And the underlying suspicion is that Generation Zoe consists of a pyramidal structure, in which -before producing something or selling a service- the focus is on more and more unsuspecting people putting their funds there. What is also called a “Ponzi scheme”. When these organizations fail, they leave behind a trail of losers.
Since Zoe deny all this and they ensure that they are doing what is necessary to be in order with the Argentine State. However, if there was already a warning by the CNV, now the signaling of the nonprofit organization linked to the crypto world. A particularly hard blow, if one takes into account that one of the things that the questioned firm offers is, precisely, “training in cryptocurrencies”.
Clues from Generation Zoe
In the province, the case invokes ghosts that still frighten, such as the experience with Sports Gains, a pyramidal in which they got more than 44,000 people from Mendoza and that ended up becoming opaque between complaints crusades and claims for non-payment: it was the scandal of 2021 in San Rafael. Generation Zoe it did not yet have that volume of followers and it has not been thoroughly investigated either. The warnings, anyway, begin to add up.
For these payments, one of the main activities of Zoe is to offer educational packages to which – according to one of its local referents told this newspaper – is entered with a minimum amount of $ 500. Putting that money, one can access various courses related to finance, coaching, etc .; but also the firm says to invest the money that was contributed and distributes “benefits”, encouraging users to add more members to the “new economy.”
Bitcoin Argentina questions this operation, and points out that what those who are already inside earn depends on what those who enter contribute.
And there is more. Among the elements that the NGO indicates as “disturbing” is the economic history of the very Cositorto, promoter of a large number of commercial companies with very diverse activities. Most of these companies are located at 1801 Crisolo Larralde Street (City of Buenos Aires), where a workspace rental company called “Ubuntu Cowork” operates.
There they would operate, in addition to their own Generation Zoe, Zoe Construcciones, Zoe Burger, Zoe Fitness, Zoe Pizzas y Zoe Pets (¡!). A remarkable diversification. It should also be noted that this constellation of companies has its own cryptocurrency. It is not difficult to guess the name: Zoe Cash.
The promise is that Zoe Cash can be exchanged for gold shortly. And their fans say that the talks to acquire a mine with that precious metal they are advanced. It seems that it is here very close, in San Juan:
Unusual? Maybe, but there are many people convinced. As if all of the above were not enough, and they also reported that Zoe will be Chacarita’s official sponsor in the 2022 championship.
Impossible not to share here the invitation to be part of Zoe Pets:
All of this, whether true or not, could imply a significant movement of funds. “The best way to understand what would be happening is to refer to the ICO made for the creation of the Zoe Cash Token “, follows the writing of Bitcoin Argentina.
An ICO or Initial Coin Issue is a process by which funds are obtained from the investing public in order to start a project with crypto assets. The project of Zoe Cash would have started that way, and, as it emerges from the Telegram chat history that the complainants say they have accessed, since May 2021 they would be collecting funds from the investing public to “launder” then that money in Zoe societies.
Cryptocurrencies and pyramids
Bitcoin Argentina has long been warning of a new boom in pyramidal, that now leverage technologies to expand like never before.
“We have been following the actions and public interventions of the different companies of the Zoe group and those responsible. There are sufficient elements for Justice to investigate and verify whether through coercive coaching, educational training and finances, those who carry out this business group carried out a fraud known as Ponzi scheme or pyramid scam, in addition to other possible crimes, “summarizes a statement from the entity.
And he underlines: “One of our objectives as an organization is to promote healthy development of an industry that has enormous potential for the country and the Argentines, such as that of cryptocurrencies and blockchain technology. These types of scams produce a very big damage not only to those who deposit their savings and trust but also to the ecosystem in general “.
The complaint points out “the possible commission of the crimes established in articles 172, 309 and 310 of the National Penal Code” and imputes “by virtue of the complexity of the facts to anyone who is criminally responsible for the crimes against property and against the economic order indicated ”.
Thus, to the administrative summary and the international alert that the CNV initiated last Friday, this criminal complaint. In the company, meanwhile, everything seems to be going smoothly.