ScamTelegraph has learned that Unetenet, a company known for promising annual returns exceeding 350%, has experienced a significant setback with the seizure of affiliate funds by the Bank of Latvia. This action has resulted in payment suspensions for over four months, impacting numerous affiliates.
An internal bulletin issued by Unetenet on August 31st confirmed the seizure of affiliate funds by the Bank of Latvia. The company stated it was awaiting news from the bank and that lawyers were engaged in negotiations with authorities, with results expected in early September. Despite Unetenet's optimistic tone, the specific reasons for the Latvian authorities' actions remain publicly undisclosed, possibly due to language barriers preventing official statements from reaching broader audiences.
Prior to the recent regulatory challenges in Latvia, Unetenet encountered significant issues with its payment processor, Payoneer, around May 2014. An update to affiliates at that time cited expanded security measures due to detected fraud attempts, leading to the disabling of withdrawal maintenance.
Unetenet attributed the delays to a high volume of transfers requiring review by bank compliance departments, including contract and payment reason scrutinies, which they described as normal banking procedures. Affiliates were explicitly prohibited from contacting Unetenet support or Payoneer support regarding these issues, with the company stating that their support was not linked to the payment processor. This directive appears to have been issued as compliance departments likely scrutinized the nature of Unetenet's financial operations, which involve extremely high promised returns.
In response to these perceived challenges with traditional financial institutions, Unetenet articulated a vision for developing its own payment gateway, Unetewallet, and a proprietary digital currency, Unetecoin. The company also announced plans for Unetebank, positioning it as the "first Social Money Bank." Unetenet described this initiative as a way to create payment gateways that bypass established banks, arguing that such transactions would be beyond traditional political, economic, and banking supervision, which they presented as a "threat to the financial system" and an escape from "banking cannibalism."
What happened to Unetenet funds in Latvia?
The Bank of Latvia seized affiliate funds belonging to Unetenet. This action led to payment suspensions for Unetenet affiliates that have lasted over four months, impacting numerous individuals who had invested in the company's high-yield programs.
Why did Latvian authorities seize Unetenet's funds?
While specific official reasons from Latvian authorities have not been publicly detailed, Unetenet's business model, which promised annual returns exceeding 350%, likely triggered scrutiny from financial regulators. Such high returns often raise flags for potential fraudulent or unsustainable financial schemes.
How did Unetenet respond to the fund seizure?
Unetenet issued an affiliate bulletin on August 31st, acknowledging the fund seizure and stating that its lawyers were negotiating with Latvian banking authorities. The company encouraged affiliates to maintain confidence, anticipating favorable legal outcomes from these discussions.
Did Unetenet face payment issues before the Latvian seizure?
Yes, Unetenet experienced payment processing problems with Payoneer around May 2014. The company cited expanded security measures by Payoneer due to detected fraud attempts, which resulted in temporary suspension of withdrawals and required extensive compliance reviews for high-volume transfers.