A cryptocurrency scheme that promised investors a 133% return on their money simply vanished, leaving thousands out of pocket and no one in charge.

Nugen Universe ran Nugen Coin like a classic Ponzi scheme. Throughout 2022, investors say they were actively discouraged from cashing out. The company disabled withdrawals in late 2022, then spent months breaking promises about when the money would come back.

The final deadline was January 13th, 2023. Fazil M. Jabar, the operation's figurehead, had announced that investors could exchange their Nugen Coins for ethereum—worth 133% of their original investment—by that date. It never happened. No updates arrived after Jabar's announcement on January 2nd. When angry affiliates demanded answers, company representatives told them to keep refreshing for news that never came.

The collapse shouldn't have surprised anyone paying attention. British Columbia's securities regulators had already flagged Nugen Universe as a fraud risk in August 2022. Before that warning even went public, the company was telling affiliates to hide evidence of securities violations. These weren't subtle moves—they were brazen attempts to cover tracks while the scheme continued.

By September 2023, the websites vanished entirely. For weeks, investors had nothing but dead links and silence. But in late October, Nugen Universe's website reappeared. Jabar was back online, apparently undeterred by the collapse or the regulatory action. This time, he was rebranding the operation. The new name: Britto Capital.

The pattern is unmistakable. A company promises astronomical returns, discourages withdrawals, misses payment deadlines, gets caught by regulators, disappears, then resurfaces under a different name. Investors who fell for the Nugen Coin pitch learned an expensive lesson about how quickly these operations can evaporate—and how willing the people running them are to simply start over under fresh branding.

🤖 Quick Answer

What was the Nugen Coin scheme and how did it operate?
Nugen Universe operated Nugen Coin as a Ponzi scheme, promising investors 133% returns on their investments throughout 2022. The company actively prevented withdrawals and disabled them entirely in late 2022, breaking repeated promises about fund reimbursement before ultimately collapsing in January 2023.

Who led the Nugen Coin operation and what happened to investors?
Fazil M. Jabar served as the operation's figurehead, announcing on January 2nd, 2023 that investors could exchange coins for ethereum by January 13th. The deadline passed without execution, leaving thousands of investors without their money and no further communication from company representatives.

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