In early July 2023, a significant event unfolded in the trading community as PAXG abruptly shut down its operations and vanished. Unlike other fraudulent schemes where funds were misappropriated, in the case of PAXG, the operators voluntarily shut down the platform. Surprisingly, the financial operations within the platform remained intact, and the project was still in a growth phase. However, the mastermind behind the scenes had limited vision and decided to pull the plug, leaving all the investors high and dry.
What was particularly enraging was that before the shutdown, the mastermind engaged in a frenzy of asset harvesting. On July 7th, the project announced positive news, claiming that the platform had surpassed 2 million users and simultaneously introduced a new product called "JFB" for investors to purchase. Just two days later, on July 9th, the platform abruptly shut down.
Investors who had just converted their assets into JFB were left in shock as their accounts were reset to zero. Witnessing the audacity of PAXG's mastermind, who lured in 2 million users and then abruptly shut down the platform, led many investors to seek legal recourse.
Investors naturally became curious about the identity of PAXG's mastermind. Through extensive investigation, they have narrowed down the key figure behind the scenes to someone named "Mike." This individual, operating under the alias "Mike" on WeChat, claimed to be the founder of the "96 community" and had organized at least dozens of PAXG pyramid scheme groups. Moreover, "Mike" also held the position of group administrator for more than 60 large PAXG teams. His extensive network and high status within the platform were evident. Furthermore, "Mike" was skilled at playing a double role in these groups, simultaneously encouraging investments while deflecting any suspicion from the operators, presenting himself as an investor advocating platform participation.
In the end, many investors suffered significant losses after following his advice, finding their accounts emptied. After PAXG's shutdown, "Mike" disbanded all the groups he had created and either ignored or blocked members' messages.
According to information provided by investors within these groups, many individuals had invested based on his recommendations, only to see their accounts wiped clean in a matter of days. Such a turn of events is difficult to accept. With the platform now closed, the individuals behind this organization, those who attracted investments, and those who promised substantial riches without taking any responsibility, are not only evading accountability but also removing members from their groups.
Fortunately, diligent efforts by the victims have led to the identification of this "Mike," whose real name is Guo Moupeng. Investors have reported the incident to the authorities and have received a police report acknowledgment. The case is currently under further investigation.
In conclusion, as investors, it's crucial to maintain a high level of vigilance when dealing with platforms like PAXG, which use high-return models as bait for pyramid schemes. Such schemes ultimately involve redistributing investors' funds without engaging in legitimate investment activities. If you have dreams of getting rich through such schemes, the outcome is often the loss of your hard-earned money. Therefore, it's imperative for investors to thoroughly research a platform's credentials before choosing one and to stay far away from pyramid schemes like PAXG.
