Swiss police have launched a criminal investigation into three cryptocurrency schemes that allegedly fleeced thousands of investors with the classic Ponzi playbook: promise riches, pay early victims with new money, then vanish.
The Solothurn Police Department in northwest Switzerland is leading the probe into MyCryptoWorld, Infinity Economics, and WeGoCrypto. Prosecutors are considering money laundering charges.
MyCryptoWorld ran the most transparent scam. When BehindMLM reviewed the operation in late 2016, the scheme's mechanics were obvious: affiliates bought worthless MyCryptoWorld tokens on promises they'd skyrocket in value. The tokens never did. Early investors cashed out using money from recruits who came after them. It's a cycle as old as fraud itself. The scheme eventually collapsed under its own weight.
Infinity Economics and WeGoCrypto operated similar models but weren't structured as multi-level marketing schemes. Infinity Economics convinced investors to buy XIN tokens. WeGoCrypto marketed itself as a crypto arbitrage trading platform. Both operated on identical math: take in new money, pay existing members, hope nobody notices the well's running dry. WeGoCrypto launched in mid-2017 and crashed by late 2018.
Six people are persons of interest in the investigation: Norbert Schmid, Dennis Nowak, Stefan Kneller, Michael Schaupp, Eva Maria Spanlang, and Cornelia Gasser. Police haven't disclosed their specific roles, though they're either administrators or promoters. Possibly both.
Solothurn police are casting a wide net for evidence. They're collecting email correspondence, company communications, tax records, and bank statements. The questionnaire circulating to victims asks for documentation of their investments and losses.
The deadline is June 19th. Anyone who lost money to these schemes can still file a complaint and submit supporting documentation to help authorities build their case.
Infinity Economics' website remains operational, though traffic has withered. Turkey is now the only country showing significant interest in the site. WeGoCrypto simply vanished after its 2018 collapse.
The investigation exists in a gray zone for English-language researchers. The Solothurn Police Department website contains no public announcement, likely due to language barriers. However, The Financial Telegram published copies of both an official police press release and the victim questionnaire—enough documentation to confirm the investigation is real and active.
🤖 Quick Answer
What is MyCryptoWorld and why is it under investigation in Switzerland?MyCryptoWorld is a cryptocurrency scheme currently under criminal investigation by the Solothurn Police Department in northwest Switzerland. The operation allegedly defrauded thousands of investors using a Ponzi scheme model, where early investors were paid with funds from recruited new members rather than legitimate returns.
How did the MyCryptoWorld scam operate?
The scheme functioned through a token-based system where affiliates purchased worthless MyCryptoWorld tokens under the premise they would increase significantly in value. Early investors subsequently withdrew funds using money contributed by newly recruited participants, perpetuating the classic Ponzi structure until the scheme collapsed.
What charges are prosecutors considering against MyCryptoWorld operators?
Swiss prosecutors are examining money laundering charges in connection with MyCryptoWorld and two related cryptocurrency schemes: Infinity Economics and WeGoCry
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