Maximo Martinez, the founder behind the GoArbit Ponzi scheme, has decamped to Dubai. This relocation to the Persian Gulf emirate, a known haven for fraudulent operations, occurred in late 2021. The move coincides with GoArbit’s rebranding effort as GoFintech Group and the introduction of a new cryptocurrency, GoToken.
GoFintech Group currently exists only as a brand name and a rudimentary website. The domain for GoFintechGroup.com was registered in November 2021. GoToken, meanwhile, first appeared in mid-2021. GoArbit itself operated as a straightforward Ponzi scheme promising investors a 200% return on investment. The introduction of GoToken appears to be an exit-scam strategy. This maneuver allows GoArbit to pay out investors in a cryptocurrency that may hold little to no actual value. This tactic is employed when new investments fail to cover the growing liability of investor withdrawals.
Details surrounding GoToken remain scarce and confusing. The situation became more convoluted with the launch of GoArbit Coin, or GoCoin, in January. Approximately 1.6 million GoCoins were created on January 16th. By January 20th, the balance had been depleted to a mere 95 GoCoins, suggesting the scheme’s rapid collapse or asset siphoning. GoArbit’s current operational status is equally opaque. Following an office launch event in Dubai in January 2022, activity has reportedly ceased. Website traffic to GoArbit saw a surge after the January event, which has persisted. Analytics indicate that GoArbit scammers are primarily targeting victims in Colombia, Venezuela, and Peru, with these countries accounting for a significant portion of the site’s traffic.
Martinez, who claims Dominican Republic as his birthplace, likely relocated to Dubai as a preparatory step for the inevitable collapse of his scheme. Dubai’s lax regulatory environment and limited extradition agreements offer a shield for individuals engaged in MLM-related securities fraud. Investors seeking updates following the January Dubai event will find little concrete information. GoArbit’s website states there is no recent news. The company’s official Facebook page has been inactive since September 2021, and its Twitter account has been dormant since March 2020. The Instagram account linked to GoArbit appears to have been compromised by an affiliate.
Comments on GoArbit’s Facebook page suggest that withdrawal issues began surfacing around September 2021. It remains unclear whether these problems have been resolved. In an update on February 18th, 2023, it was noted that GoFintech Group had failed, prompting Martinez to initiate another relaunch under the banner of GoArbit v3.0.