Nano Club reported to police in Sweden
Sweden's gaming regulator has concluded that Nano Club is a scam. On December 1st, the Swedish Gaming Board reported Nano Club—operating under the company name Octanium Ltd—to police for violating the Lottery Act by running a chain letter scheme, also known as a pyramid scheme.
The Gaming Board's internal investigation found that Nano Club's entire operation hinges on one simple mechanism: recruiting new participants to generate profits for existing members. This is the hallmark of a pyramid scheme, where money from newcomers flows upward to earlier investors rather than from any legitimate business activity.
Independent reviewer BehindMLM reached the same conclusion in September, identifying Nano Club as a third-generation Ponzi scheme. The operation appears to be the latest iteration in a chain of related frauds. It succeeded two previous schemes: Crypto 888 Club and OctaPartners, all built on the same fraudulent model.
The pattern suggests an organized operation that simply rebrands and relaunches when authorities close in. Participants in earlier versions likely lost money when those schemes collapsed. Some may have moved directly into Nano Club, unaware they were entering another scam under a different name.
The arrest of a key suspect offers new insight into the scope of the fraud. In July 2024, Spanish authorities arrested an unnamed individual whom Belgian authorities identified as the ringleader behind both Crypto 888 Club and Nano Club. The arrest suggests the schemes were coordinated at the top, with the same people orchestrating multiple frauds across different countries and time periods.
More recently, Norwegian authorities have moved to prosecute. On February 17th, 2025, they laid criminal charges against Terje Hvidsten, also known as Aleksander Romanov, along with three other individuals connected to Crypto 888 Club. The dual identity—Hvidsten and Romanov—suggests the operators used false names to evade detection across borders.
The use of aliases, the migration from one scheme to another, and the involvement of suspects in multiple countries all point to a sophisticated criminal network. These aren't isolated bad actors. This is organized fraud operating across Scandinavia and continental Europe, cycling through victims and constantly reinventing itself.
For anyone who invested in Nano Club, Crypto 888 Club, or OctaPartners, the regulatory findings and arrests confirm what they may have already suspected: they were victims of a coordinated scam. The money they invested did not go toward any legitimate business. It went to people like Hvidsten and the unnamed ringleader now in custody.
Authorities in Sweden, Spain, and Norway are now working to prosecute those responsible. But the case also exposes how quickly these operations can restart under new names, targeting new victims in new markets. By the time regulators investigate and police build cases, the operators have often already moved on, recruited fresh participants, and launched the next iteration of the scheme.
🤖 Quick Answer
What is Nano Club and why was it reported to Swedish authorities?Nano Club, operating under Octanium Ltd, is a gaming platform reported to Swedish police by the Gaming Board in December for violating the Lottery Act through pyramid scheme operations. The regulator's investigation determined the entire business model relies on recruiting new participants to generate profits for existing members, rather than legitimate business activities.
How did independent reviewers classify Nano Club's business structure?
Independent reviewer BehindMLM identified Nano Club as a third-generation Ponzi scheme in September. This classification confirms that the platform operates by redistributing funds from new investors to earlier participants, lacking any genuine underlying business or investment activity generating legitimate returns.
What legal violations prompted the Gaming Board's police report?
The Swedish Gaming Board reported Nano Club for operating a chain letter scheme in violation of the Lottery Act. The investigation revealed the company's business mechanism fundamentally
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