AirBit Club
Rug PullFund · ✝ 2020
A crypto MLM whose returns were pure fiction.
AirBit Club was a multi-level marketing scheme promising guaranteed returns from crypto trading and mining that never actually happened. Its founders pleaded guilty to a roughly $100M fraud, having spent investor money on luxury goods instead.
- Peak
- ~$100M taken in
- Cause
- Rug Pull
- Year of death
- 2020
☠️ Cause of death
The promised trading and mining profits did not exist; it was a Ponzi-style MLM paying old members with new deposits until it collapsed.
📓 Lessons left behind
- —Guaranteed returns are the oldest tell of a Ponzi.
- —MLM recruiting structures mask the absence of real yield.
- —Demand proof of the trading or mining that supposedly earns returns.
🌱 The idea that survived
Verifiable yield
Reinforced demanding on-chain, auditable proof of where investment returns originate.
#fund#ponzi#mlm#exit-scam