance.
Porcu works alongside fellow Italian nationals Francesco Fiacchi, the Chief Technology Officer, and Marco Baggioli, the Chief Commercial Officer. These three executives, along with Michal Prazenica, base their operations in Dubai. 369X avoids directly stating its Dubai presence, instead registering 369 Clearing Group Limited as a shell company in Seychelles.
Dubai has become a known hub for multi-level marketing fraud. Financial regulators worldwide have issued advisories regarding Dubai-based MLM schemes, noting the jurisdiction's lax enforcement. Companies pitching MLM opportunities from Dubai often operate without legitimate oversight, making them high-risk. 369X's ties to Dubai and its use of a Seychelles shell company align with common hallmarks of such fraudulent operations.
369X offers no retailable products or services. Affiliates market only the 369X membership itself. Members acquire VIBRA tokens at a fixed price of 30 cents each. This price is expected to rise for subsequent investors. Once purchased, VIBRA tokens are "staked" with 369X, promising investors an annual yield of 12%.
The company's website also refers to 369T tokens, which reportedly carry the same 12% annual return. Specific purchase details for 369T tokens remain undisclosed to the public.
369X conceals its full compensation plan from public view, but confirms its MLM structure. Affiliates earn a percentage on all tokens staked by direct and indirect referrals, extending "up to the 6th level." This describes a unilevel commission structure. In this model, the initial recruiter sits at the top. Their direct recruits form level 1, those recruits' recruits form level 2, and so on.
Beyond matching returns on staked tokens, 369X pays commissions on initial VIBRA purchases. Affiliates also earn from any trading activity their downline conducts through a provided manual trading platform. While affiliate membership is technically free, participation requires an undisclosed minimum investment in VIBRA tokens.
369X is the second Ponzi spinoff from Mavie Global and Ultron, following Lottoday. The rapid succession of these spinoffs often signals that the original schemes struggle to attract sufficient new capital. Such schemes rely on a continuous influx of new investor funds to pay out earlier investors.
No external revenue source supports the promised returns on VIBRA or 369T investments. New investment money constitutes the only verifiable income stream. This practice of using new investor funds to pay withdrawals to existing investors defines a textbook Ponzi scheme.
The regulatory situation for 369X is troubling. Its website features a disclaimer: "The information on this site is not directed at residents of the United States [and] Canada." Both the U.S. Securities and Exchange Commission (SEC) and Canadian provincial regulators, such as the Ontario Securities Commission (OSC) or the British Columbia Securities Commission (BCSC), are known for robust securities fraud enforcement. This disclaimer serves as a clear attempt to evade regulatory scrutiny in jurisdictions with strict investment laws.
Like Mavie Global and Ultron, 369X's passive returns scheme constitutes a securities offering. The company provides no evidence of registration with any financial regulator globally. This lack of registration means 369X operates illegally, committing securities fraud on an international scale.
Francesco Porcu's claimed two decades in financial markets suggest he understands securities law. His involvement with 369X, despite its clear regulatory violations, indicates a deliberate decision to operate outside legal frameworks.
When affiliate recruitment slows, new investment ceases. Without new money, there is no revenue to fund the promised returns. The scheme inevitably collapses. Ponzi schemes are mathematically guaranteed to result in most participants losing money. VIBRA and 369T tokens hold no value outside of 369X's closed system. When the collapse occurs, investors will be left with worthless tokens, possessing no legitimate use case or market.
Victims of such crypto Ponzi schemes face significant challenges in recovering funds, especially when the operators are based in jurisdictions like Dubai and registered through shell companies in Seychelles. The complex international structure makes enforcement actions difficult for national regulators.