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Beware The Lure Of Easy Money
Finweek English
|7 June 2018
Pipcoin creater Ref Wayne resurfaced recently — again promising returns that are too good to be true.
Readers may remember the two exposés on Ref Wayne and Pipcoin published in 2016. Touting Pipcoin as Africa’s first cryptocurrency, Ref Wayne sold units at R100, promising monthly returns of 35% while he was pocketing the money. (See goo. gl/47C3b3 and goo.gl/Zb5bpw for articles on Pipcoin.)
It did eventually become a cryptocurrency called SAcoin, but the vast majority of investors never got their coins, losing 100% of the money they gave him. A few did get their cryptos, but its value has been trading at only a few cents.
Now Ref Wayne is back. He popped up on my Twitter stream punting a multi-level marketing (MLM) scam before being challenged about the Pipcoin failure, which prompted him to delete his account. This time, however, he is a mere foot soldier in a broader global scam which claims that we can all become rich from foreign exchange (FX) copy trading.
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