Over the last few weeks I’ve received scattered reports from Unetenet affiliates complaining about payment delays from the company.

That an opportunity which
promises annual ROIs of over 350%
is having payment issues is hardly surprising. With a recent affiliate email sent out attempting to clarify ongoing affiliate concerns.

Dated August 31st, the bulletin covers the seizing of affiliate funds by the Bank of Latvia:

News from Latvia

We are waiting for news of the bank in Latvia and in the first days of September, the lawyers in charge of negotiations with the authorities, we communicate the results thereof.

We are in the final stretch and positively help us to focus on developing our business and trust in the good news of our attorneys.

Possibly due to language-barriers (Unetenet primarily communicate in Spanish), I haven’t been able to find anything official from Latvian authorities regarding the seizure.

Nonetheless, hollow optimism aside, Unetenet are putting forward that they’ve had regulatory issues in Latvia. The extent of those issues remains unclear, with Unetenet’s update focusing solely on the seizure of invested funds and promised “good news” from their attorneys.

Prior to their issues with Latvian regulators, Unetenet also experienced problems with their payment processor of choice, Payoneer.

An update sent out to affiliate around May 2014 reads:

INFORMATION ON WITHDRAWALS Payoneer

They are expanding the security measures in this department because of the many fraud attempts that have been detected.

This process takes time and that is why maintenance is disabled.

Also we inform you that a high volume of transfers are made ​​to through Unetenet and that it this requires a process of review by the departments of compliance of banks from where it is sent, and contract reviews, reasons of payments, etc, and this is normal banking procedures for this type of bank transfers.

Affiliates are prohibited from writing to Unetenet support regarding each point, asking about, or write to Payoneer support. Their support is not linked to ours and it is forbidden to contact the companies and banks used by Unetenet.

Looks like those reviews by “departments of compliance” did what they were suppose to do, and detect the Ponzi scheme Unetenet are operating.

Or as Unetenet put it:

Electronic payments via a web or mobile phone have always been associated with banking institutions, but there is a strong current of creating payment gateways and applications that no longer pass through the banks.

And the problem is that the establishment can no longer control the flow of money. Such transactions are beyond the political, economic and banking supervision, which is a threat to the financial system is established and the cry of citizens escaping the banking cannibalism.

We are working on developing our own payment gateway, Unetewallet, and where we have the deUnetcoin the Unetebank deposits will be the first Social Money Bank.

Translation:

🤖 Quick Answer

What happened to Unetenet funds in Latvia?
The Bank of Latvia seized affiliate funds from Unetenet, a company promising annual returns exceeding 350%. The seizure resulted in payment suspensions lasting over four months, affecting numerous affiliates who complained about delayed compensation while awaiting legal resolution.

Why did Latvian authorities seize Unetenet's funds?
The specific reasons for the seizure were not publicly detailed in official communications. However, the company's promise of extremely high annual returns, exceeding 350%, likely triggered regulatory investigation for potential fraudulent or illegal financial operations.

How did Unetenet respond to the fund seizure?
Unetenet issued an affiliate bulletin dated August 31st stating they were awaiting news from Latvian banking authorities. Company lawyers conducted negotiations with authorities, with management encouraging affiliates to maintain confidence in expected favorable legal outcomes.

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