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Press Release

CryptoUnit Project: An Investor’s Worse Nightmare

The crypto space continues to provide a fertile ground for the proliferation of different fraudulent schemes. Since regulations in this virtual space can be challenging and time-consuming to execute, Ponzi-schemes like Crypto Unit continues to exist.

No doubt, decent companies providing genuine services on the blockchain without contravening the rules abound. But there’s a growing number of fraudulent outfits looking to scam investors.

CryptoUnit is a recent Ponzi-scheme that’s waxing stronger despite the government’s attempt to nip its activities in the bud. Andrei Khovratov’s NEEW is responsible for this scam. The company has undergone name changes a few times to avoid public scrutiny.

The Modus Operandi of the CryptoUnit Project

This project targets unsuspecting investors that have failed to do substantial due diligence, ensuring they register as members of the CryptoUnit through the pretense of helping them invest their money into highly valuable digital assets. Of course, there’s no investment being made. These investors are given worthless tokens to hold as an indication of their investment portfolio with the company.

Aside from the glaring deceit, CryptoUnit Project also requires its members/investors to bring in new members supposedly to spread the word about how beneficial the project is. Every newcomer is expected to pick a package and pay for it using the CRU tokens. Such a move is believed to be a show of value for the project’s tokens, but this couldn’t be farther from the truth.

Zero Security Approval

The CRU tokens issued to members of the project are worthless and lack the necessary backing from a securities commission – a crucial component of every security token.

Andrei Khovratov while creating hype for his useless CRU tokens claimed funds were going to be raised through the STO. Of course, for a Ponzi-schemes that must be a joke. And it turned out to be as this security token offering never happened. Yet, the sale of the CRU tokens to the public continued underground. This goes against legislation guiding securities.

How CRU Tokens Exchange Wallets

To ensure there’s an army of investors holding the worthless CRU tokens, Andrei Khovratov deploys multiple portals with similar identities for easy access to investors. These websites have their information in different languages to expand reach. It’s no surprise as Ponzi-schemes like the CryptoUnit depends on new members to survive.

Keeping a grand scheme like the CryptoUnit alive needs to have an excited community always ready to gobble up whatever is thrown at them hook, line, and sinker. This is made possible through social media groups and handles. Nothing draws a crowd like a crowd, so this is another avenue to pull the desired audience.

The Lies Continue to Build up

With the CryptoUnit project created to lure people into investing in worthless tokens, lies are always handy. And Andrei Khovratov, the overseer of this scheme continues to tell several barefaced lies to cover up other lies. The fraudster posted on his website that CRU tokens will be available through an STO, yet these items continue to exchange wallets without any STO insight.

As the STO lie appears to be losing its effects, Andrei claims the date for the STO is extended without a disruption in the sale of the tokens.

How Andrei Khovratov Tries To Create Demand For His Worthless Tokens

To prove just how valuable his CRU tokens are, Andrei Khovratov tries to create a use case for these cryptocurrencies. Members of the CryptoUnit project are expected to own a certain amount of CRU tokens on subscription to specific packages and a certificate is issued to that effect. Of course, it’s all balderdash as these packages hold no value whatsoever and so do the tokens.

In the End, The Law Must Take Effect

Andrei Khovratov might have survived the massive number of litigations against him and his NEEW group of companies, but his minions continue to face the brunt of his actions.

The United Kingdom, the main location of his NEEW company, is closing accounts attached to the company. There’s also a string of litigations against the company and Andrei. Of course, justice is often slow, but it’s inevitable. Andrei Khovratov and his goons at the NEEW might be laughing, but the final jester is always the winner. Often, it’s never the fraudster.

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