After stringing buyers together with baloney about SMS suppliers, COTP has lastly acknowledged its collapse.

Effectively, kind of. Earlier immediately COTP knowledgeable buyers they have been screwed with a “hackers!” exit-scam.

COTP started mendacity to buyers on or round Might thirteenth. Withdrawals have been disabled and the excuse trotted out was TRON blockchain congestion.

When it turned obvious congestion points have been non-existent on the time, COTP stalled for time with SMS errors.

In a nutshell, buyers have been informed there have been issues with the supplier. In reality COTP simply delayed SMS verifications despatched out, previous the carried out expiry time.

These verification codes have been required for anybody to money out, so in impact COTP withdrawals remained disabled.

This excuse dragged out until earlier immediately, when COTP knowledgeable buyers of a conveniently timed hacking try.

At 23:05 US time on Might twenty second, we have been attacked by an unlawful community and obtained a ransom e-mail from an unknown hacker.

The assault resulted within the lack of consumer knowledge and the platform is now not functioning correctly.

That is your typical MLM Ponzi exit-scam.

We instantly commissioned a significant community safety supplier to completely analyze the issues attributable to this assault, and knowledge restoration work has already begun.

Restoration is predicted to take 3 to five weeks.

After which after “3 to five weeks” one thing else comes up or, if COTP’s web site remains to be even round at that time, the “restoration course of” will blow out to months with radio silence.

The take-away for buyers is the COTP Ponzi scheme has collapsed. Your cash’s gone and also you’re not getting something again.

COTP surfaced earlier this yr as a day by day returns MLM crypto Ponzi. Regardless of its web site solely being registered late final yr, COTP buyers ran round claiming the Ponzi scheme had been round since 2019.

Initially fronted by an actor and inventory photograph executives, COTP certified as a Boris CEO Ponzi however wasn’t run by Russians.

COTP was a south-east Asia group of scammers making an attempt their hand at Boris CEO fraud. The identical backend platform was used to launch a number of clone Ponzis, most of which have additionally collapsed (earlier than I might get round to reviewing any of them).

I think COTP was run by Chinese language scammers, probably working from and/or with ties to Singapore.

Whether or not they go on to compete with the Russians within the actor CEO MLM Ponzi area of interest stays to be seen.

I’m unsure if it’s completely down already, however at time of publication COTP’s web site was non-responsive.

SimilarWeb ranks prime sources of site visitors to COTP’s web site because the US (38%), Colombia (9%), the UK (5%), Australia (4%) and Nigeria (4%).

Pending unlikely regulatory motion, COTP investor losses are unknown.

COTP buyers have been required to offer photograph ID to provoke withdrawal requests. Along with monetary losses, identification theft is one other potential fallout of COTP’s collapse.