July 18, 2022 05:47 PM ET (BZ Newswire) -- Cannabis
JuicyFields, a pyramid scheme for cannabis investment that guaranteed its clients returns of up to 66% in just three months, froze cash withdrawals, removed their profiles from social media networks and those responsible disappeared without a trace, reported elDiario.es.
"The project has proven to be a textbook pyramid scheme, but this time with the attractiveness that a booming sector such as cannabis represents for many investors," the Spanish media reported. Meanwhile, tens of thousands of investors worldwide saw their savings disappear in a flash.
Youtubers, Influencers And The Promise Of Getting Rich Overnight
Through an aggressive campaign on social media - including dozens of YouTubers, influencers and cannabis events - the company managed to position itself in public opinion by promising astronomical returns. Based in the Netherlands, JuicyFields presented itself as a "collective farming platform," even though Dutch financial regulators had warned about a "possible scam."
The web platform allowed, without requesting a single identity document, people to invest up to 180,000 Euros via bank transfer or cryptocurrencies. The investment was supposedly intended to grow marijuana plants in legally authorized companies. In theory, after 108 days the plant would be harvested and sold, amortize the investment plus interest that ranged between 33% and 66%.
On Monday July 11, a group of company workers announced they were going on strike for non-payment of wages. Following the announcement, the company froze all cash withdrawals, saying the suspension would only last 48 hours. However, by Wednesday, all JuicyFields social networks were shut down and removed, as well as the company's Telegram chat groups.
On the same Wednesday, a law firm in Venezuela and a German pharmaceutical company announced on websites that they had nothing to do with JuicyFields. The announcement precipitated the fall of the pyramid scheme with members of the C Suite vanishing into mid-air. Investors were no longer able to access their personal web accounts to find out what their account balances were and the status of their plants.
The resignation of the CEO, Willem van der Merwe, was announced on Thursday.
JuicyFields, a pyramid scheme for cannabis investment that guaranteed its clients returns of up to 66% in just three months, froze cash withdrawals, removed their profiles from social media networks and those responsible disappeared without a trace, reported elDiario.es.
"The project has proven to be a textbook pyramid scheme, but this time with the attractiveness that a booming sector such as cannabis represents for many investors," the Spanish media reported. Meanwhile, tens of thousands of investors worldwide saw their savings disappear in a flash.
Youtubers, Influencers And The Promise Of Getting Rich Overnight
Through an aggressive campaign on social media - including dozens of YouTubers, influencers and cannabis events - the company managed to position itself in public opinion by promising astronomical returns. Based in the Netherlands, JuicyFields presented itself as a "collective farming platform," even though Dutch financial regulators had warned about a "possible scam."
The web platform allowed, without requesting a single identity document, people to invest up to 180,000 Euros via bank transfer or cryptocurrencies. The investment was supposedly intended to grow marijuana plants in legally authorized companies. In theory, after 108 days the plant would be harvested and sold, amortize the investment plus interest that ranged between 33% and 66%.
On Monday July 11, a group of company workers announced they were going on strike for non-payment of wages. Following the announcement, the company froze all cash withdrawals, saying the suspension would only last 48 hours. However, by Wednesday, all JuicyFields social networks were shut down and removed, as well as the company's Telegram chat groups.
On the same Wednesday, a law firm in Venezuela and a German pharmaceutical company announced on websites that they had nothing to do with JuicyFields. The announcement precipitated the fall of the pyramid scheme with members of the C Suite vanishing into mid-air. Investors were no longer able to access their personal web accounts to find out what their account balances were and the status of their plants.
The resignation of the CEO, Willem van der Merwe, was announced on Thursday.
