Dear Clients,
Short case overview below:
Jubilee Ace was the first company in this business model to offer arbitrage trading opportunities to its investors and pay additional bonuses for members who brought in new clients. Jubilee Ace transformed and moved its operations to the “Jenco project,” which operated on the same principle as its predecessor. This transition took place once again with the creation of GTR.
Even though independent regulators from many countries, including Sweden, Austria, Germany, and others, issued warnings that the business model is a pyramid scheme, these companies continued to operate. They increased their pull of investors by bringing in new members.
The investors were not able to withdraw their money. Companies’ web locations are still operational, but it does not allow clients to access their profiles, manage their assets, or register as new users.
Japan was one of the biggest markets of Jubilee Ace, even though the company operated globally. GTR was also placing a dominant focus on Asian markets.
Based on our research and the evidence collected, a link can be established between all these companies and the individuals involved (owners and founders). We submitted a criminal report against these companies and individuals to a public prosecutor’s office in Zagreb, Croatia. The case is in the investigation and evidence-gathering stage.
Based on the evidence, it is probable that the company “3Key” is the fourth reincarnation of this project. Together with the help of journalists from London who did excellent investigative work and the information our office provided, 3Key failed to sign a sponsorship deal with Manchester City football club. With that, their expansion onto the European market was halted, and this company never achieved the results it did in other countries.
3Key information and overview
DefnedMe lawyers, in cooperation with prominent journalists from the United Kingdom, did background checks and business model analyses of 3Key. This was especially important as 3Key was supposed to sign a deal with Manchester City football club and was prevented by our law firm, which provided relevant information. This sponsorship deal with one of the best-known and household names in football was supposed to legitimize 3key operations and entice new investors to join. Manchester City decided to reject the deal offered by 3key.
Allegedly, 3Key was just the latest incarnation of a rolling crypto fraud that extended over a number of years. Investors, they say, were encouraged to put money into schemes that promised significant returns, and then, when these collapsed, they were promised stakes in replacement schemes.
This is a type of what’s called an “exit scam,” where in principle, it seems possible to get your money back, but, in practice, procedural issues always frustrate you. Often victims are told they need to put in additional funds before they can unlock their original investment.
Unfortunately, 3Key took hold in Asia and was active until last week when investors started experiencing familiar problems in accessing their profiles, i.e., unable to withdraw their funds and manage their assets.
Kind Regards,
Zoran Miljakovic
Attorney at Law