Free Mart is beefing up its anti-crypto fraud efforts.
A reader recently contacted me and asked if I’d seen Nugen Coin’s whitepaper. It seemed strange that I’d missed it in my research.
Looking at its file properties, I discovered that it was created on June 16th. When the review was published in mid-May, none of these plans had been announced.
The most recent Nugen Coin offering has been dubbed “Nugen Universe.” Nugen Universe LLC is a company that has been formed in both North Carolina and Florida.
In terms of announcements, Free Mart has essentially used every crypto buzzword to sell their fraudulent investment scheme.
NFTs, mEtaVeRsE and plans to open a “licensed bank” in over 50 states across the United States are available.
I looked for Neo Bank and discovered one candidate who is “launching soon in India.” Aside from that, a “neo bank” is typically an online-only bank.
Of course, Free Mart does not specify who the Neo Bank is. They intend to use them to launch a “licensed bank.” That’s probably because their backup is a shady Cayman Islands bank:
When you search for “Fazil Mohamed Jabar” and “Cayman Island Bank,” nothing comes up. Despite this, Nugen Coin promises “impressive rates of return on fixed deposits and other investments” as well as “a plethora of investment opportunities.”
Fazil Jabar is now listed as the co-founder and CEO of NugenCoin:
The other cited co-founder is John Austin, with original Free Mart co-founder David Crookston still missing.
In the same way that Nugen Coin is a BEP-20 shittoken (creatable in a matter of minutes for little to no cost), Free Mart has embraced the role of a shitcoin factory.
They’ve announced Nugen Energy Coin, Nugen Realty Coin, Nugen Oxygen Coin, and Nugen Travel Coin to that end.
This is all well and good, but Nugen Coin remains primarily a passive investment opportunity: While your coins are staked with NuGen, you will receive additional coins four times per day at a rate of 0.35 percent, for a total daily return of 0.357 percent. At that rate of compounding, the number of coins in your account will double in 202 days.
That is from the Nugen Coin website, which I visited today.
Nugen Coins are currently selling for 74 cents each (up from 32 cents last month), with a minimum investment of $50.
When you buy a NuGen Coin “Smart Contract,” you get coins in the following proportion: the total dollar amount of your purchase divided by the current price of the NUGEN coin. You can purchase any dollar amount of coins you want, starting with $50. Your coins will be staked with NuGen for 18 months, or until transferred to an exchange.
Because Nugen Coin is not publicly traded, they can charge whatever price they want.
On their website, Nugen Coin provides a residential corporate address in the US state of Nebraska. According to SimilarWeb, Nugen Coin’s website traffic peaked in April. This was followed by a 41% drop month on month in May.
Outside of the United States, 93 percent of all Nugen Coin website traffic originates. As a result, the majority of Nugen Coin investors are also US citizens.
Free Mart, Nugen Coin, Fazil Mohamed Jabar, and John Austin were not registered with the SEC at the time of publication.
The whitepaper for Nugen Coin includes some nonsense about generating external revenue from the MeTaVeRsE, ATMs, “processing of government checks,” and deposits, but none of this exists yet.
Nugen Coin is currently seeking investment with the promise of a passive ROI. Nugen Coin and its executive team are, at the very least, committing securities fraud. According to us, Nugen Coin is and continues to operate as a Ponzi scheme in the absence of a verifiable source of external revenue.