The GoldenWay Ponzi scheme has collapsed.
As per a January 6th communication sent out to investors, withdrawals have been “suspended” for four months.
In addition to disabling withdrawals, GoldenWay also cancelled any pending withdrawal requests.
Notably, investors are still able to deposit new funds into the company and recruit new investors.
Minutes from a GoldenWay’s leader’s meeting
doing the round confirms “loss of momentum in gold sales” is the reason for the collapse.
GoldenWay runs its Ponzi scheme under the
ruse of investors buying gold
.
The same circular claims GoldenWay will re-enable withdrawals “according to the evolution of society”.
GoldenWay was a Boris CEO Ponzi scheme run by Ukrainian scammers with ties to Dubai.
Playing GoldenWay’s Boris CEO was Olesya Galusha (left in the screenshot below).
Total GoldenWay victim numbers and how much they’ve lost remains unknown.
Russia issued a
GoldenWay pyramid fraud warning
in October 2022.
Unfortunately Ukraine isn’t known for active regulation of MLM Ponzi schemes. Dubai enables Ponzi scammers by
turning a blind eye to securities fraud
, so don’t expect any regulatory action there.
SimilarWeb tracked increasing traffic to GoldenWay’s website over the past few months.
In October 2022 GoldenWay’s website is estimated to have had 839,000 visitors. In December 2022 that doubled to 1.6 million.
The majority of GoldenWay website traffic originates out of Russia (23%), France (11%) and Spain (9%).
Update 23rd September 2024 –
Golden Way is being rebooted as
Golden Grove
.
🤖 Quick Answer
What is the GoldenWay Ponzi scheme?GoldenWay is a fraudulent investment operation disguised as a gold trading platform, operated by Ukrainian scammers with connections to Dubai. It promised returns through gold purchases while functioning as a classic Ponzi scheme dependent on continuous recruitment and new deposits.
Why did GoldenWay collapse?
Internal communications revealed that "loss of momentum in gold sales" triggered the scheme's collapse. Unable to sustain the illusion of profitability, operators suspended withdrawals for four months while allowing deposits and recruitment to continue.
What measures did GoldenWay implement after the collapse?
Following January 6th communications, GoldenWay suspended all withdrawals for four months and cancelled pending withdrawal requests. Paradoxically, the platform continued accepting new deposits and investor recruitment activities.
Who operated the GoldenWay scheme?
G
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