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Xian Coin cryptocurrency is a possible Ponzi scheme — SEC

Xian-Coin-Ponzi-Scheme-SEC

Xian Gaza, the creep who asked out an actress for a coffee date via a billboard ad, launched a digital currency called Xian Coin, claiming it to be the “first and only asset-backed centralized cryptocurrency in the world.” But investors be warned, the Securities and Exchange Commission has flagged Xian Coin for signs of a possible Ponzi scheme.

Per an advisory it released on June 2, the SEC is notifying the public that Xian Coin is neither registered with the commission as a corporation nor authorized to ask the public for investments.

Xian-Coin-Cryptocurrency

The commission also noted that Xian Coin is not found in any reputable cryptocurrency exchanges and lacks any use cases, other than what the SEC believes is a way to fund Gaza’s “underground activities.”

Besides the failed coffee date, Gaza the self-proclaimed “Pambansang Scammer” gained infamy for his fraudulent Cristiano Alberto Real Estate Fund (CARE Fund) and was sentenced to five years in jail in 2018.

Interestingly, the company’s official website is currently down as of writing.

Xian-Coin-website-down

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