A few days ago the BigWhale Ponzi scheme collapsed.

BigWhale’s admins drained what was left in its smart-contract and, in an effort to cover up their exit-scam, concocted a
“we got hacked!”
ruse
.

Now it has been revealed that regulators were onto the multi-million dollar Ponzi scheme.

On October 4th the Texas State Securities Board issued an emergency cease and desist against BigWhale.

TSSB
cites
BigWhale as a Dubai-based company. In
reviewing BigWhale
back in July, BehindMLM noted a Swiss shell company and potential ties to Canada.

That BigWhale has ties to Dubai, the
MLM crime capital of the world
, doesn’t come as a surprise.

In addition to BigWhale itself, TSSB identifies Syed Sameer and Christopher Page as persons of interest.

Sayeed Sameer purportedly owns BigWhale’s website.

On LinkedIn Sayeed Sameer cites himself as a resident of Uttar Pradesh, India. He’s also the

owner of Aligarh based Sameer Group Pvt. Ltd. – The 3rd largest real estate developer in Aligarh city.

Sameer Group is a privately owned holding company involved in Real Estate & E-Commerce through its subsidiaries Sameer Real Estate Pvt. Ltd and Essencia, LLC.

Essencia LLC is a Delaware, USA based company with investments in eCommerce, Digital Marketing & Social Media Marketing.

BigWhale was put together by Serbia based developer Nikols Jeremic (aka Nikola Jeremic).

Jeremic cites Ponzi scheme business models, including BigWhale, as a “service” on his website:

Sameer is one of Jeremic’s “happy clients”:

Christopher Page owns BigWhale’s website domain. I wasn’t able to find anything on Page, suggesting it might be an alias.

In addition to BigWhale’s admins, promoter shills on YouTube also get a mention;

Various users are promoting Respondent BigWhale and the BigWhale Dapp through social media and videos published in YouTube, including users acting as MoonShot Max (@moonshotmax3841), SCrypto101 (@Scrypto101), Razz Tafari (@razztafari), Crypto Goshen (@cryptogoshen3579), DeFi Strategy (@defi_strategy), Crypto Kingz (@cryptokingz9915), Scott_The_Investor (@ScottTheInvestor), Crypto Muscle Network (@cryptomusclenetwork1), Crypto Muscle OG Channel (@cryptomusclelegacy), DEFILIFE (@mydefilife), Hippo Crypto (@hippocrypto3675), Jacob Crypto (@jacobcryptoyt) and Mo Crypto 777 (@mocrypto777).

TSSB’s goes on to confirm BigWhale is an illegal Ponzi scheme, is committing securities fraud and is masquerading as a bank.

Although Respondents are using the term “bank” and “banking” when describing Respondent BigWhale and the BigWhale Dapp, Respondent BigWhale is not licensed with nor obtained a charter from the Texas Department of Banking and the National Multistate Licensing System does not show it has been conferred any state license tied to mortgages, money service businesses or consumer finance.

Respondents are representing the smart contract was audited by Certified Kernel Tech LLC, also known as CertiK (“CertiK”), and it is using this audit to tout the legitima

🤖 Quick Answer

What regulatory action did Texas take against BigWhale?
On October 4th, the Texas State Securities Board issued an emergency cease and desist order against BigWhale, a multi-million dollar Ponzi scheme. The order followed the scheme's collapse and subsequent admin exit-scam attempt disguised as a hacking incident.

Who were identified as persons of interest in the BigWhale case?
The Texas State Securities Board identified Syed Sameer and Christopher Page as persons of interest connected to BigWhale. Syed Sameer was identified as the purported owner of BigWhale's operations during the regulatory investigation.

What geographic connections did BigWhale maintain?
BigWhale maintained operations across multiple jurisdictions, with TSSB identifying it as Dubai-based. Prior investigations in July revealed connections to a Swiss shell company and potential ties to Canada, reflecting its international operational structure.

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