Verse Network, a cryptocurrency scheme operating as a Ponzi, ceased operations and disabled all investor withdrawals on September 28th. The platform’s co-founder, Brice van den Bussche, informed investors via video on Sunday that all pending withdrawals would be canceled. He cited a fictional trading bot that had suffered a "significant loss" as the reason for the inability to process payouts.

Van den Bussche claimed the losses were recoverable and initiated a maintenance period. However, as of Monday, October 3rd, the only funds accessible were commissions from recruiting new investors. These recruitment commissions were simultaneously increased to 30% but restricted to a single recruitment level. This maneuver is typical of Ponzi schemes, which rely on new money to pay existing investors. The narrative of trading losses is a common ruse to explain the inability to return funds.

Verse Network was launched in June 2023 by Brice van den Bussche and Joseph Paillant, shortly after the collapse of the Mainet Ponzi scheme. While readers have identified van den Bussche and Paillant as Mainet's owners, official confirmation remains elusive. Mainet faced regulatory scrutiny and was added to France’s securities fraud blacklist in May 2023. Verse Network appears to have primarily targeted France, with approximately 60% of its website traffic originating from the country in August 2023.

The scheme also attracted regulatory attention, receiving a securities fraud warning from Russia in August. To evade potential legal repercussions, van den Bussche reportedly relocated to Dubai as Mainet was collapsing. Paillant has also been residing in Dubai for some time, suggesting a pattern of operating from the region to avoid authorities.

Investors seeking assistance or information on recovering funds from collapsed investment schemes can consult resources provided by the U.S. Securities and Exchange Commission (SEC) at investor.gov.