The Ontario Securities Commission (OSC) issued a securities fraud warning on May 17th against My BlockX, a company linked to a defunct cryptocurrency Ponzi scheme. The regulator stated My BlockX is not registered to trade securities in Ontario. Investigators previously identified My BlockX as a continuation of My Blockchain Life, an earlier operation that promised investors annual returns as high as 580%.

The OSC warning suggests a renewed recruitment effort in Canada has brought the operation to the attention of regulators. Jeremie Sowerby, a Canadian national based in Arizona, is reportedly behind the venture. Sowerby has a history of distancing himself from public-facing company operations, allowing others to manage them. Glenn Williams initially fronted My BlockX before his death in October 2021.

Sowerby’s involvement in dubious cryptocurrency ventures predates My BlockX. He launched Dunamis Mining in early 2019, marketed as a crypto mining multi-level marketing scheme. Within months, Sowerby partnered with Joe Abel, known for the BitClub Network scam, and rebranded as Dunamis Global Tech. That operation collapsed by the end of 2019.

Instead of dissolving the company, Sowerby sold the affiliate investor base to Travis Bott’s Onyx Lifestyle, another scheme. My Blockchain Life surfaced in mid-2020, employing a similar strategy under a new name. This recurring pattern involves launching schemes, their eventual collapse, and the transfer of investor bases to subsequent ventures.

My BlockX’s issues were not confined to Canada. Earlier in its existence, U.S. investors attempted to offload worthless BLKX tokens onto Colombian individuals. These efforts failed, mirroring the company’s declining website traffic.

The OSC’s warning confirms My BlockX has continued operating, albeit on a significantly reduced scale. Website traffic data from April 2023 showed only 2,500 visits, indicating a steep decline and a company largely abandoned by its participants. Sowerby appears to be maintaining the operation with salvaged infrastructure.

The specific catalyst for the recent OSC warning remains undisclosed. Whether Sowerby actively pursued new Canadian recruitment or a complaint was filed against the dormant operation, the outcome is the same: My BlockX is now officially flagged by regulators as unregistered and fraudulent. Investors should consider this warning definitive.