The U.S. Consumer Protection Center has called in government regulators in the G999 and Gold Standard Banking Group (GSB) case. The central accusation: under "the guise of an alleged blockchain," trading transactions requiring permits are being conducted with the "illegal cryptocurrency G999."
"However, according to research by the Consumer Center, these authorizations are not available anywhere," a statement reads. Worse, to "cover up the entire obvious fraud, Gold Standard Banking Group advertises itself as a bank."
In fact, however, GSB is not a bank and "is also not allowed to conduct corresponding business worldwide," it continues. For this reason, the Consumer Protection Center has now informed not only the bank and stock exchange supervision, but also the national U.S. consumer protectors. From Washington, it was said that a ban on the illegal cryptocurrency G999 is "imminent".
The U.S. consumer watchdog analyzed and evaluated months of publications and posts by GSB and its CEO, Croatian Josip Heit. The result: "It is certainly the largest crypto fraud on the market at the moment". According to the consumer protection agency, the G999 fraud system could even be "on the scale of the billion-dollar OneCoin scam," if one is to believe the statements of Josip Heit, who himself speaks of "several hundred thousand participants".
According to the consumer advice center, "we have also analyzed the price and value development of the G999 in the past weeks and months. In just three months, the G999 has lost an average of 80 percent of its value. This performance is devastating."
Josip Heit and the G999 partners, who are combined in the "Gold Standard Partners", promise, according to the consumer center, "that a price increase of the G999 can and must be expected in the coming weeks". In fact, according to the specialists of the Consumer Protection Center, "with such promises, only new money is being raised to finance the pompous lifestyle of those responsible."
"According to all calculations, it is not possible to recover the losses once generated," the statement to the banking regulator reads. "It is a gigantic Ponzi scheme in which all those who invest money there will lose everything."
Moreover, the services promised by Gold Standard Banking Group, which will supposedly be paid for with G999, are also debatable among IT professionals. According to U.S. IT security firm Armor, "a service based on blockchain, like email, messenger or any other service is neither new, nor secure. It's complete nonsense, designed to trick people into paying dearly for something that can be obtained for free on the open market."