The eOracle Ponzi scheme collapsed for a second time this month, with affiliate withdrawals disabled roughly a week ago. The company shut down its stand-alone ECN Ponzi points website, freezing access to user funds.
This recent shutdown follows a brief reactivation of the scheme. eOracle relaunched its Ponzi smart-contract on the Tezos blockchain in mid-to-late September. Its original iteration operated on the Tron blockchain, utilizing a simple TRC-20 token known as ECN. eOracle itself was a reboot of Espian Global, which had its own SGT ERC-20 token.
Edgar Gonzalez was named as eOracle's CEO during a review in June. Karn Dwivedi later became the public face of the company. Dwivedi, who speaks with an Indian accent, previously claimed to be Espian Global's "country head of India." Alexa data indicates India accounts for 51% of eOracle's website traffic.
Dwivedi's LinkedIn profile shows he is based out of Dubai. This suggests eOracle's executive operations also moved to Dubai, a frequent hub for multi-level marketing operations.
In an eOracle webinar reportedly held last week, Dwivedi addressed the ECN website's status. "Regarding the ECN website; it’s under maintenance, it’s not closed," Dwivedi stated. "It’s under maintenance, some due-diligences [sic]. And uh it will be open again, uh in next four or five days." He then claimed an audit was underway. This explanation is inconsistent with standard practice, as audits do not require disabling a public-facing website.
Dwivedi is promoting an eOracle reboot, which appears linked to the launch of FomoEX. FomoEX integrates ECN into its business model. Direct ties to FomoEX remain unclear at this stage. Only ERC-20 and TRC-20 versions of ECN are present, indicating the third Tezos incarnation has likely been abandoned.
Molecular Future (MOF), a token associated with the HyperFund Ponzi scheme, also appears in this context. Any direct connections between FomoEX and HyperFund are also unclear. Money likely changed hands to facilitate these arrangements.
FomoEX is currently in prelaunch. Its eventual opening may coincide with eOracle restoring access to the ECN website. Despite integrating tokens from eOracle and HyperFund, FomoEX is launching as a stand-alone opportunity.
Regardless of FomoEX's specific structure, funds continue to be shuffled around to meet ever-increasing withdrawal requests. The finite supply of Ethereum or Tron tokens means payouts are limited. Exhaustion of these assets will leave eOracle facing the same problem. On November 10, 2021, Indian authorities identified three individuals they allege are behind Fom, indicating a wider investigation.